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Adding to IPTM today at .18

Imperial Closes Acquisition of Oil Properties in Texas

2004-06-15 12:00 ET - News Release

EVANSVILLE, Ind. -- (Business Wire) -- June 15, 2004

Imperial Petroleum, Inc. ("Imperial" or the
"Company")(OTCBB Symbol ... IPTM) announced it has closed the
acquisition of 31 oil wells in south-central Texas for 1.375 million
shares of the Company's restricted common stock.
"We believe the addition of these properties will add
approximately 300,000 barrels of proven oil reserves to the Company
with the potential for an additional 300,000 barrels more as the work
program progresses. The addition of this project increases our proven
reserve base by an estimated 3%. We expect to begin our first workover
in July on the properties, subject to rig availability. By our
estimates and based upon similar completions, a typical well will
produce at about 30 barrels of oil per day or add about $20,000 per
month per well to our cash flow. We have a total of 31 wells to
recomplete in this program," said Jeffrey T. Wilson, President of
Imperial. "Imperial owns 100% working interest in the project and will
operate the wells."
Imperial, through its subsidiaries and affiliates, is active in
crude oil and natural gas production and gold mining. Imperial is
headquartered in Evansville, IN.

This press release may contain "forward-looking statements" as
that term is defined in the Private Securities Litigation Reform Act
of 1995. Such statements are based on management's current
expectations and are subject to a number of factors and uncertainties
which could cause actual results to differ materially from those
described herein. Although the Company believes that the expectations
in such statements are reasonable, there can be no assurance that such
expectations will prove to be correct.
Contacts:

For: Imperial Petroleum, Inc.
Jeffrey T. Wilson, 812-867-1433
[e-mail]