Replies to post #369 on Imperial Petroleum, Inc. (fka IPMN)

[MikeDDKing]

This makes sense as the oil sands commercial site is going to be located in Kentucky. Here is some relevant text from the 10-K:

"We formed Arrakis Oil Recovery, LLC in February 2010 to acquire a non-exclusive license for the development of a revolutionary new, eco-friendly process to recover oil (bitumen) from tar (oil) sands outside of Canada. The process is a non-thermal, mechanical and chemical process using a closed loop system to eliminate emissions. The process technology works equally well on oil-wet (US) tar sands or water-wet (Canadian) tar sands. We acquired an exclusive license to use the technology in Canada and completed an agreement with an international partner, wherein we retained an overriding royalty interest of 2.5% in the application of the process technology in Canada, Mexico, Venezuela, Russia and Argentina in exchange for relinquishing its technology rights outside the United States. We acquired the exclusive rights to manufacture, sell and distribute the chemical surfactant used in the tar sands process technology and set up a distribution facility in Houston, Texas. We have acquired 121 acres in Kentucky and are leasing additional acreage in the vicinity as we complete the permitting process. We intend to move the 2,500 ton per day commercial processing unit we constructed in Texas to a permanent site in Kentucky on our acreage and to begin mining and processing tar sands to recover the heavy oil for sale to refineries."

[umiak]

I thought Wilson and his son were staying with the company to run Arrakis. Maybe it was just his son. Haven't paid that much attention to the stock the last few months. Since you are so on top of your DD perhaps you could enlighten me on the Arrakis team?