Earlier today after the opening bell, Imperial Petroleum, Inc. provided the investor community with a comprehensive update on its operations and current initiatives.
President of Imperial Jeffrey T. Wilson stated, “We have purchased an initial site comprising 121 acres in Kentucky for the installation of our oil sands processing unit and have begun a program to lease surrounding acreage to increase our overall acreage position in this area and begin mining operations in October, 2011. We have established an operating facility in Houston, Texas for our subsidiary, Imperial Chemical Company, to manufacture SANDKLENE 950 in connection with the oil sands operations. Our traditional oil and gas operations continue producing at normal rates and we sold approximately 3,100 barrels of oil in July from the property.”
“Biodiesel production and sales remain strong as a result of the mandated biodiesel fuel usage included in the Renewable Fuel Standard (RFS2) legislation and we expect to post a strong fourth quarter when our annual audited financials are released in October, 2011,” Mr. Wilson continued.
In conclusion, Mr. Wilson assured investors that although recent turmoil in the financial markets has had a negative effect on the equity markets, resulting in a decline of the company’s stock price, the fundamental progress and growth of Imperial Petroleum remains “quite strong.”
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