Imperial Closes Coquille Bay Acquisition
|Monday, May 24, 2004
Imperial Petroleum has closed the purchase of a non-operated 16% working interest in the Coquille Bay Field of Plaquemines Parish, Louisiana from Royal-T Oil Co., Inc. for $800,000.
"The Coquille Bay wells should begin production in the next three to four weeks, now that closing has occurred and the final facilities can be installed, said President and CEO of Imperial, Jeffrey T. Wilson. "Imperial has a turnkey agreement with the operator such that a total of fourteen commercial completions will be online before we will incur any additional capital expenses. We expect the Coquille Bay acquisition to add approximately $1.0 million to Imperial's cash flow in fiscal 2005 alone. With our Company's experience in workover projects, we will work closely with the operator to maximize production and continue the exploitation of the field."