--150% increase in 2P reserves to 802.6 mmbbls --DeGolyer and MacNaughton report net reserves from 15 of Imperial's Tomsk, Western Siberia fields of: --1P: 159.3 mmbbls --2P: 802.6 mmbbls (P1 + P2) --3P: 3,372.2 mmbbls (P1 + P2 + P3) --A further 24 prospects will be reported on by D&M at the end of March 2007
Peter Levine, Chairman, commented:
"We have major reserves in all categories with further significant upside through both new additions to reserves arising from Imperial's continued exploration drilling program and conversion of the current 3P reserves to 2P and 2P reserves to 1P.
"We now must keep focused on producing these reserves and getting our production to market. We are making good progress and are on track to fulfil our key objectives including completion of the pipelines by end of the summer 2007."
With an extensive reserve base in place and significant additional resources, Imperial has established a substantial and sufficient asset base to materially develop its operations over the foreseeable future.
The company remains focused on realizing these reserves by increasing production and ensuring completion of appropriate supporting infrastructure is in place including field facilities and pipelines, the construction of which remains on track.
Preliminary internal planning has commenced for a further pipeline, east of the Ob River, which will enable Imperial to unlock the reserves and resources in Block 80 including the Kiev-Eganskoye field. In the event this pipeline is constructed, it will be the first pipeline serving the Tomsk region's very prospective East side of the Ob River.
Imperial Energy is an independent oil exploration and production company with operations in the Russian Federation. The Company is currently targeting 25,000 bopd production by end of 2008 and 35,000 bopd by the end of 2009. Imperial currently has 802.6 mmbbls of independently audited 2P Reserves including 159.3 mmbbls in the 1P category. Imperial has an extensive program in 2007 including 30 production and appraisal wells, 10 exploration wells and construction of 200 km of pipeline. Imperial has also established its own rig company with the objective of ensuring it has the capability to deliver on this program.
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