Imperial Energy Finds Oil at North Chertalinskoye Field

Imperial reports two new exploration discoveries and a further exploration drilling update in relation to its Tomsk, Western Siberia, Russian Federation interests.

North Chertalinskoye Field, Block 70

The new exploration well North Chertalinskoye 403 has successfully identified potentially substantial oil deposits.

The reservoirs are in the Bajenov, Jurassic and Tyumen sections with net oil pay in aggregate estimated at 68 meters identified through logs and cores. It is anticipated that the Tyumen section be flow-tested by fraccing later this month with the other sections to be tested during the winter period.

As at 31 December 2006, DeGolyer and MacNaughton estimated SPE 2P reserves at North Chertalinskoye at 46 mmbbls, which only took into account 33 meters of net oil pay.

Subject to satisfactory testing, application will be made as soon as possible, and in any event during the course of this year, for registration of Russian Registered Reserves in this field. There are currently no Russian Registered Reserves for North Chertalinskoye.

Nyulginskoye Field, Block 85

The new exploration well Nyulginskoye -2, having been spudded in July, has successfully identified promising intervals of oil in the Cretaceous and Tyumen sections.

Net oil pay is estimated in aggregate to be 7 meters through logs and cores. It is anticipated that this well will be flow-tested later this month.

There are currently neither SPE based reserves nor Russian Registered Reserves for the Nyulginskoye field. Subject to satisfactory testing application will be made as soon as possible and in any event later this year, for registration of new Russian Registered Reserves on this field.

Tamratskoye-3, Block 85

This new exploration well was spudded on 27 August 2007 and is currently beyond 1000 meters depth with a targeted depth of some 3000 meters. DeGolyer and MacNaughton estimated SPE 2P reserves at Tamratskoye at 3.4 mmbbls. There are no current Russian Registered Reserves in respect of this prospect.

Buranovskoye-2, Block 74

This new exploration well was spudded on 30 August and is currently at 800 meters depth with a targeted depth of some 3000 meters. There are no current SPE 2P reserves nor Russian Registered Reserves in respect of this prospect.

South Maiskoye 395, Block 70

This new exploration well is projected to be spudded later this month. There are no current SPE 2P reserves nor Russian Registered Reserves for this prospect.

Peter Levine, Chairman, commented:

"The continued major exploration works we are carrying out and its large concomitant financial investment, in parallel to all the efforts we are making in production, infrastructure and pipelines is now being realized and is concrete evidence of Imperial's ability and success in its endeavors".

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