Imperial Takes Bite of Devonian Shale Gas Play
Imperial Petroleum has signed an agreement to assume operations of approximately 53 natural gas wells in eastern Kentucky. As part of an effort by the Company to pursue the acquisition of these interests, the Company, as a contract operator and subject to court approval, will begin to return the wells to production in April and May and manage the properties on behalf of the court-appointed Receiver.
Once production is re-established, Imperial expects to conclude negotiations to purchase the interests. The project covers some 5,000 acres in eastern Kentucky in the Devonian shale gas play.