Imperial Contracts Rig for Green Tide SWDF Well

Imperial announced that, further to its announcement of July 26, 2011 the Company's subsidiary Green Tide Water Disposal, Ltd. ("Green Tide") has reached agreement with a contract drilling company to provide a rig and crew for the deepening of the Green Tide Salt Water Disposal Facility ("SWDF") well.

The rig is expected to arrive during August after release from prior commitments elsewhere. Agreements have also been reached with other contractors to provide a whipstock and crew to align and set same and assist in the initial side track operations.

The aim will be to initially deepen the Green Tide SWDF well from 3,100 to 8,500 feet to establish the well around 400 feet to 600 feet into the Ellenburger formation. Casing will then be set between about 7,500 and 8,500 feet and the well drilled ahead to ideally create about 2,000 feet of open hole exposure in the Ellenburger so as to maximize disposal capacity.

The Green Tide SWDF

The Green Tide SWDF is conveniently located for the disposal of large volumes of salt water generated from essential fracture stimulation operations on Barnett Shale gas wells. There are approximately 6,000 such wells within 20 miles of the SWDF.

Imperial plans to reopen Green Tide to dispose of up to 15,000 barrels of salt water a day. The Company's acquisition and development of the low run-time Green Tide assets and disposal permit is expected to save in excess of $5,000,000, compared to a new build cost.

Green Tide is one of two key projects identified as transformational for Imperial (the other being the Company's Oklahoma project).