Imperial to Acquire Louisiana Assets
|Friday, April 30, 2004
Imperial Petroleum has signed an agreement to purchase a non-operated 16% working interest in the Coquille Bay Field of Plaquemines Parish, Louisiana, from Royal-T Oil Co., Inc. for $800,000. Closing is expected in early May.
Jeffrey T. Wilson, President of Imperial, said: "We are excited about the prospects of owning an interest in the Coquille Bay Field. The initial phase of the development of the field is on a turnkey basis to Imperial through the completion of fourteen active and commercial completions. We expect production to begin within a few weeks after closing as several wells are ready to produce at the present time. Our estimates of initial gross oil and gas rates from fifteen completions are approximately 500 barrels of oil per day and 4.7 million cubic feet of gas per day. We expect to work closely with the operator to maximize production and continue the exploitation of the field."