Imperial Petroleum Acquires 31 Texas Oil Wells
|Tuesday, May 18, 2004
Imperial Petroleum has signed agreements with two undisclosed sellers to acquire 31 oil wells in south-central Texas for 1.375 million shares of the Company's restricted common stock. Closing is scheduled for the end of May.
Jeffrey T. Wilson, President of Imperial said "The properties and wells we are acquiring contain an estimated 300,000 barrels of proven reserves and an additional 300,000 barrels of probable reserves in behind pipe zones. The addition of this project to our inventory provides the Company with the opportunity to continue to expand our production and revenue through low risk, low cost workovers. We will own a 100% working interest in the project and will operate. Sufficient financing for the work program is available under our existing credit facility."