Imperial and Gazprom Neft Form Alliance

Imperial Energy Corp. on Tuesday announced that it has commenced a relationships with Gazprom Neft (formerly Sibneft).

Meeting in Moscow on Monday, Peter Levine, Imperial’s chairman and CEO, and Leonid Reznikov, Gazprom Neft’s vice president, signed a memorandum on cooperation between the two companies.

Under the terms of the memorandum, Imperial and Gazprom Neft--neighbors in the Tomsk Region of Western Siberia--stated their intent to cooperate in relation to exploring hydrocarbon reserves, oil production, and oil transportation.

“Gazprom Neft is very pleased to enter into this memorandum of co-operation with Imperial Energy, an English company we respect and who has clearly made significant progress in its operations in the Tomsk Region, an area in which we are also interested,” said Reznikov. “Gazprom Neft views the entry into this memorandum as a first but significant step in building closer relations with Imperial.”

“This is an important step forward for Imperial and we are delighted to commence relationships with Gazprom Neft, one of the largest and most respected oil producers in Russia,” noted Levine. “We believe this will be a significant platform for the future and look forward to developing our mutual cooperation and consolidating our relationship in due course.”