Imperial Completes Repairs from Katrina

Imperial Petroleum, Inc. said that it has completed its major equipment repairs to damage caused by Hurricane Katrina and is ready to return its wells to production.

“We are finally ready to produce this field again after months of efforts to repair the damage caused by the hurricane,” said Jeffrey T. Wilson. “The pipeline company is expected to clear the sales line of any fluids this week and we will begin selling natural gas late this week or early next week. We will begin bringing the wells on slowly over the next two weeks and obtaining production tests as necessary. We have a total of 11 of the 17 completions capable of production at the present time. Immediately prior to the hurricane we were producing 75 Bopd and 800 mcfpd from six completions, so we expect to easily reach those production levels with production estimated to reach 200 Bopd and 1.5 million cubic feet per day when all 11 completions are on line later this month. The company should realize an additional $2.6 million per year in cash flow based on current oil and gas prices. We will provide another update once we have stabilized production rates on the field.”

Imperial, through its subsidiaries and affiliates, is active in crude oil and natural gas production. Imperial is headquartered in Evansville, Ind.