Imperial Energy: No Russian Licenses to be Revoked

Imperial confirms that a meeting took place today with Rosnedra, the Russian license regulator, regarding licenses of Nord Imperial, Allianceneftegaz and Sibinterneft.

Rosnedra has advised the company that none of its licenses are to be revoked and at Nord Imperial, Sibinterneft and the Maiskoye field of Allianceneftegaz all license obligations have been met. These interests represent in excess of 80% of Imperial's total 2P reserves.

In relation to certain other licenses at Allianceneftegaz on Blocks 70, 85 and 86, Rosnedra noted certain outstanding seismic related work and required that such be completed within three months. Imperial expects to receive minutes of such meeting within one month.