Imperial Energy Clarifies Situation with Russian Licenses
Imperial would like to clarify press speculation on the Company's Russian licenses. Reports of Imperial having had any of it's licenses cancelled or withdrawn are incorrect and without foundation. This has now been publicly admitted by the Ministry contradicting what they earlier reported.
In April 2006 certain licenses were voluntarily relinquished by Imperial due to their non-prospectivity. These licenses have played no part in the Company's plans, operations and reserves. Imperial is concerned by the erroneous references that have been made regarding these licenses.
The Company's Nord Imperial subsidiary is in compliance with all its license obligations and the Ministry has publicly acknowledged this. There are no grounds for stating anything to the contrary.
Imperial is continuing to perform the work requested by Rosnedra in connection with seismic acquisition and analysis. Material parts of this work have already been completed and the Company has submitted reports to Tomsk Nedra. There are no grounds for any representative of the Ministry to contradict or state otherwise.
Imperial's operations continue as normal and the Company is on track to achieve its stated targets. Moreover, as shown by the Company's statement on September 19, 2007 Imperial continues to make good progress on upgrading its Russian Registered reserves and believes similar successful upgrades will continue into the future.
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