(OTCQX: IPMN) Imperial Petroleum, Inc. is pleased to provide the following update on its oil sands joint venture and business prospects:
Under the terms of the previously announced joint venture for the Company’s oil sands operations in Kentucky, Peak has begun funding the operating subsidiary, MidAmerica Oil Sands, LLC. We have also obtained all necessary permits relative to the General Permit for Non-Coal Mining Activities in the Commonwealth of Kentucky in connection with the planned oil sand mining activities in Logan county, Kentucky.
Jeffrey Wilson, President of the Company, said, “We can now move forward with development plans for the Kentucky joint venture project under MidAmerica. We will begin construction on a facility to house the processing equipment, move the process unit from Houston, Texas and install the tank battery and other necessary equipment to begin operations at the site. This is an exciting time for the Company as we shift its focus and look forward to the installation of our revolutionary oil recovery technology on a commercial scale in the field. The project is designed to recover heavy oil from surface mineable oil sands at the rate of about 1,000 barrels per day. We have received some very favorable press from the local newspapers in the area and expect quite a lot of interest in the success of our project. We are truly breaking new ground in an industry that has been long overdue for a technological breakthrough that is environmentally safe.”
Forward Looking Statement
This press release may contain “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes that the expectations in such statements are reasonable, there can be no assurance that such expectations will prove to be correct.