DALLAS, May 22, 2006 (PRIMEZONE) -- John Pentony, Publisher of StockGuru.com, announced today that the web site has initiated profile coverage of Imperial Petroleum, Inc. (OTCBB:IPTM). Imperial Petroleum is a diversified energy and mineral mining company. The Company is engaged in the production and exploration of crude oil and natural gas in Oklahoma and Texas and mineral mining, with a particular emphasis on gold mining. The Company is also the operator of the Duke Gold Mine in Utah. The Company intends to re-focus its efforts in the oil and natural gas business and to seek to sell or develop through partnerships or joint ventures, its mining assets.
Imperial Petroleum is active in the oil and natural gas business through its ownership of oil and natural gas interests in approximately 200 wells recently acquired from Hillside Oil & Gas LLC, Warrior Resources, Inc. and Powder River Basin Gas Corp. The Company currently operates some 140 wells in New Mexico, Texas, Mississippi and Louisiana with gross daily production of approximately 140 Bopd and 1.2 Mcfpd. The Company is actively engaged in a program to return a number of the wells formerly owned by Hillside to production that are shut in with rod parts and tubing leaks due to neglect. When complete the Company expects its daily production to be at about 300 Bopd and 2.0 Mcfpd. Third party engineers have estimated the Company's total proved reserves at approximately 1.1 million barrels of oil and 26.1 Bcf of gas. In addition to its operated properties, the Company has a 1/8th carried interest in the development of approximately 7000 acres owned by Powder River Basin Gas Corp in Wyoming's prolific coalbed methane play and an a royalty interest in some 280 wells in numerous states.
To view the StockGuru.com Profile for Imperial Petroleum, Inc., please visit: www.stockguru.com/profiles/iptm/index.php
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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.
Disclosure: Pasadena Capital Partners has received 400,000 restricted 144 and $6000 from the company. Pasadena expects to receive $6000 on a monthly basis for continued investor relations services. Pentony Enterprises LLC is affiliated with Pasadena Capital Partners and shares in the compensation received. Pentony Enterprises LLC is not a registered investment advisers or broker/dealers. Pentony Enterprises LLC makes no recommendation that the purchase of securities of companies profiled in this web site is suitable or advisable for any person or that an investment such securities will be profitable. In general, given the nature of the companies profiled and the lack of an active trading market for their securities, investing in such securities is highly speculative and carries a high degree of risk.