EVANSVILLE, Ind.--(BUSINESS WIRE)--Imperial Petroleum, Inc. ("Imperial" or “the
Company")(OTCBB:IPMN), announced that it had net income of $231,268 or
$0.021/share for the first quarter ending October 31, 2006 compared to a
net loss of $287,987 or $0.027/share for the same period a year earlier.
Revenues for the most recent quarter were $359,580 compared to
$1,045,188 for the prior period and declined as a result of the sale of
assets completed during the quarter. The Company reported an
extraordinary gain on the sale of assets of $894,918 during the most
recent quarter.
Jeffrey T. Wilson, President of Imperial, said, “The
full impact of the sale of assets on our financial results will not be
reflected until next quarter as our interest payments are reduced due to
receipt of the remaining funds from the sale. We are continuing to work
to re-finance our remaining senior debt and secure additional
development capital and to increase our production and cash flow from
our oil and gas fields. We’re optimistic that
our re-structuring efforts will result in a much stronger financial
position for the Company and its shareholders.”
Imperial, through its subsidiaries and affiliates, is active in crude
oil and natural gas production and the biofuels business. Imperial is
headquartered in Evansville, IN.
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.
