Imperial Petroleum, Inc. Reports Fiscal First Quarter Results

December 18, 2011

Imperial Petroleum, Inc. reported revenues for its fiscal first quarter ended October 31, 2011 increased 129.2% to $36.5 million compared to $15.9 million during the first quarter in the prior fiscal year.  The current quarter benefited from the expansion of operations at e-biofuels, LLC.  Revenue from e-biofuels, LLC accounted for 99.8% of total revenues for the quarter.

Imperial Petroleum reported a net loss for the period of $1.1 million or $(0.03) per share versus net income of $689 thousand or $0.03 per share during the same period in the prior fiscal year.  The loss was primarily the result of increased costs at e-biofuels as well as higher general and administrative costs.  The higher G&A expense was primarily related to a non-cash write-off of $1.065 million associated with the termination of certain prepaid consulting agreements.

The balance sheet is tight showing shareholders’ equity of only $617 thousand.  The company has current assets of $4.8 million, total assets of $20.6 million, current liabilities of $17.2 million and total liabilities of $20.03 million.

Subsequent to the end of the first quarter, Imperial Petroleum accepted the resignation of Jeffrey T. Wilson which was the company’s Chairman and President.  Mr. Wilson stepped down due to health reasons, but will continue to consult the company on its tar sands business.

Imperial Petroleum, Inc. engages in the production of biodiesel, the operation of oil and gas wells in Louisiana and the ownership of a tar sand production technology license.

Source: Imperial Petroleum, Inc.

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