Imperial Petroleum, Inc. is a diversified energy company focused on biodiesel and biofuels production; traditional oil and gas exploration and production; and non-traditional oil production of heavy oil from mineable tar sands. The company plans to expand its biofuels operations across the United States over the coming months and is currently evaluating other sites for biodiesel facilities.
The company’s biodiesel and biofuels division uses waste greases and oils, including chicken fat, as its primary feedstock. Biodiesel sales for the quarter ended April 30, 2011 were approximately $36.5 million on volumes of about 8.7 million gallons. The production facility is now operating at an annual capacity of approximately 30 million gallons due to expansion of the plant and improved efficiencies.
Imperial Petroleum also operates eighteen oil and gas wells in Louisiana as well as owns an overriding royalty interest in Kentucky and the rights to several inactive gas wells as part of its New Albany Shale play. Oil and natural gas operations are currently producing about 70-100 Bopd and 200 mcfpd. The company’s estimated net proven oil and gas reserves as of July 31, 2010 were 337 MBO and 3,284 Mmcfg, respectively.
Through wholly-owned subsidiary Arrakis Oil Recovery, Imperial Petroleum owns the exclusive rights to manufacture, distribute and use MDEChem’s patented chemical catalyst in the recovery of oil from tar sands. The new, eco-friendly process uses a closed loop system to eliminate emissions and works equally as well on -wet (US) tar sands or water-wet (Canadian) tar sands.
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