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  • Imperial Provides Update on Oil Sands Project

    Written by: Dana Salvo

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    Imperial Petroleum

    EVANSVILLE, Ind. Imperial Petroleum, Inc. (OTCQB: IPMN) announced that its wholly-owned subsidiary, Arrakis Oil Recovery, LLC, has successfully completed commercial scale demonstration tests for multiple parties on oil sands from various locations. The Company has entered into Letters of Intent with at least two of the parties so far to begin the development of oil sand recovery operations later this summer and is completing definitive agreements to begin each project.

    “The commercial scale demonstrations we conducted were successful in recovering the native oil from the oil sands processed which had been delivered from several areas throughout the United States. We believe that the Arrakis technology is the most advanced, cost-effective and eco-friendly processing technology available for recovering bitumen from tar and oil sands,” Jeffrey T. Wilson, President of Imperial said. “ On the heels of the President’s newly announced energy policy, we believe that the Arrakis process will begin to unlock the potential of some 20 billion barrels of recoverable oil sands located in the United States. Upon completion of definitive agreements later this month with each of the parties, we will deploy the commercial unit located in Houston to the field while we build a second and possibly a third unit for separate project sites. We expect to be operational with the first unit later this summer. Since our process has no air, water or hydrocarbon emissions issues and uses a non-toxic, biodegradable chemical under low dosage rates in a recycled operation, we do not expect to encounter any significant permitting issues at any of the proposed sites.”

    Imperial is an energy company headquartered in Evansville, Indiana.

    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.

    May 16, 2011 @ 6:27 pm Trackback URL Posted in Industry News and tagged with , , , .