Imperial Updates Activities.EVANSVILLE, Ind IND Investigational new drug Therapeutics A status assigned by the FDA to a drug before allowing its use in humans, exempting it from premarketing approval requirements so that experimental clinical trials may be conducted. See Phase 1.2, 3 studies, Sponsorship. . -- Imperial Petroleum, Inc. ("Imperial" or the "Company")(Pink Sheets:IPTM IPTM Institute of Police Technology and Management ) is providing the following update on its activities. "As a result of the delay in completing our filings, our stock listing has been moved to the Pink Sheets. The delays have been exacerbated by the change in auditors and the impact of the Sarbanes Oxley Act on that effort, however, we have complied with the requests of our new auditors and believe that this process will be completed soon and all of our delinquent delinquent 1) adj. not paid in full amount or on time. 2) n. short for an underage violator of the law as in juvenile delinquent. DELINQUENT, civil law. He who has been guilty of some crime, offence or failure of duty. filings completed during the month of May. In regards to the announced merger, the managements of both Imperial and United Heritage remain committed to completing the merger as quickly as the accounting process can be completed. I am personally embarrassed by the length of time it has taken to complete this audit and apologize a·pol·o·gize intr.v. a·pol·o·gized, a·pol·o·giz·ing, a·pol·o·giz·es 1. To make excuse for or regretful acknowledgment of a fault or offense. 2. To make a formal defense or justification in speech or writing. to our many loyal shareholders," said Jeffrey T. Wilson, President of Imperial. "Operationally, we are moving forward with plans to begin increasing production on the United Heritage properties once the merger is completed and have begun workover operations in the Wardlaw area. The Imperial properties continue to perform at levels previously announced. We have completed the change of operations to Imperial in Coquille co·quille n. A scallop-shaped dish or a scallop shell in which various seafood dishes are browned and served. [French, from Latin conch Bay field and have finished refurbishing the platform and the gas lift lines. We began selling gas from one well in February at a rate of 400 mcfpd and we expect to turn approximately seven oil and gas wells to sales within the next week and estimate production will settle in the 200 bopd and 1,000 mcfpd range. Imperial owns a 22% working interest in the field," said Mr. Wilson. Imperial, through its subsidiaries and affiliates, is active in crude oil and natural gas production and gold mining. Imperial is headquartered in Evansville, IN. This press release may contain "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " as that term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion