2010-01-07-2009-11-04

To acquire 20 LA wells, gaining 200,000 BO proved, 5 BO/d.

Imperial Petroleum Inc., Evansville, Ind., (OTCBB: IPMN) plans to acquire approximately 20 shallow oil wells in Louisiana from an undisclosed seller for approximately $450,000. Imperial will pay $350,000 in the form of a promissory note with a one-year term secured by 1.75 million shares; 1 million Imperial shares and a 25% back-in after payout interest. Imperial estimate proved reserves to be 200,000 barrels of oil. Current production is three to five barrels of oil per day from two active wells. The company plans to spend approximately $550,000 to increase production by about 60 barrels per day through workovers.