IPTM Profile

Recommended on July 12, 2001 at $0.08

Interview with Jeffrey T. Wilson, CEO Imperial Petroleum Inc.

Part 1 < 3:47 > Part 2 < 4:40 >

BUSINESS STRATEGY

The Company's business strategy has focused its emphasis on oil, natural gas and mining ventures reflecting its belief that quality opportunities still exist in many areas of the world for small resource companies. The Company anticipates using partnership or joint venture agreements to limit the large capital expenditures that can accompany certain resource ventures.

Imperial has taken advantage of a niche in the resource industry by acquiring properties and projects by-passed by the major resource companies. Imperial is developing significant projects.

Imperial is overlooked in the stock market. Considering the huge amount of gold to be produced from the Duke Gold Mine and the relatively inexpensive cost to mine and process gold, and adding the natural gas development potential of the New Albany Shale Project. Management of Imperial has been quietly pursuing its business plan and acquiring and developing its resource base to prepare the Company for explosive future growth with the installation of operations at the Duke Gold Mine and the beginning of drilling in the New Albany Shale play next year.

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The Company

Imperial Petroleum, Inc., a Nevada corporation ("the Company"), is a diversified energy, and mineral mining company headquartered in Evansville, Indiana. The Company has historically been engaged in the production and exploration of crude oil and natural gas in Oklahoma and Texas and has diversified its business activities to include mineral mining, with a particular emphasis on gold mining. The Company intends to utilize its oil and natural gas assets to support and enhance its mining activities. The Company expects to focus its future growth in both energy and mining ventures.

At July 31,2000, the Company had completed the acquisition of 90% control of Oil City Petroleum, Inc. a Tulsa, Oklahoma based energy producer and Oil City had subsequently sold its primary oil and gas assets to Comanche Energy, Inc. ("Comanche"). As a result, the Company became a significant shareholder in Comanche. The Company does not presently operate any oil and natural gas properties directly.

MANAGEMENT

Jeffrey T. Wilson -- Chairman & President

Malcolm W. Henley -- VP, Director

Stacey D. Smethers -- Secretary, Director

Historical Background

The Company was incorporated on January 16, 1981 and is the surviving member of a merger between itself, Imperial Petroleum, Inc., a Utah corporation incorporated on June 4, 1979 (" Imperial-Utah"), and Calico Exploration Corp., a Utah corporation incorporated on September 27, 1979 ("Calico"). The Company was reorganized under a Reorganization Agreement and Plan and Article of Merger dated August 31, 1981 resulting in the Company being domiciled in Nevada.

RECENT EVENTS

The Company entered into negotiations during fiscal 1999 with Asia Pacific Capital Corporation, a merchant banking firm located in Sydney, Australia, to provide project financing for its mining and energy projects in connection with an equity infusion. If completed under the present structure, Asia Pacific would acquire 20 million shares of the Company's restricted common stock in exchange for $12 million and a commitment to project finance up to $47 million of the Company's mining and energy projects. Asia Pacific has encountered difficulties in securing its funds to complete the proposed transaction, however, the Company continues to work with Asia Pacific in furtherance of the original proposed structure. No assurances can be given that Asia Pacific will complete its funding and if completed will elect to finalize its plans to purchase shares of stock from the Company. Asia Pacific presently believes that it has completed the requirements to finalize its business transaction and has notified the Company it expects to have funds within 30 days. No assurances can be given that the transaction will complete as planned.

Subsequent to year end and as a result of capital constraints, the Company decided not to renew its mineral leases on any of its mineral claims except the Duke Gold Mine in Utah. Management believes that the Company should focus all of its resources and efforts into operations of the Duke Gold Mine and into the development of its oil and natural gas business.

On October 19, 2000 the Company entered into an agreement to sell 5,231,901 shares of the common stock of Comanche Energy, Inc. to Ravello Capital, LLC for $523,190 in cash. Ravello was to pay a total $74,800 in cash to a judgement creditor of the Company and the balance was to be paid to Imperial. Under the transaction, Ravello paid a total of $74,800 to the judgement creditor to satisfy its claims and received delivery of the share certificates into escrow against delivery of the balance of the funds as agreed. Ravello did not complete the payment to the Company as agreed. The Company filed suit in Federal Court in Tulsa County to terminate the balance of the transaction and retrieve its certificates and has received a judgement award against Ravello.

On October 12, 2000 the Company entered into a no-cost option to purchase 42,300 acres of leases in southeastern Indiana from Deka Exploration, Inc. The leases are located in the New Albany Shale Gas Play near Seymore, Indiana. Under the terms of the Agreement, The Company, at its election, can participate in the completion of the initial two wells that have been drilled on the acreage and the drilling of a total of five additional wells prior to making its election to purchase the acreage. During the option phase, the Company would pay 100% of the costs of the completion and drilling operations. Upon its election to continue with the project, the Company would own an 85% working interest in the acreage and would be required to pay acreage costs of $10.00 per acre. The project is scheduled to commence May-June 2001.

Imperial recently entered into agreement to market the Mirage Water Fountain, a device that produces fresh, clean drinking water from the air. The company expects to market this product to businesses and homes to replace bottled water dispensers.

SEASONALITY

The results of operations of the Company are somewhat seasonal due to seasonal fluctuations in the ability to conduct mining operations in certain areas, resulting in lower production volumes and due to fluctuations in energy prices due to seasonal variations. To date these variations have been minimal. Due to these seasonal fluctuations, results of operations for individual quarterly periods may not be indicative of results, which may be realized on an annual basis. As operations commence and production is realized on its mining and oil and natural gas properties, these influences will become more significant.

INFLATION AND PRICES

The Company's revenues and the value of its mining and oil and natural gas properties have been and will be affected by changes in copper and gold prices. And the prices for crude oil and natural gas. The Company's ability to obtain additional capital on attractive terms is also substantially dependent on the price of these commodities. Prices for these commodities are subject to significant fluctuations that are beyond the Company's ability to control or predict.

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