As part of an effort by the company to pursue the acquisition of these interests, Imperial Petroleum, as a contract operator and subject to court approval, will begin to return the wells to production in April and May and manage the properties on behalf of the court-appointed receiver.
Once production is re-established, the company expects to conclude negotiations to purchase the interests. The project covers some 5,000 acres in eastern Kentucky in the Devonian shale gas play.
Imperial Petroleum is an oil and natural gas exploration and production company headquartered in Evansville, Indiana. The company operates under the names of IPT Oil and Double Eagle Petroleum in Texas and Hillside Oil & Gas in Louisiana.
