Imperial Petroleum Inc. says it has finalized the sale of its share of the ownership of the Coquille Bay Field, located in Plaquemines Parish, La.
‘The Coquille Bay field has the potential to generate a meaningful amount of oil and gas, but the costs of repairing it after the damage that was caused by Hurricane Katrina and the ongoing costs of operating it made it a burden that made little sense for a company that was concentrating its efforts on biofuels,’ says Tim Jones, acting CEO of Imperial Petroleum.
‘Consequently, after an extensive period of discussions with the other owners, we have reached a binding agreement that relieves Imperial Petroleum of the considerable monthly cost of approximately $60,000 and enables us to cancel the $1.4 million bond that we were required to carry,’ he adds. “Eliminating this issue will enable us to refocus on the growth potential of biofuels and bring added value to our shareholders.”
