Imperial Petroleum Inc. Announces Sale

Business Wire, July 15, 1999

EVANSVILLE, Ind.--(BUSINESS WIRE)--July 15, 1999--

Imperial Petroleum Inc. (OTC BB:IPTM) announced today that its subsidiary, Oil City Petroleum Inc., a public company located in Tulsa, Okla., sold its Double Eagle Petroleum Inc. company to Comanche Energy Inc. for approximately 14.5 million shares of Comanche common stock.

Imperial owns 90 percent of Oil City, and as a result of the sale will become Comanche's largest shareholder. At the current market value for Comanche's shares, Imperial's position in Comanche stock is valued at $7.3 million or about 74 cents per share of Imperial stock outstanding.

The president of Imperial, Jeffrey T. Wilson, said, "As we announced previously, our plans for our energy investment in Oil City have been designed around strategic acquisitions or mergers that would allow the company to grow initially without significant cash outlays. The sale of Double Eagle to Comanche Energy furthers that goal. Imperial expects to continue to assist Comanche in its acquisition efforts. We believe this is an excellent time to be seeking acquisitions in the oil and natural gas industry and are excited about our new relationship."

Imperial Petroleum Inc. is a diversified oil and mining company. The company's common stock is traded in the over-the-counter market under the symbol IPTM.

The matters discussed in this news release contain forward-looking statements that are subject to certain risks and uncertainties including but not limited to, risks associated with future energy prices, the ability of the wells to maintain producing rates and the reserves associated with the properties. Future tests and results may differ materially from those previously reported. The company assumes no obligation to update the information in this release.