April 21, 2014 4:16 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Imperial Oil and Gas, Inc.

Company Overview

Imperial Oil and Gas, Inc. engages in the exploration and development of oil and gas assets. The company is based in the United States. Imperial Oil and Gas, Inc. operates as a subsidiary of Imperial Resources, Inc.

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United States

Key Executives for Imperial Oil and Gas, Inc.

Chairman of the Board and Chief Executive Officer
Age: 56
Compensation as of Fiscal Year 2013.

Imperial Oil and Gas, Inc. Key Developments

Imperial Resources Inc. and Imperial Oil and Gas, Inc. Announce Average Oil Cut at Green Tide Salt Water Disposal Facility

Imperial Resources Inc. and Imperial Oil and Gas, Inc. announced that a consistent, better than expected average oil cut has been achieved at its Green Tide Salt Water Disposal Facility. As announced on February 11, 2013 the oil cut recovered from water accepted for disposal, although small in percentage terms, is projected to form a material proportion of overall Green Tide revenues. At that time an oil cut of 0.25% to 0.5% was expected after optimization of the Green Tide plant, with oil sales expected to form less than half of total Green Tide revenues. The company is delighted to report that during the course of the previous calendar quarter the average oil cut recovered for sale has, on average, exceeded the maximum 0.5% expected. This, combined with firm oil prices, has led to oil sales income exceeding water disposal revenues. The company believes that the Green Tide engineering improvements have contributed significantly to this strong oil cut, but there remains a possibility that the plant also received excessively oil rich water during the first calendar quarter. The company continues to monitor and evaluate the situation. As time passes it will be more apparent as to the exact contributions of the factors that could have influenced this improvement. During the course of the first calendar quarter of 2013 the company has sold a total of 6 truck loads of oil, totaling well in excess of 1,000 barrels of oil. A further load is anticipated to be sold in early April. Oil prices remain firm. Daily average water disposal rates steadily increased month on month in the quarter, largely due to the effect of a recent extension of operating hours and the availability of additional personnel. Green Tide achieved substantial operating profitability during the quarter through the combined increase in income from both water disposal fees and oil sales. The company believes sustained profitability will build further value in its primary asset. The company also sees these results as indicative of the potential high net income Green Tide may generate if daily water disposal volumes can be further increased towards the fully permitted levels of 15,000 barrels of water per day.

Imperial Resources Inc. and Imperial Oil and Gas, Inc. Announce the Operation of Second Offloading Bay at Green Tide Disposal Facility

Imperial Resources Inc. and Imperial Oil and Gas, Inc. announced that the second offloading bay at its Green Tide Disposal Facility (Green Tide) is now operational. The offloading bay has been immediately put into operation to handle traffic more effectively and to reduce instances of queuing. The company estimates that an average oil cut (oil recovered from the delivered disposal water) of 0.25% has been achieved to date, directly in line with expectations. This oil cut has been achieved sooner than expected despite the requirement for the formation of an oil blanket in the gun barrel tank, essential for the capture of oil, which takes time. In an on-going optimization of Green Tide, the company also expects to pursue additional initiatives to improve oil recovery; the company plans to modify the gun barrel tank and the chemical injection site to enhance oil separation and capture relative to storage time. Sales of recovered oil are expected to provide valuable revenue to Green Tide.

Imperial Resources, Inc. and Imperial Oil and Gas, Inc. Announce Oklahoma Test Well Update

Imperial Resources, Inc. and Imperial Oil and Gas, Inc. announced an update on the production from a well in which Imperial owns a nominal interest and is producing from the same formation targeted in the company's Area of Mutual Interest in Oklahoma. The company has recently updated its reserve analysis for the Test Well based on the history of the well since production began. The Test Well came onto production in November 2011 and achieved flow rates in excess of 360 barrels of oil and 850 McF of gas per day. After predicted initial production declines the well has continued to produce in line with expectations with cumulative production through July 31, 2012 of 42,539 barrels of oil and 152,586 McF of gas. Based on that historical production the Company is able to establish a better idea as to the ultimate recovery of the well. The results of this analysis indicates that the Test Well will have an ultimate recovery of 182,213 barrels of oil and over 2 billion cubic feet of gas with a productive life of approximately 25 additional years. To be conservative, the analysis was performed using July prices assuming a cost of $85.69 per barrel of oil and $3.67 an McF for gas over the life of the well, with no escalation. This means that if the prices rise above those numbers the productive life of the well will be extended.

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