Imperial Resources, Inc. (IPRC) Secures Funds for Disposal Facility
Imperial Resources, Inc. reported that the company has secured financing to complete the development of a disposal facility in Texas. The facility will be used to dispose of salt water from oil and gas wells in the Barnett Shale and other areas. Imperial Resources said that the financing is in the form of an unsecured convertible loan and is for up to $1.2 million. The company would not identify the lender. Imperial Resources expects to use the funds immediately to begin construction of the facility, and estimates that commercial operations at the site can begin in eight weeks. The salt…