Imperial Petroleum, Inc. (IPMN.OB) Secures Financing to Develop Revolutionary Oil Sands Recovery Technology
Imperial Petroleum, www.imperialpetroleuminc.com – an oil and gas exploration and development firm, announced today the signing of a Term Sheet with an undisclosed partner to develop the previously announced oil sands recovery technology. The transaction closing will create an exclusive arrangement for utilizing and developing this revolutionary new non-thermal, mechanical/chemical closed-loop, bitumen and heavy oil recovery process for target applications in Canada, Argentina, Mexico, Russia and Venezuela. While subject to the execution of definitive agreements, the Term Sheet allocates $250k for creating a scaled-up prototype that will demonstrate process feasibility, in addition to a $500k initial licensing fee. A firm…