The Rig Company awarded contract for well work
  by: OilOnline
  Monday, July 17, 2006

Imperial Petroleum, Inc. announced its wholly-owned subsidiary, The Rig Company, has been contracted to complete a 13 well workover program for a third party using its Patriot #1 workover rig. The Company expects the project to take about 20 days and generate net income after expenses of approximately $50,000.

"The Rig Company subsidiary will be contracting our workover rig with additional third parties, particularly after the close of the sale of Imperial's operated wells in West Texas and New Mexico scheduled on August 3. This business should become a nice profit center for our Company, since there is currently a very high demand for rigs and crews to perform routine well maintenance and workover operations," Jeffrey T. Wilson, President of Imperial, stated.