IMPERIAL PETROLEUM (OTC:IPMN)

EVANSVILLE, Ind.--(BUSINESS WIRE)--Imperial Petroleum, Inc. (OTCQX: IPMN), a leading biodiesel and diversified alternative energy company, today announced the detailed results for the fiscal year and fourth quarter ended July 31, 2011.

For the fiscal year ended July 31, 2011, total revenues were $110 million as compared to $5.7 million in the fiscal year ended July 31, 2010, a nineteen-fold increase. Net after tax income was $6.1 million, or $0.21 per share on 28.4 million fully diluted weighted average shares outstanding, compared to a net after tax loss of $17.8 million, or $(0.99) per share on 18.0 million basic weighted average shares outstanding in fiscal 2010. The net loss for the year ended July 2010 was primarily the result of a write-off of goodwill associated with the acquisition of e-biofuels in the amount of $16.3 million.

In the fourth quarter ended July 31, 2011, revenues were $47.0 million compared to $5.5 million for the same period of fiscal 2010, an increase of 854%. Net after tax income for the fiscal fourth quarter of 2011 was $3.71 million, or $0.13 per fully diluted average shares outstanding compared to a net after tax loss of $17.6 million, or ($0.98) per share on 18.0 million basic weighted average shares outstanding in the fourth quarter of fiscal 2010.

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Mr. Jeffrey T. Wilson, President of Imperial Petroleum, added, “Our business is strong and we anticipate that we can increase our production at least 30% in fiscal 2012. We are seeking further prime locations for new biofuel production facilities. Renewable fuels are a small but rapidly growing part of the energy equation and Imperial Petroleum intends to command a meaningful share of this burgeoning market.”