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Imperial To Buy E-Biofuels

February 26, 2010 (FinancialWire) — Imperial Petroleum, Inc. (OTCBB: IPMN) said that it has signed a stock purchase agreement to acquire 100% of the stock of e-biofuels, LLC, a biodiesel producer.

Middletown, Indiana-based e-biofuels boasts a production capacity of 15 million gallons per year. Under the terms of the agreement, which is set to close on March 31, Imperial will pay two million shares of its common stock and issue promissory notes in an amount of $3.5 million to the owners of e-biofuels, LLC for 100% control of the company.

Imperial said that the principal management of e-biofuels will remain in place and e-biofuels, LLC will become a wholly-owned subsidiary of Imperial.

During the calendar year ending December 31, 2009, e-biofuels posted revenues of around $19.9 million on biodiesel sales of about 7 million gallons, resulting in a net loss of $1.9 million. E-biofuels currently has approximately $15 million in debt.

Indiana-based Imperial is an oil and natural gas exploration and production company.

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