SOURCE: Imperial Resources, Inc.

March 21, 2011 08:00 ET

Imperial Resources, Inc.: Nunnelly #1 Well Evaluation -- Reserve Report and Operations to Commence

AUSTIN, TX--(Marketwire - March 21, 2011) -   Imperial Resources, Inc. (OTCBB: IPRC) is pleased to announce that its wholly owned subsidiary, Imperial Oil & Gas, Inc. (together the "Company," "Imperial"), has conducted an evaluation and has obtained an independent reserve report on its Nunnelly #1 re-entry and wellbore deepening prospect located on a 35 acre mineral lease in Montague County, Texas.

The Company believes recoverable reserves are approximately 32,455 Gross Barrels of Oil (22,231 net BO). The project is rated as a P50 or 2P classification (at least a 50% probability that the estimated reserves will be recovered). Capital expense is expected to be less than $300,000 if the re-entry of the existing wellbore goes to plan.

The Company intends to obtain additional third party reservoir analysis from an independent registered petroleum engineer.

The Company expects preparation operations on the wellbore to commence this week. Imperial believes that the potential cashflow from Nunnelly #1, if successfully completed and put on production, will provide useful revenues as the Company progresses, in concert, its planned transformational Oklahoma Resource Play.

Robert Durbin, CEO, commented, "Nunnelly #1 is a nice opportunistic play for us - the low entry cost makes it a very economically viable project even at oil prices much lower than those prevailing today."

About Imperial Resources, Inc.

Imperial Resources, Inc., through its wholly owned subsidiary, Imperial Oil & Gas, Inc., has a highly focused, risk-averse strategy of building a substantial portfolio of oil and gas assets through its access to niche, low risk oil and gas opportunities in the onshore U.S. Imperial aims to exploit projects which can deliver cash flows normally associated with higher risk projects but without exposure to high risk failure rates.

To find out more about Imperial Resources, Inc. (OTCBB: IPRC), visit our website at Details of the Company's business, finances, appointments and agreements can be found as part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's EDGAR database.

Forward-Looking Statements

Statements in this news release that are not statements of historical fact are forward-looking statements, which are subject to certain risks and uncertainties. Forward-looking statements can often be identified by words such as "expects," "intends," "plans," "may," "could," "should," "anticipates," "assumes," "likely," "believes" and words of similar import. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Actual results may differ materially from those expressed or implied by forward-looking statements due to a variety of factors that may or may not be foreseeable or within the reasonable control of the Company. Readers are cautioned not to place undue reliance on such forward-looking statements. Additional information on risks and other factors that may affect the business and financial results of the Company can be found in filings of the Company with the U.S. Securities and Exchange Commission, including without limitation under the caption "Risk Factors" in the Company's Annual Report on Form 10-K filed on July 9, 2010. Except as otherwise required by law, the Company disclaims any obligations or undertaking to publicly release any updates or revisions to any forward-looking statement contained in this news release to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

Contact Information