Imperial Petroleum, Inc. (IPMN.OB) announced that it has entered into a letter of intent to acquire about 20 oil wells located in Louisiana from an undisclosed seller. Under the terms of the sale, the company will pay the seller a $350 thousand in the form of a promissory note with a one-year term secured by 1.75 million shares of the company's stock, an 1.0 million shares of the company's restricted common stock and a 25% back-in after payout interest to the seller.
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