DALLAS, April 2, 2003 (PRIMEZONE) -- Rimrock Pipeline announces its proposal to connect and transport gas for Powder River Basin Gas Corp. (OTCBB:PRVB). Powder River Basin Gas Corp. currently has two gas wells drilled and tested positive for substantial gas deposits. There is an additional eleven wells spudded awaiting completion. Cash flow could start within 100-120 days, with an average output of 150 MCF per day per well.
Greg Smith, Powder River Basin Corp. CEO, said, "This is the most exciting thing we've had in a few years, it will finally allow PRVB to bring gas to market so that they may develop their substantial coal bed methane play."
"Rimrock Pipeline is looking forward to working with Powder River Basin Gas Corporation to get their acreage to market," stated Jerald Rushmore, President of Rimrock Pipeline.
Imperial Petroleum, Inc. (OTCBB:IPTM) recently announced that it had signed a definitive agreement to acquire 63.3% of the capital stock and management control of Powder River Basin Gas Corp. (OTCBB:PRVB) for Imperial common stock and cash valued at $1.37 million.
"The acquisition of control of Powder River and its approximate 12,000 net acres of leases in the Powder River Basin of Wyoming significantly enhances our natural gas reserve base and provides the company with additional acreage upon which to conduct new drilling operations within the framework of our recently announced Xavier Financial relationship," said Jeffrey T. Wilson, President of Imperial. "We believe that we can bring significant new funding to Powder River to complete its drilling program in Wyoming and to develop the substantial natural gas reserves in place under its leases."
About Powder River Basin Gas Corp.
Powder River Basin Gas Corp. is an exploration, development and production company historically engaged in the evaluation and development of coal-bed methane ("CBM") reserves as well as shallow oil reserves within the Powder River Basin in Wyoming. The Company's current focus is to find undervalued proven properties in the Rocky Mountains, New Mexico and West Texas with long life reserves and price stability.
This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes that the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct.