Word on the street is NEWS ?Have a read :
Imperial Provides Update on Oil Sands Project
May 16, 2011 (Business Wire) — Imperial Petroleum, Inc. (OTCQB: IPMN)announced that its wholly-owned subsidiary, Arrakis Oil Recovery, LLC,has successfully completed commercial scale demonstration tests formultiple parties on oil sands from various locations. The Company hasentered into Letters of Intent with at least two of the parties so farto begin the development of oil sand recovery operations later thissummer and is completing definitive agreements to begin each project.
“The commercial scale demonstrations we conducted were successful inrecovering the native oil from the oil sands processed which had beendelivered from several areas throughout the United States. We believethat the Arrakis technology is the most advanced, cost-effective andeco-friendly processing technology available for recovering bitumen fromtar and oil sands,” Jeffrey T. Wilson, President of Imperial said. “ Onthe heels of the President’s newly announced energy policy, we believethat the Arrakis process will begin to unlock the potential of some 20billion barrels of recoverable oil sands located in the United States. Upon completion of definitive agreements later this month with each ofthe parties, we will deploy the commercial unit located in Houston tothe field while we build a second and possibly a third unit for separateproject sites. We expect to be operational with the first unit laterthis summer. Since our process has no air, water or hydrocarbonemissions issues and uses a non-toxic, biodegradable chemical under lowdosage rates in a recycled operation, we do not expect to encounter anysignificant permitting issues at any of the proposed sites.”