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Imperial to buy Tulsa's Oil City
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EVANSVILLE, Ind. (JR) -- Imperial Petroleum announced has signed a
letter of intent to acquire 90 percent of Tulsa-based Oil City
Petroleum.
Imperial will issue 2.35 million shares of its restricted common
stock to Oil City in exchange for 90 percent of the capital stock of
Oil City. Imperial will provide a subordinate loan facility of
$900,000 to Oil City to supplement its oil and gas income for working
capital, debt service and to assist in development of its properties.
Oil Ci...
