Imperial Petroleum Inc., a biodiesel company based in Indiana, has sold its share of the Coquille Bay Field in Plaquemines Parish for an undisclosed sum.
The deal reduces Imperial’s monthly costs by $60,000 and allows the company to cancel a $1.4 million bond, acting Chief Executive Officer Tim Jones said in a news release.
Coquille Bay has the potential to generate “a meaningful amount” of oil and gas, Jones said. But the costs of repairing the field after damage from Hurricane Katrina and ongoing operating costs made Coquille Bay a burden, one that made little sense for a biofuels company.
Based in Middletown, Ind., Imperial concentrates on biodiesel and biofuels production and producing heavy oil from tar sands.