Imperial Petroleum CEO resigns, e-Biofuels files bankruptcy

Imperial Petroleum Inc.’s wholly owned subsidiary e-Biofuels LLC recently filed for Chapter 7 bankruptcy with the U.S. Bankruptcy Court for the Southern District of Indiana. The company’s CEO and Chief Financial Officer Timothy Jones also resigned this month. Jones was made CFO and president of e-Biofuels last November, and was also made interim CEO and president of Imperial in January.

According to information filed with the U.S. Securities and Exchange Commission, Jeffrey Wilson has been appointed as president, CEO and CFO of Imperial Petroleum and all of its subsidiaries. He will serve as such until the next regularly scheduled meeting of company shareholders. Furthermore, Imperial Petroleum has moved its corporate headquarters to Evansville, Ind.

While Biodiesel Magazine was unable to reach a representative of the company for further comment, information published on Imperial Petroleum’s website states that it acquired e-Biofuels in May 2010. The Middletown, Ind.-based 15 MMgy plant converts waste grease and oil into biodiesel.

Regarding the bankruptcy, Imperial Petroleum noted that e-Biofuels listed assets of more than $11 million and liabilities of more than $17 million. The company said a trustee has been appointed by the court to oversee the bankruptcy proceedings.

“Obviously the filing by e-Biofuels is a significant blow to the company’s revenues on the short-term, however it will substantially reduce the company’s overall financial liabilities, which were exacerbated by the uncertainty in the biofuels business in recent months,” said Wilson in a statement filed with the SEC. In the same press release, Imperial Petroleum also announced a joint venture agreement for a tar sands project in Kentucky.

Imperial Petroleum filed a quarterly report with the SEC in late March that contained information regarding operations during the final three months of 2011. In that report, the company noted it generated $13.09 million in revenue and other income from biodiesel during the fourth quarter of 2011. Total revenue and income generated by the company during the same period was slightly less than $13.20 million.