Imperial Petroleum Inc. Declares Dividend on Series A Preferred Shares

Imperial Oil Inc.

ATHENS, Greece, June 16, 2022 (GLOBE NEWSWIRE) — Imperial Petroleum Inc. (Nasdaq: IMPP) (the “Company”), a ship-owning company providing petroleum product and crude oil shipping services, announced today a dividend of approximately $0.546875 per share on its 8.75% Series A Cumulative Redeemable and Redeemable Perpetual Preferred Shares (the “Series A Preferred Shares”), payable on June 30, 2022 to holders of record on June 27, 2022. The dividend payment relates to the period from the last dividend payment date for the Series A Preferred Shares of March 30, 2022 to June 29, 2022.

There are 795,878 Series A Preferred Shares outstanding as of the date hereof. The Series A Preferred Shares trade on the Nasdaq Capital Markets under the symbol “IMPPP”.

ABOUT IMPERIAL OIL INC.

Imperial Petroleum Inc. is a ship-owning company providing marine transportation services for petroleum products and crude oil. The Company owns a total of eight tankers; five MR product tankers, one Aframax tanker and two Suezmax tankers with a total capacity of approximately 682,000 deadweight tons (dwt). Imperial Petroleum Inc. common stock and 8.75% Cumulative Redeemable Perpetual Preferred Stock Series A are listed on the Nasdaq Capital Market and trade under the symbols “IMPP” and “IMPPP”, respectively.

Forward-looking statements

Matters discussed in this press release may constitute forward-looking statements. Forward-looking statements reflect our current beliefs regarding future events and financial performance and may include statements regarding future plans, objectives, goals, strategies, events or performance, or the impact or duration of the COVID-19 pandemic and underlying assumptions and other statements, which are other than statements of historical fact. The forward-looking statements contained in this release are based on various assumptions, many of which are based, in turn, on other assumptions, including, without limitation, management’s review of historical operating trends, data contained in our files and other data available from third parties. . Although IMPERIAL PETROLEUM INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to important uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, IMPERIAL PETROLEUM INC. cannot assure you that it will meet or accomplish these expectations, beliefs or projections. Important factors that we believe could cause actual results to differ materially from those discussed in the forward-looking statements include the risks discussed in our SEC filings and the following: the impact of the COVID pandemic -19 and worldwide efforts to contain its spread, the strength of global economies and currencies, general market conditions including changes in charter rental rates and vessel values, performance charter counterparties, changes in demand which may affect time charterers’ attitudes towards scheduled and unscheduled dry-docking, shipyard performance, changes in operating expenses of ‘IMPERIAL PETROLEUM INC, including bunker prices, dry-docking and insurance costs, the ability to obtain financing and meet the terms of our funding agreements, or actions taken by regulatory authorities, potential liability for pending or future litigation, domestic and international political conditions, the conflict in Ukraine and related sanctions, disruption of shipping routes due to accidents and political events or terrorist acts.

The risks and uncertainties are described in more detail in the reports filed by IMPERIAL PETROLEUM INC. with the United States Securities and Exchange Commission.

Company Contact:

Fenia Sakellaris
IMPERIAL OIL INC.
00-30-210-6250-001

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