Exhibit 99.1
IMPERIAL PETROLEUM INC.
IMPERIAL PETROLEUM ANNOUNCES $10 MILLION SHARE REPURCHASE PROGRAM AND AGREEMENT TO ACQUIRE TWO VESSELS
Athens, Greece, September 7, 2023 Imperial Petroleum Inc. (Nasdaq: IMPP) (the Company) today announced that its
Board of Directors has approved a share repurchase program and authorized the officers of the Company to repurchase, from time to time, up to $10,000,000 of the Companys common stock. Shares may be purchased in open market or privately
negotiated transactions, at times and prices that are considered to be appropriate by the Company, and the program may be suspended or discontinued at any time.
The Company also announced that it has entered into an agreement to acquire two tanker vessels, the aframax tanker Stealth Haralambos, built in 2009 and the
product tanker Aquadisiac built in 2008, with an aggregate capacity of approximately 163,716 dwt. The aggregate purchase price for these acquisitions is $71 million. Both vessels will be delivered on a charter-free basis by the end of January
2024. The Company expects to finance the purchase price with cash-on-hand. The transaction with affiliates of the Vafias family, was approved by the Companys audit
committee comprised of independent directors.
About Imperial Petroleum Inc.
IMPERIAL PETROLEUM INC. is a ship-owning company providing petroleum products, crude oil and drybulk seaborne transportation services. The Company owns a total
of nine vessels: five M.R. product tankers, two suezmax tankers and two handysize dry bulk carriers with a total capacity of 628,000 deadweight tons (dwt) and has agreed to acquire two additional tankers, one aframax and one product tanker which
will be delivered up until the end of January 2024. Following these deliveries the Company will own a fleet of eleven vessels with an aggregate capacity of 791,716 dwt. IMPERIAL PETROLEUM INC.s shares of common stock and 8.75% Series A
Cumulative Redeemable Perpetual Preferred Stock are listed on the Nasdaq Capital Market and trade under the symbols IMPP and IMPPP, respectively.
Forward-Looking Statements
Matters discussed in this
release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events
or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further
assumptions, including without limitation, managements examination of historical operating trends, data contained in our records 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 significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, IMPERIAL PETROLEUM INC. cannot assure you that it will
achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include risks