Imperial will be the stalking horse bidder in the sale to be conducted by the receiver for the Heartland Entities and Partnerships under court order.
The project covers some 5,000 acres in the Devonian shale gas play with production from 25 wells of approximately 400mcfpd and several miles of gathering system.
The remainder of the wells are cased and perforated but have not been fracture stimulated.
As per the terms of the acquisition agreement, if consummated, the company will pay approximately $4.95m for the assets including $0.45m in cash with the balance in other consideration.
The company said that it took over operations of the Heartland assets a few months ago on behalf of the court-appointed receiver, posted plugging bonds, began clearing up well violations with Kentucky and have negotiated a new compressor site lease to prepare to re-start production.
The effective date of the purchase is 1 September 2010.
