Imperial meets Tomsk Region, courtesy Imperial Energy

Independent Russia producer Imperial Energy has rejected reports in the Russian English-language press in which Russia’s Ministery of Natural Resources reportedly disputes the oil company’s reserves claims.

Imperial declared it had not received a complaint, but that if it did, it could point to reputable auditors DeGolyer and MacNaughton — Rosneft’s auditors — and their audit of the company’s reserves. Yet the company accepted its “methodolgy” contradicts that of the Russian and is “entirely different to Russian Registered Reserves” which are more “production-based”.

Judging by Imperial’s response, the company has discovered more reserves that the Russian Reserve calls for.

“Imperial started with exploration territory, has committed and risked some $600 million over three years, progressed with a speed unmatched in the Tomsk region and has successfully identified significant reserves, completed major infrastructure and pipelines and is only now moving into production,” a statement said.

The company pointed to a letter from regional officials who were impressed Imperial had “discovered a completely new oil bearing region in the South of Tomsk region”.

Imperial said the “formal and lengthy procedure” of registering its Russian Reserves had begun.

The ocmpany expects to more than double its production to 25,000 barrels per day by year-end 2008