Exhibit 99.1

IMPERIAL PETROLEUM INC.

IMPERIAL PETROLEUM INC. REPORTS FOURTH QUARTER AND TWELVE MONTHS 2022 NET INCOME OF $13.8 AND $29.5 MILLION RESPECTIVELY, FINANCIAL AND OPERATING RESULTS

ATHENS, GREECE, February 15, 2023—IMPERIAL PETROLEUM INC. (NASDAQ: IMPP, the “Company”), a ship-owning company providing petroleum products, crude oil and dry bulk seaborne transportation services, announced today its unaudited financial and operating results for the fourth quarter ended December 31, 2022. In November 2021, StealthGas Inc. contributed to the Company four subsidiaries comprising a fleet of four tanker vessels. The Company was spun-off from StealthGas Inc. in December 2021. Historical comparative period also reflects the results of the carve-out operations of the four subsidiaries that were contributed to the Company.

OPERATIONAL AND FINANCIAL HIGHLIGHTS

• Fleet operational utilization of 79.4% in Q4 22’ mainly due to the drydocking of two vessels and the repositioning of one of our Suezmax vessel.

• 42% of our fleet days dedicated to spot activity in Q4 22’capturing high spot charter rates.

• Revenues of $37.9 million in Q4 22’—up $33.9 million or 847.5% from Q4 21’.

• Net income of $13.8 million in Q4 22’ compared to a $1.5 million loss in Q4 21’.

• EBITDA¹ of $17.8 million in Q4 22’ up $17.0 million or 2,125% from Q4 21’

• Cash and time deposits of $118.9 million as of December 31, 2022 – 1.7 times higher than our current market cap.

• For 12M 22’ we generated a Net Income of $29.5 million which is equivalent to 43% of our current market cap.

• Under our $50 million ATM program which commenced on December 16, 2022 and was paused on February 7, 2023 we sold 35,344,898 shares and raised net proceeds of $ 9,303,361.

Fourth Quarter 2022 Results:

• Revenues for the three months ended December 31, 2022 amounted to $37.9 million, an increase of $33.9 million, or 847.5%, compared to revenues of $4.0 million for the three months ended December 31, 2021, primarily due to the increase of our average fleet by approximately six vessels and a noticeable improvement in market rates.

• Voyage expenses and vessels’ operating expenses for the three months ended December 31, 2022 were $10.5 million and $6.4 million, respectively, compared to $0.9 million and $1.8 million, respectively, for the three months ended December 31, 2021. The $9.6 million increase in voyage expenses is mainly due to the increase in the spot days of our fleet by 320 days (516%) and the rise in bunker prices. This quarter we incurred $1.7 million of voyage costs due to the repositioning of one of our Suezmax tanker for a total period of 46 days. The $4.6 million increase in vessels’ operating expenses, was primarily due to the increase in the average number of our vessels.

• Drydocking costs for the three months ended December 31, 2022 and 2021 was $1.9 million and $0.01 million, respectively. This increase is due to the fact that during the three months ended December 31, 2022 one of our Suezmax vessels and one of our dry Handysize vessel underwent drydocking.

¹  EBITDA is a non-GAAP measure. Refer to the reconciliation of this measure to the most directly comparable financial measure in accordance with GAAP set forth later in this release.

• Depreciation for the three months ended December 31, 2022 and 2021 was $4.0 million and $2.2 million, respectively. The change is attributable to the increase in the average number of our vessels.

• Interest and finance costs for the three months ended December 31, 2022 and 2021 were $0.9 million and $0.1 million, respectively. The increase is mainly attributable to the increase of our borrowings.

• Interest income for the three months ended December 31, 2022 and 2021 was $0.8 million and $0.001 million, respectively. The increase is attributed to time deposits of $93 million during the period.

• As a result of the above, for the three months ended December 31, 2022, the Company reported net income of $13.8 million, compared to net loss of $1.5 million for the three months ended December 31, 2021. Dividends paid on Series A Preferred Shares amounted to $0.4 million for the three months ended December 31, 2022. The weighted average number of shares of common stock outstanding, basic, for the three months ended December 31, 2022 was 190.5 million.

• Earnings per share, basic, for the three months ended December 31, 2022 amounted to $0.07, compared to a loss per share of $0.34 for the three months ended December 31, 2021. EBITDA for the three months ended December 31, 2022 amounted to $17.8 million. Reconciliations of EBITDA to Net (Loss)/Income are set forth below.

• An average of 9.79 vessels were owned by the Company during the three months ended December 31, 2022 compared to 4.00 vessels for the same period of 2021.

Twelve Months 2022 Results:

• Revenues for the twelve months ended December 31, 2022, amounted to $97.0 million, an increase of $79.6 million, or 457.5%, compared to revenues of $17.4 million for the twelve months ended December 31, 2021, primarily due to the increase in the average number of our vessels and improved market conditions resulting in higher rates particularly in the spot market.

• Voyage expenses and vessels’ operating expenses for the twelve months ended December 31, 2022 were $33.8 million and $16.4 million, respectively, compared to $3.6 million and $7.4 million for the twelve months ended December 31, 2021. The $30.2 million increase in voyage expenses is mainly due to the increase in the spot days of our fleet by 815 days (271%) and the rise in daily bunker cost by approximately $14,000. The $9.0 million increase in vessels’ operating expenses, was primarily due to the increase in the average number of fleet by approximately three vessels and one of our product tankers coming off bareboat in September 2022.

• Drydocking costs: for the twelve months ended December 31, 2022 and 2021 were $1.9 million and $0.01 million, respectively. This increase is due to the fact that during the twelve months ended December 31, 2022 one of our Suezmax vessel and one of our dry Handysize vessel underwent drydocking.

• Depreciation for the twelve months ended December 31, 2022, was $12.3 million, a $3.6 million increase from $8.7 million for the same period of last year, due to the increase in the average number of our vessels.

• Interest and finance costs for the twelve months ended December 31, 2022 and 2021 were $1.6 million and $0.1 million, respectively. The increase is mainly attributable to year on year increase of our borrowings.

• Interest income for the twelve months ended December 31, 2022 and 2021 was $1.3 million and $0.001 million, respectively. The increase is attributed to time deposits of $158 million during the year.

• As a result of the above, the Company reported net income for the twelve months ended December 31, 2022 of $29.5 million, compared to a net loss of $3.6 million for the twelve months ended December 31, 2021. The weighted average number of shares, basic, outstanding for the twelve months ended December 31, 2022 was 128.4 million. Earnings per share, basic, for the twelve months ended December 31, 2022 amounted to $0.19, compared to a loss per share of $0.79 for the twelve months ended December 31, 2021.

• EBITDA for the twelve months ended December 31, 2022 amounted to $42.1 million. Reconciliations of EBITDA to Net (Loss)/Income are set forth below.

• An average of 6.99 vessels were owned by the Company during the twelve months ended December 31, 2022 compared to 4.00 vessels for the same period of 2021.

• As of December 31, 2022, cash and cash equivalents amounted to $50.9 million and total debt, net of deferred finance charges, amounted to $70.0 million. During the twelve months ended December 31, 2022 debt repayments amounted to $5.4 million.

CEO Harry Vafias Commented

The year 2022 can simply be characterized by one word: success; As market conditions were favorable particularly during the second half of year, we managed to increase our net income by about 1,020%, increase our EBITDA by 2,125 %, grow our 1 year old company to 10 vessels and generate an annual net income of $30 million. Going forward our main focus will continue to be growth and profitability. We positioned the company well with an enviable capital structure $257 million in asset market values, $120 million in cash and only $70 million of debt. The market outlook for tankers looks promising for 2023 and we are set to capture the continuing favorable charter market environment as well as acquisition opportunities in the tanker and dry bulk sectors.

Conference Call details:

On February 15, 2023 at 11:00 am ET, the company’s management will host a conference call to discuss the results and the company’s operations and outlook.

Online Registration:

Beginning this quarter, conference call participants should pre-register using the below link to receive the dial-in numbers and a personal PIN, which are required to access the conference call.

https://register.vevent.com/register/BI8f10f4fdc98d4483a0f9eaa3d2b00b80

Slides and audio webcast:

There will also be a live and then archived webcast of the conference call, through the IMPERIAL PETROLEUM INC. website (www.ImperialPetro.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

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 ten vessels; five M.R. product tankers, one Aframax oil tanker, two Suezmax tankers and two Handysize dry bulk carriers with a capacity of approximately 737,000 deadweight tons (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, or impact or duration of the COVID-19 pandemic 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, management’s 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 the impact of the COVID-19 pandemic and efforts throughout the world to contain its spread, the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, shipyard performance, changes in IMPERIAL PETROLEUM INC’s operating expenses, including bunker prices, drydocking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, the conflict in Ukraine and related sanctions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.

Risks and uncertainties are further described in reports filed by IMPERIAL PETROLEUM INC. with the U.S. Securities and Exchange Commission.

Fleet List and Fleet Deployment

For information on our fleet and further information:

Visit our website at www.ImperialPetro.com

Company Contact:

Fenia Sakellaris

IMPERIAL PETROLEUM INC.

00-30-210-6250-001

E-mail: fs@ImperialPetro.com

Fleet Data:

The following key indicators highlight the Company’s operating performance during the periods ended December 31, 2021 and December 31, 2022.

FLEET DATA	Q4 2021			Q4 2022			12M 2021			12M 2022
Average number of vessels (1)		4.00			9.79			4.00			6.99
Period end number of owned vessels in fleet		4			10			4			10
Total calendar days for fleet (2)		368			901			1,460			2,552
Total voyage days for fleet (3)		368			816			1,428			2,464
Fleet utilization (4)		100.0	%		90.6	%		97.8	%		96.6	%
Total charter days for fleet (5)		306			434			1,127			1,348
Total spot market days for fleet (6)		62			382			301			1,116
Fleet operational utilization (7)		92.9	%		79.4	%		90.5	%		84.8	%

1) Average number of vessels is the number of owned vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.

2) Total calendar days for fleet are the total days the vessels we operated were in our possession for the relevant period including off-hire days associated with major repairs, drydockings or special or intermediate surveys.

3) Total voyage days for fleet reflect the total days the vessels we operated were in our possession for the relevant period net of off-hire days associated with major repairs, drydockings or special or intermediate surveys.

4) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period.

5) Total charter days for fleet are the number of voyage days the vessels operated on time or bareboat charters for the relevant period.

6) Total spot market charter days for fleet are the number of voyage days the vessels operated on spot market charters for the relevant period.

7) Fleet operational utilization is the percentage of time that our vessels generated revenue, and is determined by dividing voyage days excluding commercially idle days by fleet calendar days for the relevant period.

Reconciliation of EBITDA:

EBITDA represents net (loss)/income before interest and finance costs, interest income and depreciation.

EBITDA is not a recognized measurement under U.S. GAAP. Our calculation of EBITDA may not be comparable to that reported by other companies in the shipping industry or other industries.

EBITDA measurement is included herein because it is a basis, upon which our investors and we assess our financial performance. It allows us to present our performance from period to period on a comparable basis and provides investors with a means of better evaluating and understanding our operating performance.

(Expressed in United States Dollars, except number of shares)	Fourth Quarter Ended December 31st,						Twelve Months Period Ended December 31st,
	2021			2022			2021			2022
Net (loss) / income—EBITDA
Net (loss)/income		(1,482,949	)		13,755,961			(3,639,979	)		29,510,928
Plus interest and finance costs		137,905			883,409			145,013			1,610,145
Less interest income		(973	)		(844,025	)		(980	)		(1,290,059	)
Plus depreciation		2,168,666			3,980,891			8,674,663			12,290,463
EBITDA		822,649			17,776,236			5,178,717			42,121,477

Imperial Petroleum Inc.

Unaudited Consolidated Statements of Operations

(Expressed in United States Dollars, except for number of shares)

	Quarters Ended December 31,						Twelve Month Periods Ended December 31,
	2021			2022			2021			2022
Revenues
Revenues		4,006,614			37,914,704			17,362,669			97,019,878
Expenses
Voyage expenses		869,377			10,027,535			3,366,223			32,604,893
Voyage expenses—related party		51,640			470,530			218,192			1,202,449
Vessels’ operating expenses		1,776,524			6,320,567			7,346,527			16,227,636
Vessels’ operating expenses—related party		20,500			70,000			86,500			165,500
Drydocking costs		14,380			1,890,247			14,380			1,890,247
Management fees – related party		132,940			396,880			527,425			1,045,640
General and administrative expenses		322,985			933,833			614,786			1,773,590
Depreciation		2,168,666			3,980,891			8,674,663			12,290,463
Total expenses		5,357,012			24,090,483			20,848,696			67,200,418
(Loss)/Income from operations		(1,350,398	)		13,824,221			(3,486,027	)		29,819,460
Other (expenses)/income
Interest and finance costs		(137,905	)		(883,409	)		(145,013	)		(1,610,145	)
Interest income		973			844,025			980			1,290,059
Foreign exchange gain/(loss)		4,381			(28,876	)		(9,919	)		11,554
Other expenses, net		(132,551	)		(68,260	)		(153,952	)		(308,532	)
Net (Loss)/ Income		(1,482,949	)		13,755,961			(3,639,979	)		29,510,928
Earnings per share
- Basic and Diluted		(0.34	)		0.07			(0.79	)		0.19
Weighted average number of shares
- Basic		4,775,272			190,506,460			4,775,272			128,399,446
- Diluted		4,775,272			190,506,460			4,775,272			128,788,421

Imperial Petroleum Inc.

Unaudited Consolidated Balance Sheets

(Expressed in United States Dollars)

	December 31,			December 31,
	2021			2022
Assets
Current assets
Cash and cash equivalents		3,389,834			50,901,092
Time deposits		—			68,000,000
Restricted cash		451,225			1,005,827
Receivables from related parties		355,023			146,708
Trade and other receivables		1,400,275			8,651,996
Other current assets		—			240,002
Inventories		258,846			5,507,423
Advances and prepayments		150,544			172,908
Total current assets		6,005,747			134,625,956
Non current assets
Vessels, net		119,962,984			226,351,081
Restricted cash		2,500,000			5,600,000
Total non current assets		122,462,984			231,951,081
Total assets		128,468,731			366,577,037
Liabilities and Stockholders’ Equity
Current liabilities
Trade accounts payable		1,430,251			8,115,462
Payable to related party		1,119,055			3,016,438
Accrued liabilities		486,674			1,982,306
Customer deposits		368,000			—
Deferred income		482,321			1,089,959
Current portion of long-term debt		4,747,616			10,176,538
Total current liabilities		8,633,917			24,380,703
Non current liabilities
Long-term debt		23,088,971			59,787,923
Total non current liabilities		23,088,971			59,787,923
Total liabilities		31,722,888			84,168,626
Commitments and contingencies
Stockholders’ equity
Capital stock		47,753			1,977,621
Preferred Stock, Series A		7,959			7,959
Preferred Stock, Series B		—			160
Additional paid-in capital		97,161,688			251,818,546
(Accumulated deficit)/Retained earnings		(471,557	)		28,604,125
Total stockholders’ equity		96,745,843			282,408,411
Total liabilities and stockholders’ equity		128,468,731			366,577,037

Imperial Petroleum Inc.

Unaudited Consolidated Statements of Cash Flows

(Expressed in United States Dollars

	December 31,
	2021			2022
Cash flows from operating activities
Net (loss)/income for the year		(3,639,979	)		29,510,928
Adjustments to reconcile net (loss)/income to net cash provided by operating activities:
Depreciation		8,674,663			12,290,463
Amortization of deferred finance charges		32,587			94,007
Share based compensation		—			117,256
Changes in operating assets and liabilities:
(Increase)/decrease in
Trade and other receivables		(734,400	)		(6,497,828	)
Other current assets		173,930			(240,002	)
Inventories		577,151			(5,248,577	)
Advances and prepayments		(10,943	)		(22,364	)
Increase/(decrease) in
Trade accounts payable		289,086			6,685,211
Balances with related parties		(708,968	)		2,105,698
Accrued liabilities		238,351			1,495,632
Deferred income		347,727			607,638
Net cash provided by operating activities		5,239,205			40,898,062
Cash flows from investing activities
Acquisition and improvement of vessels		(142,600	)		(118,678,560	)
Increase in bank time deposits		—			(68,000,000	)
Net cash used in investing activities		(142,600	)		(186,678,560	)
Cash flows from financing activities
Proceeds from issuance of Series B preferred shares		—			200,000
Net transfers to former Parent Company		(7,792,798	)		—
Dividends paid to former Parent company		(25,752,729	)		—
Proceeds from equity offerings		—			168,001,415
Stock issuance costs		—			(11,179,941	)
Deferred finance charges paid		(196,000	)		(404,633	)
Customer deposits paid		(500,000	)		(368,000	)
Dividends paid on preferred shares		(130,574	)		(1,740,983	)
Loan repayments		—			(5,354,000	)
Proceeds from long-term debt		28,000,000			47,792,500
Net cash (used in)/provided by financing activities		(6,372,101	)		196,946,358
Net (decrease)/increase in cash, cash equivalents and restricted cash		(1,275,496	)		51,165,860
Cash, cash equivalents and restricted cash at beginning of year		7,616,555			6,341,059
Cash, cash equivalents and restricted cash at end of year		6,341,059			57,506,919
Cash breakdown
Cash and cash equivalents		3,389,834			50,901,092
Restricted cash, current		451,225			1,005,827
Restricted cash, non current		2,500,000			5,600,000
Total cash, cash equivalents and restricted cash shown in the statements of cash flows		6,341,059			57,506,919