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| Nevada                                             | 76-0529110                                                 |
|----------------------------------------------------|------------------------------------------------------------|
|                                               | (I.R.S. Employer Identification Number)                    |
|                                               |                                                       |
| 4747 Research Forest Dr.; Suite 180-257            |                                                       |
| The Woodlands, Texas 77381                         | (713) 542-7440                                             |
| (Address of Principal Executive Offices)(Zip Code) | (Registrant’s Telephone Number, including Area Code) |

| (Title of Each Class)          |
|--------------------------------|
|                           |
| Common Stock, $0.001 par value |

| o Large Accelerated Filer                                             | o Accelerated Filer              |
|-----------------------------------------------------------------------|----------------------------------|
|                                                                  |                             |
| o Non-Accelerated Filer (Do not check if a smaller reporting company) | þ Smaller Reporting Company |

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| Part I.                    | Financial Information                                                                                        |   |
|----------------------------|--------------------------------------------------------------------------------------------------------------|--------|
|                       |                                                                                                         |   |
| Item 1                     | Financial Statements                                                                                         |   |
|                       |                                                                                                         |   |
|                       | Balance Sheets - April 30, 2011 and October 31, 2010 (Unaudited)                                             | F-1    |
|                       |                                                                                                         |   |
|                       | Statements of Operations  - For the Three and Six Months Ended April 30, 2011 and 2010 (Unaudited) | F-2    |
|                       |                                                                                                         |   |
|                       | Statements of Cash Flows - For the Three and Six Months Ended April 30, 2011 and 2010 (Unaudited)            | F-3    |
|                       |                                                                                                         |   |
|                       | Notes to Financiall Statements (Unaudited)                                                                   | F-4    |
|                       |                                                                                                         |   |
| Item 2                     | Management's Discussion and Analysis of Financial Condition and Results of Operations                        | 4      |
|                       |                                                                                                         |   |
| Item 3                     | Quantitative and Qualitative Disclosures About Market Risk                                                   | 5      |
|                       |                                                                                                         |   |
| Item 4                     | Controls and Procedures                                                                                      | 5      |
|                       |                                                                                                         |   |
| Part II. Other Information |                                                                                                         |
|                       |                                                                                                         |   |
| Item 1                     | Legal Proceedings                                                                                            | 6      |
|                       |                                                                                                         |   |
| Item 1A                    | Risk Factors                                                                                                 | 6      |
|                       |                                                                                                         |   |
| Item 2                     | Unregistered Sales of Equity Securities and Use of Proceeds                                                  | 6      |
|                       |                                                                                                         |   |
| Item 3                     | Defaults Upon Senior Securities                                                                              | 6      |
|                       |                                                                                                         |   |
| Item 4                     | (Removed and Reserved)                                                                                       | 6      |
|                       |                                                                                                         |   |
| Item 5                     | Other Information                                                                                            | 6      |
|                       |                                                                                                         |   |
| Item 6                     | Exhibits                                                                                                     | 6      |
|                       |                                                                                                         |   |
|                       | Signatures                                                                                                   | 7      |

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|                                                                                                                                                                           |   | April 30 |        |   | October 31 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|-------------|--------|------------|--------|
| ASSETS                                                                                                                                                                         |   | 2011     |        |   | 2010       |   |
| Current assets                                                                                                                                                                 |   |     |        |   |       |   |
| Cash and cash equivalents                                                                                                                                                      |   | $        | 6,906       |   |       | $      | 64,927 |   |
| Accounts receivable                                                                                                                                                            |   |     | 144         |   |       |   | 144 |   |
| Total current assets                                                                                                                                                           |   |     | 7,050       |   |       |   | 65,071 |   |
|                                                                                                                                                                           |   |     |        |   |       |   |   |   |
| Property and equipment, net                                                                                                                                                    |   |     | 183,916     |   |       |   | 225,293 |   |
| Intangible assets, net                                                                                                                                                         |   |     | 17,250      |   |       |   | 20,944 |   |
| Other assets                                                                                                                                                                   |   |     | -           |   |       |   | 115,450 |   |
| Total assets                                                                                                                                                                   |   | $        | 208,216     |   |       | $      | 426,758 |   |
|                                                                                                                                                                           |   |     |        |   |       |   |   |   |
| LIABILITIES AND STOCKHOLDERS’ DEFICIT                                                                                                                                    |   |     |        |   |       |   |   |   |
| Current liabilities                                                                                                                                                            |   |     |        |   |       |   |   |   |
| Accounts payable                                                                                                                                                               |   | $        | 244,705     |   |       | $      | 244,773 |   |
| Accrued liabilities                                                                                                                                                            |   |     | 2,877,255   |   |       |   | 2,500,269 |   |
| Advances-related party                                                                                                                                                         |   |     | 182,763     |   |       |   | 107,332 |   |
| Current maturities of long-term debt, net of discount                                                                                                                          |   |     | 2,450,442   |   |       |   | 2,450,442 |   |
| Total current liabilities                                                                                                                                                      |   |     | 5,755,165   |   |       |   | 5,302,816 |   |
|                                                                                                                                                                           |   |     |        |   |       |   |   |   |
| Stockholders' Deficit                                                                                                                                                          |   |     |        |   |       |   |   |   |
| Common stock, par value $0.001; authorized 100,000,000 shares; 48,478,180 and 46,928,180 shares issued and outstanding as of April 30, 2011 and October 31, 2010, respectively |   |     | 48,479      |   |       |   | 46,929 |   |
| Additional paid-in capital                                                                                                                                                     |   |     | 15,636,346  |   |       |   | 15,591,396 |   |
| Accumulated deficit                                                                                                                                                            |   |     | (21,231,774 | )      |       |   | (20,514,383 | ) |
| Total stockholders’ deficit                                                                                                                                              |   |     | (5,546,949  | )      |       |   | (4,876,058 | ) |
| Total liabilities and stockholders’ deficit                                                                                                                              |   | $        | 208,216     |   |       | $      | 426,758 |   |
|                                                                                                                                                                           |   |     |        |   |       |   |   |   |
| See accompanying notes to unaudited financial statements                                                                                                                       |   |

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|                                                     |   | For the three          |       |   | For the six            |   |
|----------------------------------------------------------|--------|------------------------|------------|--------|------------------------|--------|
|                                                     |   | months ended April 30, |       |   | months ended April 30, |   |
|                                                     |   | 2011                   |       |   | 2010                   |   |   | 2011 |   |   | 2010 |   |
|                                                     |   |                   |       |   |                   |   |   |   |   |   |   |   |
| Operating expenses                                       |   |                   |       |   |                   |   |   |   |   |   |   |   |
| Selling, general and administrative expenses             |   | $                      | 246,003    |   |                   | $      | 141,162 |   |   | $ | 498,634 |   |   | $ | 232,507 |   |
| Depreciation and amortization expense                    |   |                   | 22,281     |   |                   |   | 22,511 |   |   |   | 45,071 |   |   |   | 45,022 |   |
| Total operating expenses                                 |   |                   | 268,284    |   |                   |   | 163,673 |   |   |   | 543,705 |   |   |   | 277,529 |   |
|                                                     |   |                   |       |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Loss from operations                                     |   |                   | (268,284   | )      |                   |   | (163,673 | ) |   |   | (543,705 | ) |   |   | (277,529 | ) |
|                                                     |   |                   |       |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense                                         |   |                   | (85,404    | )      |                   |   | (87,852 | ) |   |   | (173,686 | ) |   |   | (179,033 | ) |
|                                                     |   |                   |       |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss                                                 |   | $                      | (353,688   | )      |                   | $      | (251,525 | ) |   | $ | (717,391 | ) |   | $ | (456,562 | ) |
|                                                     |   |                   |       |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Loss per share                                           |   |                   |       |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Basic and diluted                                        |   | $                      | (0.01      | )      |                   | $      | (0.01 | ) |   | $ | (0.02 | ) |   | $ | (0.01 | ) |
|                                                     |   |                   |       |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average shares outstanding                      |   |                   |       |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Basic and diluted                                        |   |                   | 47,681,771 |   |                   |   | 43,594,714 |   |   |   | 47,681,771 |   |   |   | 43,584,986 |   |
|                                                     |   |                   |       |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| See accompanying notes to unaudited financial statements |   |

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|                                                                                     |   | For the six months ended April 31 |     |
|------------------------------------------------------------------------------------------|--------|-----------------------------------|----------|
|                                                                                     |   | 2011                              |     |   | 2010 |   |
|                                                                                     |   |                              |     |   |   |   |
| Cash flows from operating activities:                                                    |   |                              |     |   |   |   |
| Net loss                                                                                 |   | $                                 | (717,391 | ) |   | $ | (456,562 | ) |
| Adjustments to reconcile net loss to net cash provided by (used in)operating activities: |   |                              |     |   |   |   |   |   |
| Depreciation and amortization expense                                                    |   |                              | 45,071   |   |   |   | 45,022 |   |
| Share-based compensation                                                                 |   |                              | 46,500   |   |   |   | - |   |
| Amortization of debt discount                                                            |   |                              | -        |   |   |   | 3,908 |   |
| Changes in operating assets and liabilities:                                             |   |                              |     |   |   |   |   |   |
| Accounts receivable                                                                      |   |                              | -        |   |   |   | 184,759 |   |
| Other assets                                                                             |   |                              | 115,450  |   |   |   | - |   |
| Accounts payable                                                                         |   |                              | (68      | ) |   |   | (68,500 | ) |
| Accrued liabilities                                                                      |   |                              | 376,986  |   |   |   | 329,292 |   |
| Net cash provided by (used) in operating activities                                      |   |                              | (133,452 | ) |   |   | 37,919 |   |
|                                                                                     |   |                              |     |   |   |   |   |   |
| Cash flows from financing activities:                                                    |   |                              |     |   |   |   |   |   |
| Proceeds from sale of stock                                                              |   |                              | -        |   |   |   | 12,500 |   |
| Advances from (payments to) related parties, net                                         |   |                              | 75,431   |   |   |   | (47,440 | ) |
| Net cash provided by (used in) financing activities                                      |   |                              | 75,431   |   |   |   | (34,940 | ) |
|                                                                                     |   |                              |     |   |   |   |   |   |
| Net increase (decrease) in cash and cash equivalents                                     |   |                              | (58,021  | ) |   |   | 2,979 |   |
| Cash and cash equivalents at beginning of period                                         |   |                              | 64,927   |   |   |   | 46 |   |
| Cash and cash equivalents at end of period                                               |   | $                                 | 6,906    |   |   | $ | 3,025 |   |
|                                                                                     |   |                              |     |   |   |   |   |   |
| Supplemental disclosure of cash flow information                                         |   |                              |     |   |   |   |   |   |
| Cash paid during the year for                                                            |   |                              |     |   |   |   |   |   |
| Interest                                                                                 |   |                              | -        |   |   |   | - |   |
| Income taxes                                                                             |   |                              | -        |   |   |   | - |   |
|                                                                                     |   |                              |     |   |   |   |   |   |
| See accompanying notes to unaudited financial statements                                 |   |

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|                                        |   | 2011   |       |   | 2010   |   |
|---------------------------------------------|--------|--------|------------|--------|--------|--------|
| Building and improvements                   |   | $      | 2,790      |   |   | $      | 2,790 |   |
| Machinery and equipment                     |   |   | 558,366    |   |   |   | 558,366 |   |
| Demonstration equipment                     |   |   | 783,300    |   |   |   | 783,300 |   |
| Transportation equipment                    |   |   | 49,450     |   |   |   | 49,450 |   |
| Furniture, fixtures and office equipment    |   |   | 79,703     |   |   |   | 79,703 |   |
|                                        |   |   | 1,473,609  |   |   |   | 1,473,609 |   |
|  Less – accumulated depreciation |   |   | (1,289,693 | )      |   |   | (1,248,316 | ) |
|                                        |   | $      | 183,916    |   |   | $      | 225,293 |   |

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| Exhibit No. |   | Description                                                                                                                                                                                                                                                  |
|-------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.1         |   | Articles of Incorporation of the Company (incorporated by reference to Exhibits 2 and 2.1 to the Company’s registration statement on Form 10-KSB filed with the SEC on August 8, 1996, file No. 0-21169).                                         |
| 3.2         |   | Bylaws of the Company (incorporated by reference to Exhibit 3.2 to the Company’s Annual Report on Form 10-KSB for the fiscal year end October 31, 1996 filed with the Commission with a filing date of November 26, 1997, Commission File No. 0-21169) |
| 10.2        |   | Form of Note Agreement, executed in 2005, between IPRC and investors (incorporated by reference to Exhibit 10.15 to the Company's Form 10-K filed with the Commission of December 1, 2005).                                                                  |
|        |   |                                                                                                                                                                                                                                                         |
| 10.3        |   | Form of Registration Right Agreement, executed in 2005, between IPRC and investors (incorporated by reference to Exhibit 10.16 to the Company's Form 10-K filed with the Commission of December 1, 2005).                                                    |
|        |   |                                                                                                                                                                                                                                                         |
| 10.4        |   | Form of Warrant Agreement, executed in 2005, between IPRC and investors (incorporated by reference to Exhibit 10.17 to the Company's Form 10-K filed with the Commission of December 1, 2005).                                                               |
|        |   |                                                                                                                                                                                                                                                         |
| 10.5        |   | Technical Services Agreement between Petroleo Brasileiro S.A. – Petrobras and IPRC dated 2009 (incorporated by reference to Exhibit 10.18 to the Company's Form 10-K filed with the Commission of October 20, 2011).                                   |
|        |   |                                                                                                                                                                                                                                                         |
| 21.1        |   | Subsidiaries of Registrant (incorporated by reference to Exhibit 21.1 to the Company's Form 10-K filed with the Commission of December 1, 2005).                                                                                                             |
|        |   |                                                                                                                                                                                                                                                         |
| 31.1        |   | Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Rules 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended. (1)                                                                                     |
|        |   |                                                                                                                                                                                                                                                         |
| 32.1        |   | Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350. (1)                                                                                                                                                 |

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|   |          | IMPERIAL PETROLEUM RECOVERY CORPORATION |
|--------|---------------|-----------------------------------------|
| Dated: | April 4, 2012 |                                    |   |
|   |          |                                    |   |
|   |          | By:                                     |   /s/ Alan B. Springer |
|   |          |                                    | Alan B. Springer |
|   |          |                                    | Principal Executive Officer and  Principal Financial Officer |

| Name                 |   | Title                                                                  |   | Date          |
|----------------------|--------|------------------------------------------------------------------------|--------|---------------|
|                 |   |                                                                   |   |          |
| /s/ Alan B. Springer |   | Principal Executive Officer and  Principal Financial Officer |   | April 4, 2012 |
| Alan B. Springer     |   |                                                                   |   |          |
|                 |   |                                                                   |   |          |
| /s/ James Hammond    |   | Director                                                               |   | April 4, 2012 |
| James Hammond        |   |                                                                   |   |          |

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