- Published: 16 October 2009
- Written by Editor
Royale Energy Discovers New Natural Gas Field
Royale Energy, Inc. (NASDAQ: ROYL) announces that after reaching a total depth of 6200 feet, it has set pipe on what the company believes to be a significant new discovery.
The Goddard 7-1 which commenced drilling on September 23rd was located one mile north of the boundary of the company’s successful Lonestar field. The well was drilled to test a significant 3D seismic amplitude at a previously unexplored depth. At this depth the well encountered higher pressure than those produced in the Lonestar field increasing the expected rate of gas recovery.
This new field discovery provides Royale Energy with significant new development opportunities to increase its production and natural gas reserves. Current prices for its PG&E citygate is $5.04 MCF. The Company has 2,000 MCF per day sold through December 2009 at $4.85 MCF.
About the Company
Headquartered in San Diego, Royale Energy, Inc. is an independent energy company. The company is focused on development, acquisition, exploration, and production of natural gas and oil in California, Texas and the Rocky Mountains. It has been a leading independent producer of oil and natural gas for over 20 years. The company’s strength is continually reaffirmed by investors who participate in funding over 50% of the company’s new projects. Additional information about Royale Energy, Inc. is available on its web site at www.royl.com.
Forward Looking Statements
In addition to historical information contained herein, this news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, subject to various risks and uncertainties that could cause the company’s actual results to differ materially from those in the “forward-looking” statements. While the company believes its forward looking statements are based upon reasonable assumptions, there are factors that are difficult to predict and that are influenced by economic and other conditions beyond the company’s control. Investors are directed to consider such risks and other uncertainties discussed in documents filed by the company with the Securities and Exchange Commission.
Royale Energy, Inc.
Chanda Idano, Director of Marketing & PR
619-881-2800
Fax: 619-881-2899
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http://www.royl.com
