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MarketScreener Homepage  >  Equities  >  OTC Bulletin Board - Other OTC  >  Royale Energy, Inc.    ROYL

ROYALE ENERGY, INC.

(ROYL)
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Royale Finds Oil at Whittier and Jameson Fields

04/22/2020 | 08:06am EST

SAN DIEGO, April 22, 2020 (GLOBE NEWSWIRE) -- Royale Energy, Inc., (OTCQB : ROYL), an independent exploration and production company based in San Diego, California announced the Whittier W1-ST5 oil well reached a total depth of 3,634 ft in the West Whittier Field.

The well encountered porous and permeable sandstone reservoirs with oil and gas shows from 1,140 ft. to 3,510 ft. It is calculated that a net 1,470 ft. of oil-bearing productive rock were encountered in the well.

It was designed to drill in between several high-volume wells in the center part of the field (wells that each produced in excess of 200,000 barrels or more of oil).

In the initial 72 hours, the W-1 has produced at a daily rate of 129 barrels of oil, no water, on a 13/64th’s choke. The average tubing pressure over the same period is 392 psi. The well is only producing from the bottom 100 ft. of the 1,470 ft. of the net pay.

Royale Energy owns approximately 29% net revenue interest in the W1-ST5.

The Whittier field is adjacent to the Sansinena oil field where the company has drilled 3 oil wells with initial production rates of 200 to 300 barrels of oil per day. Whittier and Sansinena oil prices have historically been much closer to Brent prices than the West Texas Intermediate prices.

Sansinena has a large inventory of undrilled low risk high rate prospects for further development that the company is funding.

At the company’s Jameson oil field in the Permian Basin in Nolan County, Texas, the McCabe #61 well was drilled to total depth of 7,108 ft. Based on wireline logs and mud log data, the Strawn and possibly the Ellenburger Formations have productive intervals. Open hole wireline logs also indicate the presence of oil pay sands in the Strawn with good porosity and low water saturations. The well is being tested for production from the Ellenburger Formation. Based on results of testing in Ellenburger, the Strawn will either be tested or the pay will be saved for later production as a behind pipe completion.

Royale will begin drilling the McCabe #62 well next week and is currently funding two additional Jameson wells.

Royale Energy owns approximately 46.26% net revenue interest in the McCabe #61 and approximately 49.77% net revenue interest in the #62 well.

About Royale Energy. Inc.
Royale Energy, Inc. (OTCQB: ROYL) is an independent exploration and production company focused on the acquisition, development, and marketing of oil and natural gas. The Company has its primary operations in California’s Los Angeles and Sacramento Basins.

Forward-Looking Statement
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.

Contact:
Royale Energy, Inc.
Chanda Idano
Director of Marketing & PR
619-383-6600

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© GlobeNewswire 2020
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Financials (USD)
Sales 2019 2,97 M - -
Net income 2019 -0,35 M - -
Net cash 2019 0,58 M - -
P/E ratio 2019 -5,50x
Yield 2019 -
Capitalization 5,43 M 5,43 M -
EV / Sales 2018 1,51x
EV / Sales 2019 1,83x
Nbr of Employees 12
Free-Float 44,4%
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Managers
NameTitle
Johnny Jordan President, CEO, COO & Director
Robert J. Vogel Chairman
Stephen M. Hosmer Secretary, Chief Financial & Accounting Officer
Harry E. Hosmer Chairman-Emeritus
Donald H. Hosmer Director & Director-Business Development
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