As the natural gas market shows signs of improvement, Royale Energy,
Inc. (NASDAQ:ROYL) today announces the drilling of two new wells in its
Lonestar project. After a period of decreased industry activity due to
the economic downturn, the company has activated its plan to increase
production and natural gas reserves.
The Goddard 7-1, which commenced today, is Royale’s 14th well
drilled in the successful Lonestar area. Immediately following this well
the rig will move directly to the Wylie #1 in the same field.
“These wells reflect our optimism that the natural gas market has
reached a turning point that marks the beginning of an upward cycle,”
said Stephen Hosmer, the company’s CFO. “In recent months we have been
deliberate in the reduction of costs, allowing us to capitalize on the
present opportunity.”
Royale will also drill several additional wells in California’s
Sacramento basin in the 4th quarter.
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.
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