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Wylie #1 Successful Follow-Up to Goddard Discovery
Royale Energy's well flows over 2 million cubic feet per day
Related Quotes
| Symbol | Price | Change |
|---|---|---|
| ROYL | 2.21 | +0.07 |
SAN DIEGO--(BUSINESS WIRE)--Royale Energy, Inc. (NASDAQ:ROYL - News) today announced that it has successfully tested the Wylie #1, drilled as a follow-up three miles south east of the recently announced Goddard 1-7. The Wylie #1 further defines the discovery and is an important well, opening exploration in a new productive interval within the lower Forbes formation.
The Wylie #1 completion resulted in a stabilized flow rate of 2,054 MCF per day on a restricted choke, from a thin zone below the main objective. The strong performance of this secondary zone necessitates independent completion, leaving the main zone reserved for future production.
“We are excited by the strength of these new discoveries, the confirmation of our inventory of prospects, and the impact it will have on the future of the company,” said Stephen Hosmer. Royale has obtained drilling permits on three additional follow-up wells that will begin drilling as soon as locations can be built. The company is also actively developing further prospects on its 3,200 acres held in the area.
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.
Contact:
Royale Energy, Inc.
Chanda Idano, Director of Marketing & PR
619-881-2800
Fax 619-881-2899
chanda@royl.com
http://www.royl.com
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