SAN DIEGO, April 11, 2019 (GLOBE NEWSWIRE) -- Royale Energy, Inc., (ROYL), an independent exploration and production company based in San Diego, California announced today, that Royale Energy, Inc. (Royale) in partnership with California Resources Production Corporation (CRPC) has initiated natural gas production from the CRC 33-2 well at a stabilized production rate of 2,100,000 cubic ft. per day.
In addition, the CRC RVGU 4-1 was recently drilled by Royale to a total depth of 7,400 ft. The open hole logs indicate 184 ft. of probable and possible gas zones and we anticipate testing of the well will begin mid-month.
The positive results from the recent drilling program is a promising start to the possible 30 well, three year drilling joint venture between Royale Energy and California Resources Production Corporation in the Rio Vista field, the largest dry natural gas field in California. Royale is drilling in a trend of multi-BCF production wells and will utilize historic well data and 3D seismic to maximize production in the new wells to benefit Royale shareholders, its investors and its partner in the project, California Resources Production Corporation.
Royale Energy and its investors own a 60% working interest in the CRC 33-2 at an 80% Net Revenue Interest, of which Royale owns approximately 15% working interest.
Royale Energy and its investors own a 60% working interest in CRC 4-1 at an 80% Net Revenue Interest, of which Royale owns approximately 36% working interest.
About Royale Energy. Inc.
Royale Energy, Inc. (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.
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.
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