SAN DIEGO, Dec. 10, 2018 (GLOBE NEWSWIRE) -- Royale Energy, Inc., (ROYL) announced that it has completed the acquisition of the N. Jameson and Big Mineral Creek properties in the Permian Basin in Texas, from West Coast Energy
The N. Jameson property currently is producing 64 BOEPD adding $6 Million in PV10 value and 1P (total proved) net reserves of 542,000 Barrels Oil Equivalent based on company estimates. This property has 7,465 net acres in which more than 30 proved undeveloped locations have been identified by 3D Seismic in the Strawn, Odom and Ellenberger formations. This transaction increases company working interest to 95% and adds operational control. Royale intends to develop these high-quality drilling locations with the continued help of it drilling participants.
Johnny Jordan Royale’s President and COO states, “this acquisition increases our proved undeveloped drilling inventory to more the 75 high quality drilling locations across Texas and California which insures Royale of several years of significant and high-quality drilling activity.”
The Big Mineral Creek properties are non-operated interests in 5 producing Units over 10,000 gross contiguous acres in Grayson County, Texas.
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.