Dynamite! This is what I've been waiting for, their 1996 Annual
Earnings release. Take a look at what they've done in the past, and
feast your eyes on the 1996 earnings.. a defininite *uptrend* here.
1993 loss
1994 .01
1995 .14
1996 .34
1997 .?? (Anyone want to guess? )
Here's their release: Thursday March 20 9:33 AM EDT
Royale Energy Inc. reports a surge in earnings, equity and production,
setting a record for full year 1996
SAN DIEGO--(BUSINESS WIRE)--March 20, 1997--Royale Energy Inc.
(NASDAQ National Market: ROYL) Thursday announced that financial and operating
results for full year 1996 set new record levels in earnings per share,
revenues, shareholder equity, natural gas production and reserves.
Full year results -- Royale Energy recorded net income of $1,398,807
(34 cents per share), on record revenues of $9,997,594 compared with
1995's net income of $544,643 (14 cents pershare) on revenues of
$8,341,099. Royale's assets increased to $8,363,437 in 1996 from
$6,591,127 in 1995.
By the end 1996, Royale Energy's proved natural gas reserves rose
35 percent from the pervious year to a record 12.9 billion cubic feet (BCF)
of natural gas equivalent, an increase of more than 3 BCF over last
year's reserves of 9.6 BCF. Total value of these reserves on an
undiscounted basis increased to $31,632,852.
Continued drilling success in the Sacramento and San Joaquin basins
contributed to the record year in all categories. Acquisition of two
significant 3D seismic surveys in separate producing areas are
currently under way and will be ready for development by the fourth
quarter of 1997.
The company currently has a solid inventory of developmental drilling
locations that will be drilled throughout the rest of this year,
giving Royale a reliable source of additional growth in production and
reserves. The company's technical staff has also been expanded to
include a geologist with more than 18 years of experience in the
Sacramento basin.
With natural gas production continuing to increase at record levels
along with higher prices, 1997 should be another very strong year of
growth.
CONTACT: Royale Energy Inc., Jack M. Connolly, 800/447-8505 |
