Rooster, their 1Qtr release came today.. a double, but on small earnings, as their 1Qtr is their low quarter of the year...
Royale Energy doubles first-quarter profit
SAN DIEGO--(BUSINESS WIRE)--May 23, 1997--Royale Energy Inc.
(NASDAQ/NM:ROYL) Friday announced that net income before income tax expense climbed to $115,189 for first quarter 1997, compared with $36,974 for first quarter 1996, a 212 percent increase.
As a result of increasing profits over the past 18 months, a first-time state income tax expense of $47,150 was charged against earnings bringing the total after-tax first-quarter earnings to $68,039 (2 cents per share) compared with $36,974 (1 cent per share) for first quarter 1996.
Historically the company drills the majority of its wells in the second, third and fourth quarters because of wet weather conditions in the first quarter. Two wells that were planned for first quarter 1997 were moved into the second quarter where the additional revenue will be reflected.
The company's increased production, resulting from continuing drilling operations along with higher natural gas prices, boosted oil and gas revenues to $485,303 compared with $231,148 in first quarter 1996.
The company expects to continue significantly increasing production, while selling its natural gas at higher levels than in 1996. Royale should continue its accelerated growth through 1997. |
