ROYL news - William I remember you banked on this one a couple years ago, any thought on its run this time?
Royale Energy Strikes Oil At Bowerbank Deep Stevens Test
Thursday June 19, 2:41 pm ET
SAN DIEGO--(BUSINESS WIRE)--June 19, 2003--Royale Energy Inc. (Nasdaq:ROYL - News) announces the successful discovery of oil in its 12,000 foot well at its Bowerbank field, 25 miles northwest of Bakersfield, Calif.
The company conducted a 30 square mile 3-D seismic survey in January 2001 to further develop its natural gas field. The 3-D data revealed a deep 12,000 feet prospect in the Stevens formation.
Drilling of the Sam #1 well was completed on May 10, 2003 and testing is currently being conducted. Over a 12-hour period, 85 barrels of high quality, 32 gravity, light oil was recovered. Testing indicates an approximate 80 percent oil cut with a calculated production rate expected to be up to 500 barrels of oil per day.
The company is continuing to evaluate the discovery to determine reserves, production rate, and the need for additional development wells.
Royale Energy Inc. is an independent producer of natural gas and oil primarily in California. With headquarters in San Diego, the company applies modern computer-aided exploration technologies in the exploration and development of oil and/or natural gas. |
