Things keep getting better and better for Royale Energy.. here's their latest quarterly statement.
They are now pumping 12,000 mcf a day, getting over 3 bucks.. I can see how they are forecasting an even better quarter next round.. I've participated in their first 1997 5 well program, and they have done well so far, with 4 wells drilled and 3 successful ones thus far. One more to go...
Wayne
Wednesday November 12, 9:32 am Eastern Time
Company Press Release
Royale Energy Increases Earnings for Ninth Consecutive Quarter on Stronger Natural Gas Sales
SAN DIEGO--(BUSINESS WIRE)--Nov. 12, 1997--Royale Energy Inc. (ROYL) announces fiscal third quarter profit jumped 20.79%, as the company benefited from higher natural gas production and prices.
The company had net income of $522,926 or .13 cents a share for third quarter ending 9-30-97 compared with $440,803 or .12 cents a share a year earlier. The company's total assets for the nine months ending 9-30-97 grew 84.5% to $12,266,574 from $6,650,149 at 9-30-96, and stockholders equity increased to $5,487,380 from $4,015,022, a 36.7% increase over a year ago.
Increased natural gas revenue resulted from an increase in the price the company received for its natural gas production and an increase in the overall production of the company from wells drilled and completed during 1996 and 1997 and from producing wells acquired by the company in June of 1997. The company is selling 12,000 MCF per day at an average price of $3.44 per MCF.
The company is currently completing another gas well that will begin producing by the end of November. In addition, two 3-D seismic shoots are being conducted over producing fields the company acquired earlier this year. The results of this additional data should give the company a solid inventory of drillable prospects for the next two years in addition to the prospects already being generated in other areas of the Sacramento and San Joaquin basins.
With higher natural gas prices and continuing production increases the company also expects fourth quarter profit to exceed its 1996 results. |
