Royale Energy Inc. Announces the Release of Its Year End Results
Business Wire - April 16, 1999 10:00
SAN DIEGO--(BUSINESS WIRE)--April 16, 1999--Royale Energy announces the release of its year end results for the year ended Dec. 31, 1998.
The Company posted an 8% increase in Cash flow from $2,998,779 to $3,239,819 or 85 cents per share at year end 1998. As a result of lower commodity prices the Company's revenues decreased to $8,365,130 from $9,066,126 in 1997 resulting in earnings of $774,406 or 20 cents per share in Basic Earnings at Dec. 31, 1998.
Contributing to the increase in Cash flow was a 37% increase in Oil and Gas Sales, from $2,992,679 to $4,101,553 at year end 1998. In addition to Cash flow, Royale also posted a 109% replacement in Proved Developed Reserves.
Commenting on the Financial Statement, the Company's President Donald Hosmer said, "Given the difficult industry environment, we are pleased with these results. These results underscore Royale's ability to weather the downturn in the industry, by maintaining growth in Cash flow, Oil and Gas Sales, and Proved Developed Reserves."
"We believe that the underlying strength of the Company, will lead to an active drilling schedule, as the Company continues to develop its inventory of high quality drilling prospects. Royale will also continue to take advantage of opportunities, like its recently announced Gulf Coast prospect, created by the decrease in exploration budgets of other industry members."
In addition, to historical information continued 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.
CONTACT: Royale Energy Inc.
Ania M. Moldzynska, 800/447-8505 or 619/881-2800
ania@royl.com
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Ask & you shall receive. They sucked wad this quarter because they could not raise enough funds to close out their year-end '98 drilling fund. Hey Wayne, why don't you do us all a favor & buy up all the remaining unsold units so these guys can get that drill bit turning again! <g>
We should be hearing the news on the Louisiana well logs this week, assuming Burlington Resources (the well operator) allows a release to go out.
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