Royale Finds Gas in the Gulf Coast
SAN DIEGO--(BUSINESS WIRE)--April 29, 1999--Royale Energy, Inc.(Nasdaq/NMS:ROYL - news) announced the successful completion of its first attempt at exploring for natural gas in the Gulf Coast.
The LL&E State Unit B well No. 3 (formerly Terrebonne Parish Schoolboard No. 1) in the Four Isle Dome Field, located in Terrebonne Parish, Louisiana, cut 75 feet of natural gas formation.
The well drilled with Burlington Resources Inc. ((NYSE:BR - news)-news) (the operator and owner of 60%) is expected to commence production by June 1, 1999.
The impact and integration of 3-D seismic on an existing field is clearly demonstrated by the Four Isle Dome Project.
Royale Energy, Inc. expects the Terrebone Parish well, along with additional Gulf Coast prospect inventory, to contribute to the Company's growth in reserves and cash flow throughout 1999.
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.
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Contact:
Royale Energy, Inc.
Ania M. Moldzynska, 800/447-8505
ir@royl.com
www.royl.com
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Not sure why the stock moved so much on this. Its great news but they only have a 7% interest in the well. Maybe folks mistakenly read the release to mean that ROYL had a 40% interest in the well. Very artful wording on behalf of the Hosmers! Gotta remember this for the future.
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