Royale Makes a New Discovery in California
SAN DIEGO--(BUSINESS WIRE)--May 11, 1999--Royale Energy Inc. (NASDAQ:ROYL - news) On Monday, May 10th the company completed a new pool discovery well in the Sacramento Basin.
The well was flowing at a stabilized rate of 3,800,000 cubic feet per day plus condensate on a restricted choke. The Blossom no. 1 was drilled to 7,500 feet and encountered a channel sand updip from an Enron well drilled in 1992 that had gas shows.
For the past ten years, the industry has been attempting to locate the Blossom Channel gas sand. With good well control integrated with seismic, Royale was able to find the productive gas pool in the channel. The well is waiting on a pipeline connection which should be completed in early June.
The company also set production casing Monday, May 10th, on its Bowerbank 5C well in the San Joaquin basin and will complete this well in ten days.
In addition, to historical information contained 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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Is this another one of the wells you own a piece of? If so you're gonna get pretty quick payback!
Can't believe the market basically ignored this good news. Maybe everyone is waiting for them to announce 1st quarter first (which will be crappy, and maybe bring the stock price down).
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