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To: Bucky Katt who wrote (779)	5/5/2004 10:04:53 AM
From: Eagle	Respond to of 1338

Made the decision not to sell MACE in last 10 minutes yesterday--must have been divine intervention which you seem to usually have

To: Bucky Katt who wrote (779)	5/5/2004 10:29:26 AM
From: BW	Read Replies (2) \| Respond to of 1338

ROYL - seems to be a sell the news thing... Royale Energy Inc. Announces First Quarter 2004 Earnings of 15 Cents Per Share vs. 9 Cents Per Share in the Prior Year on a 38% Increase in Revenue and a 53% Jump in Natural Gas Production Tuesday May 4, 8:45 pm ET SAN DIEGO--(BUSINESS WIRE)--May 4, 2004--Royale Energy Inc (NASDAQ:ROYL - News) earned $961,625 or 15 cents per fully diluted share in the first quarter of 2004 as compared to $585,061 or 9 cents per share in the same period last year. This represents an increase of 64.4% in year-over-year earnings for the company. Total Revenue for the first quarter 2004 increased 38% to $5,513,278 from $3,994,788 in first quarter of the prior year. Natural gas production, net to the company's interest increased 53% from 390,280 MCF to 597,669 MCF for first quarter 2004. This dramatic increase in production and a continued strong price, $5.15 per MCF average price, contributed to the strong first quarter results. Because of the normal weather delays to drilling operations experienced in first quarter, the company plans to substantially increase its drilling schedule for both second and third quarters. Three Months Ended March 31, 2004 2003 - - Total Revenues $5,513,278 $3,994,788 Income Before Income Tax Expense $1,453,019 $635,927 Net Income $961,625 $585,061 Basic Earnings Per Share $0.16 $0.10 Diluted Earnings Per Share $0.15 $0.09 Basic Shares Outstanding 6,144,398 6,144,398 Diluted Shares 6,257,791 6,257,791 Natural Gas Production (MCF) 597,669 390,280 Oil & Condensate Production (Brls) 6,240 5,305