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Gold/Mining/Energy : ROYL - Royale Energy -- Ignore unavailable to you. Want to Upgrade?

To: Wayne Olive who wrote (83)	12/8/1997 9:35:00 PM
From: Wayne Olive	Read Replies (1) \| Respond to of 141

Royale is active in the N. Denverton Creek gas field, and this company , Aspen Exploration, recently announced a very successful well there. Looks like this is Royale Elephant Country hunting area, as the wells tend to be big ones... I believe Royale has drilled one here already, and has at least two more coming soon... ROYL is drilling in a very good field, and could gain substantial production increased from their N. Denverton leases. Wayne DENVER--(BUSINESS WIRE)--Dec. 8, 1997--Aspen Exploration, which recently announced the completion of a flowing oil well in Kern County, Calif., has announced the completion of the Emigh No. 2-1 gas well in Solano County, Calif. The well was drilled and production casing set to a depth of 10,600 feet. A pipeline has been completed and the well was placed on production on Nov. 10, 1997. After one month of production, the well is producing 5,000 MCF of gas per day (MCFPD), 35 barrels of condensate per day (BCPD), and 5 barrels of water per day (BWPD) at a flowing tubing pressure of 3010#. Gas is high quality with a Btu content of 1,070. Well logs indicate more than 100 feet of pay are contained in various formations in the well with several zones behind pipe. Aspen has 1,560 acres under lease in the vicinity of the well and several more drilling locations are expected to be identified. Gas is being sold through an Aera Energy LLC pipeline with a price quoted at $3.285 per MMBtu for the month of November. The drill site is one-half mile east of the Emigh No. 34-1, which Aspen completed a year ago for an extension of production two-thirds mile north of the Denverton Creek gas field. That well found over 100 feet of gas pay in four to five different horizons. One 6 foot interval was perforated in November of 1996, commenced production at a flow rate of 3,300 MCFPD, 18 BCPD, and 6 BWPD, and is currently producing approximately 1,100 MCFPD. Cumulative production to date is 775,000 MCF. Additional zones are behind pipe and will be produced in the future. Aspen is continuing an active oil and gas exploration program in the San Joaquin and Sacramento Valleys of California and will announce results as they become available. Stock of Aspen Exploration is quoted on the OTC Bulletin Board under the symbol ASPN.

To: Wayne Olive who wrote (83)	1/30/1998 12:16:00 PM
From: Mark Adams	Read Replies (1) \| Respond to of 141

Hi Wayne, I had a chance to see ROYL in action at the October 97 Money show in Seattle, along with a couple of other gas/oil drilling companies that offer direct working interest programs. Two were US Emerald, drilling a deep well in Texas, and Robo Enterprises, drilling for shallow gas sands in the eastern us. Have you heard of either? I must say that ROYL would be the one I would be most comfortable with, though Robo did offer an unusual concept of a working interest pool, where you own an interest in 10 wells instead of one. So if a well or two misses, your not at a complete loss. Robo doesn't use 3d sesmic, but instead searches through old drilling records for clues to shallow sands which were discovered but not exploited during the deeps/tight sands drilling encouraged by the tax credits available prior to 1991. As I understand it, their target tends to have a shorter life than deeper wells. So far, I've taken the stance that I'd rather hold equity in a Co like ROYL than making direct working interest bets in companies I know little about, given my lack of knowledge in the field. Any comments?