SAN DIEGO, Sept. 9, 2013 (GLOBE NEWSWIRE) -- Royale Energy, Inc. (Nasdaq:ROYL) today announced another successful discovery well. The Royale Somerset well intersected the productive zone confirming the target predicted by 3D seismic analysis. Logs indicate the presence of a gas charged, fine grained sand reservoir that correlates to the strong seismic amplitude response.
The well tested at a rate of 1196 MCFD on a 12/64th choke. Close proximity to Royale's existing gathering system will allow the well to be connected to a sales line within days, to take advantage of the PG&E Citygate gas prices holding in the $4 per MCF range. The pipeline is in place as a result of the Dorset discovery that went into production earlier this year.
Royale is currently scheduled to drill an additional four or more wells in the fourth quarter. Three wells, including Emerald Ridge will be located in California's Sacramento basin and at least one well will be located in Andrews County, Permian Basin.
Forward Looking Statements
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.