SAN DIEGO, Dec. 19, 2013 (GLOBE NEWSWIRE) -- Royale Energy, Inc. (Nasdaq:ROYL) today announced that it has completed its latest Sacramento basin natural gas well with a successful stabilized flow rate of 1.78 million cubic feet per day. The Cardiff well was drilled in Colusa County, California on the company's proprietary 3-D (3 dimensional) seismic survey. The Cardiff well is the ninth well of the year and tested an amplitude anomaly indicating gas in the Forbes formation. Royale expects to connect the well to its existing pipeline infrastructure in the area to begin commercial gas sales in early January at an initial sales rate of 1,000,000 cubic feet per day.
In addition, the company expects its Memento well to begin gas sales on Monday December 23.
Royale also spud the first of two oil wells in Fuhrman-Mascho field in Andrews County, TX, in which the company sold a portion of its interest to the company that is drilling the wells. The Fuhrman-Mascho field is the fifth largest producing oil field in the Permian basin. Up to 8 wells may be drilled on this acreage.
Victor Ranch 3-21 is scheduled to being drilling the first quarter 2014 followed by the McKinney and Wembley wells, all located in Sacramento 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.