SAN DIEGO, Nov. 11, 2010 /PRNewswire/ -- Royale Energy, Inc. (Nasdaq: ROYL) announced it has set pipe at its Magnum #1 well located in the Lonestar field area of the Sacramento Basin.
The well reached total depth and electric logs have been run. The well intersected a thick Forbes formation confirming the targets that were indicated on Royale Energy's 3-D seismic data.
Log analysis indicates the presence of over 20 ft. of natural gas charged high porosity sand reservoir which correlates with the strong seismic amplitude response.
The drilling rig will be moving directly to the Goddard #2 location. This offsets the Goddard 7-1 that is currently producing 5,000 MCF per day. The price Royale is currently receiving has climbed to $4.55 per MCF. The company plans to drill three more wells by the end of the year.About the Company Headquartered in San Diego, Royale Energy, Inc. is an independent energy company. The company is focused on development, acquisition, exploration, and production of natural gas and oil in California, Texas and the Rocky Mountains. It has been a leading independent producer of oil and natural gas for over 20 years. The company's strength is continually reaffirmed by investors who participate in funding over 50% of the company's new projects. Additional information about Royale Energy, Inc. is available on its web site at www.royl.com. 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. http://www.royl.com SOURCE Royale Energy, Inc.