SAN DIEGO, Sept. 27, 2012 (GLOBE NEWSWIRE) -- Royale Energy, Inc. (Nasdaq:ROYL) Co-CEO Stephen Hosmer spoke to delegates at the Alaska Oil and Gas Congress in Anchorage last week. While sharing the stage with CEO of Great Bear Petroleum Operating LLC, Ed Duncan discussed the results of their initial test wells (Alcor #1 and Merak #1) in which they cored portions of the Shublik, HRZ/GRZ, and Kingak shales, the source rock for Alaska's Prudhoe Bay oil field. "I can tell you with absolute confidence that where we thought we would find oil in these source rocks, we found oil." Duncan said among other comments, and stated that Great Bear will accelerate the development phase of their project by as much as a full year.
Mr. Hosmer's remarks reaffirmed Royale's plans to develop nearly 100,000 acres of land immediately adjacent to Great Bear, in which Royale was the successful bidder at the State's most recent lease sale.
Petroleum News reported on Duncan's comments in an article in the September 23 issue reprinted by permission:The oil's there Great Bear says it wants to accelerate its North Slope shale oil program Alan Bailey Petroleum News Great Bear's results so far from its Alcor No. 1 shale oil test well on Alaska's North Slope have met expectations for finding oil in North Slope source rocks, Ed Duncan, the company's president and CEO, told the Alaska Oil and Gas Congress on Sept. 19. "I can tell you with absolute confidence that where we thought we would find oil in these source rocks, we found oil," Duncan said. The section is very thick in the Cretaceous; it's very thick in the Jurassic; it's a little thicker than expected in the Triassic Shublik, Duncan said. The Shublik is the source rock thought to have the highest shale oil potential on the North Slope, with the two other main source rocks, the HRZ/GRZ and the Lower Kingak, occurring in the Cretaceous and Jurassic sections.