SAN DIEGO, June 12, 2013 (GLOBE NEWSWIRE) -- Royale Energy, Inc. (Nasdaq:ROYL) today announced a gas discovery at its Zodiac well. The new natural gas well was drilled on the company's proprietary 3-D seismic data and encountered up to three productive formations. The first zone has been completed and tested with a flow rate of over 1,000,000 cubic ft. per day and the company plans to begin production at 700,000 cubic ft. per day.
The company continues to build its natural gas production and reserves as prices recover, and will drill three more wells by this fall. In addition to prices doubling from a year ago, Royale has acquired a hedge that would limit its downside through the summer months and end in October, just prior to higher winter demand.
The Zodiac well will be connected to the same pipeline system as the Dorset well that was announced in March with reserves of 2.2 billion cubic ft. Both the Dorset and Zodiac will begin production by the end of June.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.
CONTACT: Royale Energy, Inc. Chanda Idano, Director of Marketing & PR 619-881-2800 email@example.com http://www.royl.com
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV