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SAN DIEGO, Aug. 5, 2013 (GLOBE NEWSWIRE) --
Royale Energy, Inc. (Nasdaq:ROYL) today announced financial results for second quarter 2013, reporting a Net Income of $1,905,595 or 14 cents per basic and fully diluted share. The favorable results are highlighted by comparison to a loss of $1,316,724 for the same period in 2012, representing a turnaround of $3,222,319.
The quarterly results bring the full year to a positive result of $549,798 in Net Income compared to a loss of $2,683,579 in the first half of 2012, a $3,233,377 improvement.
"We are pleased that the progress we have made on the Alaska North Slope oil shale property has strengthened our financial position significantly," said Stephen Hosmer, "We are looking forward to ongoing contribution of this property to our overall strategy and financial results."
Royale is currently engaged in drilling two natural gas wells in California's Sacramento Basin and expects to drill three additional wells in the fourth quarter. With the success of the company's Dorset and Zodiac wells, which are now on production, total gas production is on the rise at the same time city-gate gas prices are climbing.
In other areas, the company has reached an agreement for the drilling of several oil wells on its property in the Fuhrman-Mascho field of the Permian basin of Texas. Royale will receive an Overriding Royalty and a portion of the Working Interest in up to eight wells, with the commencement of drilling by the end of this year.
Alaska North Slope acreage is continuing to advance with the expectation that an agreement will be signed within the month to acquire seismic data over both the Western and Central Blocks, with all costs to be borne by Rampart Energy. Executive from both companies meet with key state officials last month and are encouraged by the welcome environment the state offers.