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SAN DIEGO, Dec. 5, 2013 (GLOBE NEWSWIRE) --
Royale Energy, Inc. (Nasdaq:ROYL) today announced that it has received the final cash payment from Rampart Energy Ltd. The completion of this initial step entitles Rampart to receive an assignment of 10% of the Working Interest in Royale's Western acreage block (approximately 39,000 acres).
Seismic data acquisition on the North Slope is expected to begin in January. The companies anticipate announcing the selection of the seismic contractor next week. Rampart's payment for the cost of seismic will entitle them to earn an additional 20% in the project.
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