Royale Acquires 100,480 Acres in Heart of Oil Window
Royale Energy, Inc. (Nasdaq: ROYL) today announced that the State of Alaska has posted the results of the North Slope lease sale 2011 in which the company successfully acquired more than 100,000 acres. Out of 13 companies bidding on 178 tracts, Royale won 60 tracts in the heart of the oil window. The company's 100,480 acre position represents 30% of the 334,969 acres leased in this sale.
The company selected the targeted acreage based upon optimal thermal maturity for oil generation in the Shublik shale, known to have sourced the Prudhoe Bay oil field. Additional potential exists in the Kingak and HRZ shale sections. Based upon existing well penetrations through the Shublik, Royale quantified the selection criteria for the desired acreage. "This well control demonstrates the capacity of the Shublik to generate and flow oil," said Mohamed Abdel-Rahman, Royale's VP Exploration. "Our acreage spans over 88 miles east and west of the Trans-Alaska oil pipeline route and is 22 miles south of giant Prudhoe Bay oil and gas field, in the heart of the thermal maturity fairway for oil generation."
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