Royale Energy, Inc. ROYL
today announced another successful discovery well. The Royale Somerset well
intersected the productive zone confirming the target predicted by 3D seismic
analysis. Logs indicate the presence of a gas charged, fine grained sand
reservoir that correlates to the strong seismic amplitude response.
The well tested at a rate of 1196 MCFD on a 12/64^th choke. Close proximity to
Royale's existing gathering system will allow the well to be connected to a
sales line within days, to take advantage of the PG&E Citygate gas prices
holding in the $4 per MCF range. The pipeline is in place as a result of the
Dorset discovery that went into production earlier this year.
Royale is currently scheduled to drill an additional four or more wells in the
fourth quarter. Three wells, including Emerald Ridge will be located in
California's Sacramento basin and at least one well will be located in Andrews
County, Permian Basin.
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