REPORTS 4TH QUARTER AND YEAR-END 1999 RESULTS
SAN DIEGO, CA -- April 3, 2000 -- Royale Energy, Inc. (NASDAQ:
ROYL ), today
announced its financial results for the 4th quarter and year-end
4th Quarter 1999 Financial Results
The Company reported net income of $149,903 or $0.04 per diluted
share for the fourth quarter ended December 31, 1999, as compared
to a net loss of $233,095, or ($0.06) per diluted share for the
same period in 1998.
Year-End 1999 Results
For the year ended December 31, 1999, the Company reported net
income of $149,903 or $0.04 per diluted share, as compared to a
net loss before change in accounting principal of ($419,122) in
1998 and net income of $774,406 from the post change in accounting
principles in 1998. Total assets increased to $16,850,989 in 1999
from $16,606,702 in 1998. Furthermore, the Company increased its
total proved reserves in 1999 to 16.442 Billion Cubic Feet equivalent
after production compared to 15.248 Billion Cubic Feet in 1998.
Donald Hosmer, President of Royale Energy, Inc. commented, "During
the second half of 1999, the Company began to benefit from higher
product prices and the reduction of general and administrative expenses.
The 3rd quarter represented a break-even period, and our 4th quarter
was a return to profitability.
Royale Energy also announced that the Grand River oil well in
Iberville Parish, Louisiana has now entered into production.
"The 2nd of half of 1999 was a very active period for Royale Energy,"
commented Donald Hosmer, "and we believe that we will begin to see
some of this new production impact in both the 1st and 2nd quarters
of 2000. In addition, we recently contracted our April natural gas
at approximately $3.15 per mcf which represents a tremendous price
for our production at this time of year, which could provide further
evidence of a strong first half."
Royale Energy Inc. is an independent energy company. The company
is focused on development, acquisition, exploration, and production
of natural gas and oil in California.
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.