Royale Energy Makes 4 New Discoveries
and Acquires 2 New 3D Seismic Surveys
SAN DIEGO-- (BUSINESS WIRE)-February 6, 2003--Royale Energy Inc.
) has made 4 new oil and natural gas discoveries in 2003.
The Victor Ranch #1-22 has been drilled and completed with a
flow rate of 2,400,000 cubic feet of natural gas per day. Production
will begin by the end of February. The company is a 50% working
interest partner in 3 wells with operator Brigham Exploration
The Shasta #1 in Howard County, Texas has been drilled to a total
depth of 10,000 feet and encountered oil in the Fusselman formation.
The well has been completed and was put into production on February
5, 2003. Total production from this well is expected to be 150
to 200 barrels of oil per day.
The Casa Grande #2 has been drilled to a total depth of 12,000
feet and also discovered oil in the Fusselman formation. The well
is being completed and is expected to produce at similar rates
as the initial discovery well, Casa Grande #1, at 150 to 200 barrels
of oil per day.
A completion in a new zone was done in December, 2002 on the
Sebestia-Cloud well and has resulted in a new oil and natural
gas producer. The well has a flow rate of over 200 barrels of
oil per day.
Royale is also a 50% partner in a 15 square mile 3D seismic survey
with Brigham Exploration (NASDAQ: BEXP) in the Gulf Coast of Texas.
A new well began drilling on February 4 as a follow up to the
Main Pass Discovery in the Gulf Coast of Louisiana. That well
was completed with a flow rate of 3,400,000 cubic feet per day
of natural gas. The company has a 20% working interest in both
wells operated by Yuma Exploration.
Two new 3D seismic surveys over natural gas producing areas have
been acquired by the company in the Sacramento Basin of Northern
California adding a substantial inventory of new drillable prospects.
Drilling will begin in February on 4 shallow natural gas Bowerbank
wells that were generated from a 3D seismic survey conducted last
year. In March, the deep Bowerbank oil prospect will be drilled.
The Lonestar #4 and Crossroads wells will be drilled in the spring.
In November of last year, Royale Energy, Inc. chose to terminate
its relationship with C.K. Cooper & Company in which Cooper sold
Royale's drilling projects. Direct working interest sales have
increased to record levels as the Company's December sales were
the highest in the history of the Company.
The company's fourth quarter and year end 2002 earnings are expected
to be announced the first week of March, 2003.
Royale Energy is an independent producer of natural gas and oil
primarily in California. Headquartered in San Diego, the company
applies modern computer-aided exploration technologies in the
exploration and development of oil and/or natural gas.
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