ENERGY, INC. DOUBLES 1ST QUARTER EARNINGS
San Diego, May 22, 1997 - Royale Energy, Inc. (NASDAQ National
Market - ROYL ) Friday
said net income before income tax expense rose to $115,189 for first
quarter 1997 from $36,974 for first quarter 1996.
As a result of increasing profits over the past 18 months, a first-time
state income tax expense of $47,150 was charged against earnings
bringing the total after-tax first-quarter earings to $68,039 or
2 cents per share, compared with $36,974 or 1 cent per share for
first quarter 1996.
Historically the company drills the majority of its wells in the
second, third and fourth quarters because of wet weather conditions
in the first quarter. Two wells that were planned for first quarter
1997 were moved into the second quarter where the additional revenue
will be reflected.
The company's increased production, resulting from continuing
drilling operations along with higher natural gas prices, boosted
oil and gas revenues to $485,303 compared with $231,148 in first
The company said it expects to continue significantly increasing
production, while selling its natural gas at higher levels than
in 1996. Royale should continue its accelerated growth through 1997.