ENERGY INCREASES 1ST QUARTER EARNINGS
Royale Energy Inc., (San Diego, CA) ROYL reported
higher natural gas sales and higher earnings for the period ending
3/31/98 compared with 1st quarter 1997 results. Even though
Turnkey drilling was down due to weather related inactivity, the
Company doubled its revenue from the sale of natural gas due to
increased production from new wells drilled in the 4th quarter and
Turnkey drilling will pick up in the 2nd quarter as the weather
clears and the Company is able to drill more wells. Additional
natural gas production will also be added in the 2nd quarter with
the hook up of the Bowerbank #9, #10 and the West Grimes #20-3.
The Company has recently completed 3D seismic over a 33 square
mile area North of the Arbuckle field in California's Sacramento
Basin. This data along with other 3D being conducted will
give the Company an excellent inventory of quality drilling prospects.