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  Issue Date Contents

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5 Reasons Natural Gas Is Poised for Upside



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Low Hydro Seen Boosting Gas Demand in West



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Royale Energy Hosts West Coast Energy Summit at the Reagan Ranch



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Drill Here Drill Now



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ROCKIES GAS OFFER CLIMATE HELP
Field Updates
Project Update
Tax Planning Seminar

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Ethanol Backers Press For More Gas Production
Field Updates
Field Trip
Another Well in Victor Ranch

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Natural Gas Prices Expected To Rebound
Alberta’s Ability To Export Gas To US Will Continue Declining
Field Updates
Royale's 2006-B Introduction & Tax Planning Seminar

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The Supply-Demand Balance in the Oil & Natural Gas Market Remains Extraordinarily Tight
NGSA Sees "Upward Pressure" On Winter Prices
Field Updates
Royale's 11th Annual Fieldtrip Excursion

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May 2004

U.S. Natural Gas Price Forecasts are Up
The Blossom #1 Update
Royale Energy Increases Quarterly Stock Dividend to 6.5%
Field Updates

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Natural Gas Will Fuel Americas Economic Growth
Industry Opinions: RBC Capital Market's Survey
Natural Gas Consumption Vs. Production
Royale Energy Field Operations Update

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Tax Deductions Contribute to Energy Security
Gas-Fired Power Development Still Booming
Sample Tax Charts
News From The Field
Royale Energy Makes Top 20 For Fastest Growing Oil & Gas Companies
NEW INTERACTIVE INTERNET SITE

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California Turns to Natural Gas To Keep the Lights On
Energy Woes: Few Will Be Spared

   1st Quarter 2001 Demand For Natural Gas Soars
Not-So-Infinite Gas Supply Pushes Prices, Demand Up
Fueling the Future Natural Gas & New Technology for a Cleaner 21st Century
Royale Energy Field Report
George W. Bush Endorses Natural Gas-Friendly Policies in American Gas Magazine

   1st Quarter 2000 U.S. gas market to surge in coming decade
Current Events
Oil and gas demand hikes expected in the U.S. this year
Electricity: the fastest-growing gas market
Gas drilling
AGA reports third largest ever storage pull.
EIA sees 30% gain in gas prices this winter.

   4th Quarter 1999 U.S. wellhead deliverability slide may spike gas prices in late 1999
Current Events
Industry Update
Royale in the News
Shareholder Communication

   2nd Quarter 1999 Royale Expands into the Gulf Coast
Record U.S. Natural Gas Consumption, EIA says
Heat Wave
Natural Gas Demand in 1999 may Set 27 year Record
Natural Gas Rises to 4-Month High on Utility Buying
Natural Gas Rises to Five-Month High on Sign of Lower Supplies
Royale in the News: Commodity Stock Poised for a Rebound
New California and Gulf Coast 2D/3D Project
Industry Update
Technical Personnel Expansion
Shareholder Communication

   3rd Quarter 1998 Consumption
La Nina Preview/Winter Outlook
Oil & Gas Journal Top Companies
New Drilling Project
Industry Update
Royale in the News
New Addition to Royale's Staff
Shareholder Communication

   2nd Quarter 1998 Decoupling
Natural Gas Prices
4 Time Winner of Prestigious "Well-of-The-Month" Award
News From the Field
3D Seismic Processing
Field Trip
Shareholder Communication

   1st Quarter 1998 1997-The Best Year For Natural Gas Prices
Natural Gas Applications
News From the Field:
    3D Seismic Processing
    Bloomfield 1 A
Shareholder Communication

   4th Quarter 1997 Natural gas prices up supplies down
Natural Gas a Friendly Fuel
3D Seismic -- a new technology
Seismic Pictures
Updates - Drilling Project
Oil & Gas Journal Ranks Royale in top 10
Shareholder Communication

   4th Quarter 1996 Low supplies - High Demand Means Firm Energy Prices
Time for a Change
Drilling
Royale's Current Drilling Projects
The Year in Review

   2nd Quarter 1996 Smooth Sailing or Rough Seas Ahead for Energy Prices?
Royale to Drill Its First Oil Well Using Seismic Analysis
Reservoir Geology
Industry Updates

   1st Quarter 1996 Royale Announces Completion of Two Successful Wells
Oil & Gas - The Vanishing Surplus
Industry Update
Seismic - Key to Drilling Success