Royale (ROYL) and privately hold Matrix Oil Management Corporation completed their merger March 8, 2018. Learn more. The merger created a company with a more experienced management team and added strategic assets in California and Texas.
Results and Value Added
April 23, 2020: Royale Finds Oil at Whittier and Jameson Fields.
June 13, 2019: Royale and RMX Resources Success at Sansinena Field.
Jan 30, 2019: Royale and CRPC Discovery at Rio Vista.
Dec 10, 2018: Royale Acquires N Jameson and BMC Fields.
Nov 20, 2018: Royale Expands Drilling at Rio Vista Field.
July 31, 2018: Royale Expands Board of Directors.
April 19, 2018: Royale and CIC Form JV on Sansinena Field.
West Whitter Oil Field
As a result of General Electric Finance (GE) divestiture of assets, Royale Energy, Inc.) obtained the rights to drill two Proved Undeveloped (PUD) locations in the West Whittier Oil Field. The locations to drill (prospects) have been defined by using well data and 3D subsurface mapping.
The West Whittier Field area was discovered by Mitchell Energy in 1973 on a farm-in of acreage leased by Petrofina. The 433-acre lease area of West Whittier is a structural trap consisting of several pools of oil that is currently produced from 2 drill sites at about 300 barrels of oil per day from 30 wells. The field id defined by large thrusts fault (Whittier Fault) which separates the field into an upper and lower productive fault blocks. The productive sands are found in the Miocene Puente Formation which occur in the upper fault block and the lower fault block consists of Pliocene Repetto Formation reservoirs. The reservoirs are good quality with sands that have 20 to 26% porosity and oil gravity of approximate.
The first and second quarter of 2020, Royale participate in the drilled and completion of Matrix W-1RD5. The well was drilled to 3,634 ft. and was tested on April 22, 2020 at an initial flowing rate of 129 BOPD from perforation of oil-bearing sands calculated in thickness of 1,470 ft.
Sansinena Oil Field
Royale Energy owns wells and leases in California’s Sacramento and San Joaquin basins, Utah, the Gulf Coast basins of Texas and Louisiana. Its primary operations are in California.
The company diversifies the development of its properties by selling a portion of the working interest in each lease that it acquires to third party investors and retains a portion of the prospect for its own account. The prospects are then bundled into multi-well investments. This strategy of shared ownership in multiple wells provides investment opportunities that minimize risk while seeking superior returns for shareholders and direct working interest investors.
As an established leading independent producer of domestic oil and natural gas for over 30 years, Royale Energy is well positioned for continued growth and profitability for the balance of the decade.