Royale Energy, Inc. (ROYL) Gets Go Ahead for Goddard #2

By @ibtimes on

Royale Energy, Inc., a leading independent producer of oil and natural gas, announced yesterday that it has put into production its Goddard #2 natural gas well in northern California after receiving approval to commence production from the Colusa County Board of Supervisors. The well is now turning out approximately 10,000 MCF (thousand cubic feet) per day.

Already in production since the 3rd quarter of 2010, the Goddard #1 well produces 5,000 MCF per day, while the newly drilled Goddard #3 well is expected to be up and producing within a few days. Together, the three wells will bring total production for Royale Energy to the highest levels in over a decade.

Also in northern California, the recently drilled Magnum well, and Hubbard well currently being drilled, will soon have access to a pipeline, construction of which begins this month.

Company earnings for 2010 should be released in early March, and Royale Co-President and Co-CEO, Stephen Hosmer, commented on the effect. “Our forthcoming announcement of profit in 2010 does not reflect production levels achieved with today’s announcement. We look forward to our future results as the new gas sales are reflected in the 2011 bottom-line.”

Royale Energy, based in San Diego, is an independent energy company, focused on the development, acquisition, exploration, and production of natural gas and oil in California, Texas, and the Rocky Mountains. The company has been recognized as one of the top 20 fastest growing natural gas and oil producers in the United States by Oil & Gas Journal, and has also been named Oil & Gas World’s “Play of the Month” on five occasions.

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, retaining a portion for its own account. 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.

For additional information, visit the company’s website at www.royl.com

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