First Well Completed on the Permian Basin Joint Development Agreement

Rhea-AI Summary

Royale Energy, Inc. (OTCQB: ROYL) has announced the initial production rates from the first well drilled under its Joint Development Agreement (JDA) executed on November 21, 2022. The first well reported an impressive initial output of 818 barrels of oil per day (BOPD) and 1.1 million cubic feet per day (MMcf/d), with anticipated total reserves exceeding 1,400,000 barrels of oil equivalent. The second well has been drilled safely and completion operations are set to commence in late Q2 2023. Royale expects to drill an additional 4-6 wells on this project throughout 2023, indicating strong expansion plans in the Mississippian interval in Texas.

Positive

• Initial production rate of 818 BOPD and 1.1 MMcf/d from the first well.
• Expected reserves exceed 1,400,000 barrels of oil equivalent.
• Safe drilling of the second well, with completion operations starting in late Q2 2023.
• Plans to drill 4-6 additional wells in 2023, indicating growth potential.

Negative

• None.

Royale Announces initial rate of 818 BOPD and 1,100 MCFD

SAN DIEGO, March 27, 2023 (GLOBE NEWSWIRE) -- Royale Energy, Inc., (OTCQB : ROYL), is pleased to announce initial production rates for the first well drilled on the Joint Development Agreement (JDA). The JDA was executed and announced November 21, 2022.  This project is a horizontal resource play in the Mississippian interval.   Royale Energy and its investors collectively own a 5% working interest in this first well drilled on the 6900 net acres project in Texas.

OPERATIONS

To date, there have been two wells drilled on this acreage. The first well demonstrated an initial production rate of 818 BOPD & 1.1 MMcf/d with expected reserves exceeding 1,400,000 barrels of oil equivalent.

The second well drilled on the JDA has been drilled safely and without incident to its intended target depth. The completion operations for the second well are expected to start late in the second quarter of 2023.

As used in this press release, “BOPD” means barrels of oil per day, “MMcf/d” means million cubic feet per day.

FORECAST

We anticipate participating in drilling 4-6 additional wells on this project in 2023.

About Royale Energy. Inc.
Royale Energy, Inc. (OTCQB: ROYL) is an independent exploration and production company based in San Diego, California, focused on the acquisition, development, and marketing of oil and natural gas. The Company has its primary operations in California’s Los Angeles Basin and Texas’s Permian Basin.

Forward-Looking Statement
In addition to historical information contained herein, this news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, subject to various risks and uncertainties that could cause the company’s actual results to differ materially from those in the “forward-looking” statements. While the company believes its forward-looking statements are based upon reasonable assumptions, there are factors that are difficult to predict and that are influenced by economic and other conditions beyond the company’s control. Investors are directed to consider such risks and other uncertainties discussed in documents filed by the company with the Securities and Exchange Commission.
  
Contact:
Royale Energy Inc.
Mark Larson -Public Relations & Media 
619-383-6600  marklarsonmedia@gmail.com

FAQ

What was the initial production rate for Royale Energy's first well?

The first well drilled by Royale Energy reported an initial production rate of 818 BOPD and 1.1 MMcf/d.

What are the expected reserves for Royale Energy's first well?

The first well is expected to have reserves exceeding 1,400,000 barrels of oil equivalent.

What is the timeline for the second well drilled by Royale Energy?

Completion operations for the second well are expected to start in late Q2 2023.

How many additional wells does Royale Energy plan to drill in 2023?

Royale Energy plans to participate in drilling 4-6 additional wells in 2023.