SAN DIEGO, May 13, 2014 (GLOBE NEWSWIRE) -- Royale Energy, Inc. (Nasdaq:ROYL), today, announced results for first quarter 2014, showing an improvement of 38% over the same period in 2013. Losses decreased from $1,234,474 ($0.10 per share) to $767,105 ($0.05 per share), an improvement of $467,369 for the quarter.
Oil and Natural Gas Revenue, for the first quarter, grew by 150%, from $330,895 in 2013 to $825,556 in 2014. The increased revenue is a result of improved production and price. Production increased 66% to 150,000 MCFE, while the average price rose 55% over a year ago to $5.39 per MCF. General & Administrative expenses remained low, decreasing from $860,013 to $835,061 respectively.
The company is currently drilling the Wembly, the third well this year. Royale expects to drill six additional wells, bringing the total to nine for 2014.
Additional details on the company's receipt of Alaska seismic data and reserve information will be released in the next few days.
Forward Looking Statements
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.