SAN DIEGO, May 22, 2014 (GLOBE NEWSWIRE) -- Royale Energy, Inc. (Nasdaq:ROYL), announced that Rampart Energy, Ltd and Royale Energy, Inc. are pleased to jointly issue an update to shareholders and stakeholders on the seismic received:
- Large conventional target up to 20,000 acres in size;
- Strongly supported by Direct Hydrocarbon Indicators ('DHI's');
- Joint interpretation of the Big Bend Cube taking place in San Diego;
- Very strong results dovetail into drilling plans with submission of key permits for approval by Alaskan regulators;
- Prospective Resource assessment to be completed soon.
Seismic data has been loaded by Royale in San Diego for interpretation and analysis. Preliminary interpretation by the Companies has identified a large conventional target, covering an area of up to 20,000 acres. Supporting the delineation of this target is the presence on the 3D seismic of high amplitudes and flat spots, which the companies interpret to be Direct Hydrocarbon Indicators (DHI's). These anomalies are located within a critical interval of prospectivity, where elsewhere on the North Slope the same characteristics have had excellent exploration results. The prospect conforms to thermal maturity windows and is expected to be oil prone.
Following interpretation, the prospect data will be sent for third party Prospective Resource assessment, and subsequently reported to all shareholders.
The planning and approval process continues with the submission of key documentation having been completed recently for the drilling of two wells in January of 2015.
Chief Executive Officer of Royale Mr. Stephen Hosmer commented, "I am very excited that we now have hard data supporting our opinion on the prospectivity of our North Slope acreage. Royale appreciates the work Mr. Marshall has done in firstly adding value to the position, and secondly working with us to realize the value of this play. Both Companies have worked together tremendously and I see no end to what we can jointly achieve in Alaskan exploration."
Managing Director of Rampart Mr. Torey Marshall added, "Having the benefit of being able to evaluate the Big Bend cube jointly with Royale is fantastic and the results are better than I had hoped. While clearly there's a lot of work still to come on the cube (particularly the final AVO data), the large prospect identified is a fantastic example of why Rampart and Royale wanted to participate in Alaskan exploration. We remain on track with guidance provided to the market and look forward to drilling in 2015."
For further details call:
Rampart Energy - + 61 8 8223 1681
Royale Energy - + 619 383 6600
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.