SAN DIEGO, June 26, 2014 (GLOBE NEWSWIRE) -- Royale Energy, Inc. (Nasdaq:ROYL) today announced the results of an independent review of the prospective resource potential of two recently identified North Slope Alaska drilling targets. Global independent expert, Netherland Sewell and Associates (NSAI) reviewed geological and geophysical data including the recently acquired 3D seismic survey, and concluded that the targets contain 17.8 to 325.3 Million barrels of oil in place. Present expectation of recovery ranges from 14% to 42% of oil in place.
The prospects assessed are the largest two features identified from the recently acquired Big Bend seismic survey, and include contributions from both the Brookian and Alpine reservoirs on lands currently leased from the State of Alaska. The company has applied for permits to drill two locations during the upcoming winter drilling season utilizing the Kuukpic #5 drilling rig, which is currently under contract. In addition to targeting these conventional reservoirs, the wells will be designed to evaluate the unconventional/shale potential. The resource potential of the HRZ, Lower Kingak and Shublik shales were previously evaluated by NSAI, and determined to have the potential of 661,000 barrels of oil per well.
Torey Marshall, Managing Director of Rampart Energy Ltd said, "We are very pleased with NSAI's assessment of the Western Block, which validates the Joint Venture's opinion of the block's potential for hosting significant oil discoveries."
Following the submittal of permits to drill two wells this season, additional prospects are expected to be identified as the company continues to analyze the seismic data volumes over the next several months.
|Undiscovered STOOIP (MMBBL)||Undiscovered OGIP (BCF)|
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.