SAN DIEGO, June 4, 2015 (GLOBE NEWSWIRE) -- Royale Energy, Inc. (Nasdaq:ROYL) today announced that it has closed its current drilling project and has received the first of five drilling permits to drill a Sacramento Basin Well. The drilling rig has been contracted and will begin operations by the end of June.
In addition, the company has signed a contract for the drilling of three oil wells in the Ballinger field of Runnels County, Texas and operations will begin June 15th. The deepest prospective target is the Ellenberger formation at 4,400 ft. Additional potential exists in other formations that include the Cross-cut sandstone at 3,500 ft., the Upper Caps formation at 3,700 ft., the Jennings formation at 4,000 ft. and the Gardner formation at 4,100 ft. These are all prospective sandstone or limestone lithofacies that either lie behind pipe in the existing wells in the field or have not been penetrated over most of the acreage. All of these formations have produced oil at various locals in the surrounding acreage and will be targeted in all of Royale's future drilling in this field.
Royale will have two drilling rigs working for the month of July. The results will be announced as they come in.
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.