SAN DIEGO, May 17, 2016 (GLOBE NEWSWIRE) -- Royale Energy, Inc. (OTCQB:ROYL) reported today that it has recently completed two new wells, a natural gas well in Northern California and an oil well in South Louisiana.
The first well, the Royale Strain 11-2 was drilled to 8,670 ft. and discovered two natural gas sands. The well was completed in the upper portion of one of the gas sands. The open flow rate stabilized at 1,015 MCF per day during testing. The well is now on production at a steady rate of 520 MCF per day on a 5/64 choke with 2825/3050 psi. This was the first well completed under the development agreement announced in October 2015.
The oil well along with the salt water disposal well were completed and put into production in March at a rate of 50 barrels of oil per day and 350 MCF per day on a 9/64 choke. The choke will be gradually increased over the next 30 days with an anticipated rate of 75 barrels of oil and 500 MCF per day.
These are the first two wells of the six wells that will be drilled by the end of this year.
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.