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SAN DIEGO, May 09, 2017 -- Royale Energy, Inc. (OTCQB:ROYL) announced it has signed a drilling contract for three additional wells in Rio Vista Field in Sacramento Basin and expects to begin drilling operations by the end of the month. The CRC 8-3, the CRC 8-4 and the CRC 8-5 wells will be drilled under Royale’s joint venture agreement covering the Rio Vista Field. Using 3-D seismic, Royale and its partner have identified several prospective locations in the Martinez, McCormick and Capay formations in the field.
In 2016, Royale successfully completed three wells, two of the wells in the Martinez formation in Rio Vista which are presently producing over 1,500 MCF per day. Rio Vista Field is the largest natural gas field in California. Since 1936, the field has produced over 3.5 TCF of natural gas.
Don Hosmer, President of Royale Energy said, "We are excited to begin our 2017 drilling campaign in the Rio Vista field. With natural gas prices continuing to stabilize and strengthen, we believe our Rio Vista development program will provide an excellent return for our shareholders and drilling investors."
About Royale Energy, Inc.
Founded in 1986, Royale Energy, Inc. (OTCQB:ROYL) is an independent exploration and production company focused on the acquisition, development, and marketing of natural gas and oil. Royale Energy has its primary operations in the Sacramento and San Joaquin basins in California.
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.
Royale Energy, Inc. Chanda Idano- Director of Marketing & PR 619-383-6600 [email protected] http://www.royl.com
