SAN DIEGO, Jan. 09, 2019 (GLOBE NEWSWIRE) — Royale Energy, Inc., (OTCQB : ROYL) announced today that production casing was set on the recently drilled RVGU #33-1 well in the Rio Vista Field in partnership with California Resources Production Corporation (CRPC). The open hole logs indicate 174 net ft. of probable gas zones and 37 net ft. of possible gas zones. We anticipate testing the well within the next five to ten days.
“We are excited that the first well drilled under the new Joint Venture with CRPC appears to be a strong gas well,” said Johnny Jordan, Chief Executive Officer. “This first well is a good indicator of the potential of the new prospects we have identified in the Rio Vista Field.” The RVGU #33-1 is the first of the 30 wells Royale intends to drill under our three-year Joint Venture arrangement with California Resources Production Corporation in the Rio Vista Field.
The Rio Vista Field is the largest natural gas field in California. It was discovered in 1936 and has produced approximately 4 trillion cubic ft. from more than 15 stacked natural gas reservoirs.
About Royale Energy. Inc.
Royale Energy, Inc. (OTCQB: ROYL) is an independent exploration and production company focused on the acquisition, development, and marketing of oil and natural gas. The Company has its primary operations in California’s Los Angeles and Sacramento Basins.
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.
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