Royale Signs Joint Venture to Expand Drilling in Rio Vista Field
October 22 2018 - 11:46AM
Royale Energy, Inc. (OTCQB : ROYL) announces it
has entered into a joint venture with California Resources
Corporation (NYSE: CRC) to drill 30 wells throughout the Rio Vista
field, the largest dry gas field in California. The agreement will
provide Royale up to three years to drill to any of the multiple,
stacked productive formations in this prolific and historic
property. The Rio Vista field was discovered in 1936 and has
produced approximately 4 trillion cubic ft. from more than 15
stacked gas reservoirs.
This new agreement expands the joint venture development area to
the entire Rio Vista field. Royale will now have access to a larger
area and more reservoirs to drill lower risk infill development
wells, with significantly larger reserves, than had been available
under prior agreement. Royale’s ability to drill low risk
undeveloped reserves has increased by an order of magnitude in a
prolific, underdeveloped gas field.
The joint venture will lead to multiple years of drilling
activity at Rio Vista at a time of upward trending natural gas
prices due to declining natural gas inventories
nationwide.
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.
Forward-Looking Statement 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.
Contact: Royale Energy, Inc. Chanda Idano
Director of Marketing & PR 619-383-6600 chanda@royl.com
http://www.royl.com
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