SAN DIEGO, Jan. 7, 2014 (GLOBE NEWSWIRE) -- Royale Energy, Inc. (Nasdaq:ROYL) and its partner Rampart Energy Ltd ('Rampart') are pleased to provide an operational update.
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HIGHLIGHTS
- 120square mile 3D seismic survey to commence over the western block in February of 2014;
- Anticipated to take 30 days;
- SAE Exploration awarded 3D Seismic Acquisition contract;
Managing Director and Chief Executive Officer of Rampart Energy, Mr. Torey Marshall commented, "Another major milestone has been reached for the company in that we will be participating in our first significant exploration in the North Slope of Alaska. I'm very pleased to say that we will be hitting our timelines as predicted when we signed the farm-in agreement back in May of 2013."
"The results of this survey will dictate the forward drilling program, and most importantly provide insight into the conventional targets that may be present in our exploration area. As with many other areas, the advent of 3D seismic in the North Slope has increased drilling success rates considerably, and Rampart uses it as a standard tool to de risk drilling for our shareholders.
We will make regular announcements on the progress of the survey up to completion."
Background
Rampart Energy is exploring two areas of the North Slope of Alaska for both conventional and unconventional oil. The company signed an agreement in May of 2013 to earn into leases owned by Royale Energy, Inc. (Nasdaq:ROYL).
Rampart believes that there is a very large upside in the area, as illustrated by the Prospective Resource numbers published in August of 2013, and notes that exploration in the region is heavily supported by the State of Alaska's incentive system which provides for exploration costs to be reimbursed. The work program currently consists of 3D seismic acquisition in 2014 and the drilling of 2 wells during 2015.
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.
