SAN DIEGO, Sept. 25, 2015 (GLOBE NEWSWIRE) -- Royale Energy, Inc. (NASDAQ:ROYL) is pleased to announce it has reached an agreement to repurchase Rampart’s 30% interest in its Alaska North Slope Western Block. This brings Royale Energy’s ownership position back to 100% working interest in all 96,000 acres on the North Slope, and secures Royale's exclusive rights to the proprietary 3D seismic data.
With the execution of this agreement, all disputes between the two companies are resolved, and all pending claims have been dismissed.
“This agreement paves the way for Royale to seek other strategic alternatives for the development of this important asset,” said Stephen Hosmer President of Royale Energy.
The North Slope of Alaska is a prolific oil province and home to the largest oilfield in the United States; Prudhoe Bay (50 billion barrels of original oil in place). Royale Energy has identified two targets in the Western Block for both conventional and unconventional oil and natural gas. Global independent expert, Netherland Sewell and Associates (NSAI) reviewed geological and geophysical data including the 3D seismic survey, and concluded that the targets may contain up to 325 Million barrels of oil in place.
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.