SAN DIEGO, Oct. 08, 2015 (GLOBE NEWSWIRE) -- Royale Energy, Inc. (NASDAQ:ROYL) today announced that it has reached an agreement, with a major independent exploration and production company, to develop 1,300 acres in the Sacramento Basin Grimes Field. This agreement allows Royale to drill up to three wells targeting a 3D seismically defined amplitude. The seismic event is clearly correlated to the nearby productive natural gas horizon and shows a sizable target with multiple well follow up potential.
Royale is pleased to enter into the first of what it believes to be a series of development opportunities with an industry participant of this caliber.
“I am excited to have the opportunity to establish a relationship of this nature,” said Stephen Hosmer, “and look forward to the reserve and production growth for both of our companies.”
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.