SAN DIEGO, Aug. 14, 2017 (GLOBE NEWSWIRE) -- Royale Energy, Inc. (OTCQB:ROYL) (“Royale” or the “Company”) today announced its second quarter 2017 results, in which it posted net income of $70,662 for the three months ending June 30, 2017. Royale’s second quarter profit was largely because of an $875,533 gain from its turnkey drilling operations, due to the completion of the CRC RVGU 8-4 during the period. Royale’s second quarter net income compares favorably to a $475,397 loss for the same period in 2016.
As previously reported, Royale recently completed the CRC RVGU 8-4 and 8-3 wells in Rio Vista Field, and spudded the first of two wells in Sansinena Field. Both the 8-3 and the Sansinena wells will be reflected in the 3rd quarter 2017.
Royale has continued to control its general and administrative expenses; though, legal and accounting expenses have increased significantly as a result of costs incurred related to Royale’s previously announced merger with Matrix Oil. Royale anticipates the merger will close early in the fourth quarter.
About Royale Energy, Inc.
Founded in 1986, Royale Energy, Inc. (OTCQB:ROYL) is an independent exploration and production company focused on the acquisition, development, and marketing of natural gas and oil. Royale Energy has its primary operations in the Sacramento and San Joaquin basins in California.
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.