Royale Wins North Slope Oil Shale Position
Alaska Acreage Opens New Frontier
SAN DIEGO, Dec. 7, 2011 (GLOBE NEWSWIRE) -- Royale Energy, Inc. (Nasdaq:ROYL) today announced that it was selected by the State of Alaska as a winning bidder on acreage in the North Slope Area wide lease sale. The position secures a liquids rich shale known to have sourced Prudhoe bay and Kuparuk River oil fields. The primary targets of this acquisition are the Shublik, Kingak and HRZ shale formations at depths ranging between 7,000 and 10,000 feet.
Royale's VP-Exploration, Mohamed Abdel-Rahman started his petroleum geology career with Shell Oil, Houston TX, after receiving his doctorate from the University of Sheffield in the UK. In 1982 he was recruited by Standard Oil of Ohio (SOHIO) the majority owner of the Prudhoe Bay Field to work as Alaska Area Geologist, and later promoted to District Geologist, responsible for technical evaluations of Alaska Exploration activities. He carried out extensive geochemical studies on the correlation of Alaska crude oils to the various source rocks in the area. Since joining Royale Energy 5 years ago he has developed an interest in going back to Alaska to facilitate the company's evaluation and access to this region.
"While we continue to focus on Natural Gas production in our core area," said Stephen Hosmer (the company's Co-CEO. "This is an exciting opportunity to add oil to Royale's future mix. Over the last several years, exploration technology has increased the importance of Oil shales to America's energy resources. Royale will now participate in this important new frontier.
"With the ongoing development of infrastructure in the exploration friendly state of Alaska, and the availability of spare capacity in the Trans-Alaska pipeline, timing was right for this strategic move.
Further details and a plan for development will be provided in future updates." About the Company Headquartered in San Diego, Royale Energy, Inc. is an independent energy company. The company is focused on development, acquisition, exploration, and production of natural gas and oil in California, Texas and the Rocky Mountains. It has been a leading independent producer of oil and natural gas for over 20 years. The company's strength is continually reaffirmed by investors who participate in funding over 50% of the company's new projects. Additional information about Royale Energy, Inc. is available on its web site at www.royl.com.
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.
Royale Energy, Inc.