Royale Energy, Inc. reports oil and gas exploration and production developments tied to its operations in California and Texas. Company news has focused on non-operated working interests and drilling rights in the Pradera Fuego project in Ector County, Texas, including producing Barnett wells, Barnett and Woodford drilling locations, and updates under a Permian Basin joint development arrangement with Ares Energy.
Royale Energy updates also cover capital-structure actions, including the completed exchange of Series B Preferred Stock and related liabilities into common stock, notes, and options, leaving common stock as its single equity class. Other recurring announcements address board leadership, strategic and capital-markets initiatives, OTCQB quotation status, and SEC reporting compliance.
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Royale Energy, Inc. (OTCQB: ROYL) has announced the initial production rates from the first well drilled under its Joint Development Agreement (JDA) executed on November 21, 2022. The first well reported an impressive initial output of 818 barrels of oil per day (BOPD) and 1.1 million cubic feet per day (MMcf/d), with anticipated total reserves exceeding 1,400,000 barrels of oil equivalent. The second well has been drilled safely and completion operations are set to commence in late Q2 2023. Royale expects to drill an additional 4-6 wells on this project throughout 2023, indicating strong expansion plans in the Mississippian interval in Texas.
Royale Energy, Inc. (OTCQB: ROYL) has completed the V.T. McCabe #70 well, drilled to 7,000' in Texas's North Jameson Field. The well showed promising results with an initial production of 85 barrels of oil and 120 thousand cubic feet per day of natural gas from the Odom formation. The Upper Strawn formation also indicates 35' of net pay, with future completion planned. Since 2020, Royale has drilled seven and re-entered three wells in the area and is set to stimulate three more Strawn completions by December 2022.