Royale Energy (ROYL) Rips, Plans to Expands Natural Gas Production

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June 12, 2013 1:21 PM EDT
Royale Energy, Inc. (Nasdaq: ROYL) today announced a gas discovery at its Zodiac well. The new natural gas well was drilled on the company's proprietary 3-D seismic data and encountered up to three productive formations. The first zone has been completed and tested with a flow rate of over 1,000,000 cubic ft. per day and the company plans to begin production at 700,000 cubic ft. per day.

The company continues to build its natural gas production and reserves as prices recover, and will drill three more wells by this fall. In addition to prices doubling from a year ago, Royale has acquired a hedge that would limit its downside through the summer months and end in October, just prior to higher winter demand.

The Zodiac well will be connected to the same pipeline system as the Dorset well that was announced in March with reserves of 2.2 billion cubic ft. Both the Dorset and Zodiac will begin production by the end of June.

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