Royalite Gets OK to Drill the Federal 27-1 well in Utah
Royalite Petroleum Company has received final approval from the Bureau of Land Management in Utah to drill the Royalite Federal 27-1 well located in Piute Co., Utah. The State of Utah granted their approval to drill the proposed well on March 28, 2007. The State and Federal approvals were necessary before the Company could proceed with operations on the prospect. The well site is located 2 miles east of Marysvale, Utah in the NENE of Section 27, T-27-S, R-3-W. The well has been permitted to test the Lower Jurassic Navajo sandstone formation at an estimated depth of 8,500 ft. The Company has a 100% W.I. and an 87.5% NRI in the prospect.
Royalite is aggressively pursuing numerous acquisitions in the newly discovered central Utah Hingeline to increase its acreage position and drilling prospects in other prospective areas of the 150-200 mile long trend. In addition, Royalite plans to expand its exploratory efforts into other strategic areas that would compliment the Company's long-term plans to continue exploring in the central Utah Hingeline.
Royalite's independent auditors were unable to complete the Company's audited year end financial statements by the August 13 deadline due to the complexities associated with the acquisition of Royalite Petroleum Corp. during the final quarter. As a result, the Company's trading symbol has been temporarily changed by the SEC to "RYPEE" to indicate the Company is late in filing the year end report. Royalite's auditors are diligently working to document and consolidate the Company's recent merger in the Company's year end report which will be submitted to the Exchange. The Company will resume trading under the symbol "RYPE" after the SEC has received the necessary filings.
Royalite has hired Kapco Consultants Inc., a Florida Public Relations Company, as a full time consultant in charge of Investor Relations for the Company. Kapco will be responsible for shareholder inquiries and to expand the public's awareness and shareholder base of the Company.
Royalite is working on a financing to fund its current and future exploration projects and potential acquisitions. Royalite is currently in discussions with several other Companies to acquire additional properties both in and out of the Utah Hingeline. The specific terms and amount of a financing and a description of the potential acquisitions will be announced at a later date.
Royalite Petroleum Company Inc. is a publicly traded oil and gas company exclusively exploring the central Utah Hingeline trend. The Company currently owns a 100% working interest (87.5% NRI) in over 67,000 net acres in the trend.
- Royalite Acquires Interest in Westlake Boudreaux Field (Jun 17)
- Royalite Gets OK to Drill the Federal 27-1 well in Utah (Aug 23)