Royalite Petroleum Company Inc. announced that it has acquired a 27.5% working interest (19.8% net revenue interest) in oil and gas leases totaling 698.62 acres in the Westlake Boudreaux Field located in Terrebonne Parish, Louisiana shallow state waters. The first well is expected to be drilled during the last quarter of 2008. The well will be drilled to a depth of 13,900 feet to test the Tex. W-1, Tex. W.B, and Tex W-2 sands which are productive in other wells in the field.
Royalite has paid $163,625 for its portion of the leasing, geological and geophysical costs.
The well is projected to cost $6,453,300 to drill and complete with Royalite's portion estimated at $1,774,657.
Since this is located in a producing gas field a gas pipeline connection is nearby. The well, if successful, can be connected within a few days of completion.
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