Royale Energy Makes Oil Discovery at Bowerbank Field

Royale Energy has discovered oil in its 12,000 foot well at its Bowerbank field, 25 miles northwest of Bakersfield, California. The company conducted a 30 square mile 3-D seismic survey in January 2001 to further develop its natural gas field. The 3-D data revealed a deep 12,000 feet prospect in the Stevens formation.

Drilling of the Sam #1 well was completed on May 10, 2003 and testing is currently being conducted. Over a 12-hour period, 85 barrels of high quality, 32 gravity, light oil was recovered. Testing indicates an approximate 80 percent oil cut with a calculated production rate expected to be up to 500 barrels of oil per day.

The company is continuing to evaluate the discovery to determine reserves, production rate, and the need for additional development wells.

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Brent Crude Oil : $50.79/BBL 1.30%
Light Crude Oil : $49.96/BBL 1.10%
Natural Gas : $2.77/MMBtu 2.12%
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