As the natural gas market shows signs of improvement, Royale Energy, Inc. on Wednesday announced the drilling of two new wells in its Lonestar project. After a period of decreased industry activity due to the economic downturn, the company has activated its plan to increase production and natural gas reserves.
The Goddard 7-1, which commenced Wednesday, is Royale's 14th well drilled in the successful Lonestar area. Immediately following this well the rig will move directly to the Wylie #1 in the same field.
"These wells reflect our optimism that the natural gas market has reached a turning point that marks the beginning of an upward cycle," said Stephen Hosmer, the company's CFO. "In recent months we have been deliberate in the reduction of costs, allowing us to capitalize on the present opportunity."
Royale will also drill several additional wells in California's Sacramento basin in the 4th quarter.
Headquartered in San Diego, Royale Energy, Inc. is an independent energy company. The company is focused on development, acquisition, exploration, and production of natural gas and oil in California, Texas and the Rocky Mountains.
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