Royale recently drilled its Moon Canyon #1 well in the Uintah Basin of Utah to a total depth of 10,000 feet. The well logs showed three prospective natural gas filled formations that will be tested in late November 2003. The Initial gas well in this area was drilled in 1961, which has produced approximately 2 BCF of gas to date and is still producing. The company is currently conducting a proprietary 3D seismic survey over approximately 20 square miles. The acquisition of this survey is nearing completion and the processing of this data should be completed in first quarter 2004. The Moon Canyon #2 well will drill the first prospect defined by this new data.
Royale participated in drilling its third successful well this year in the Gulf Coast. This Frio discovery encountered approximately 100 feet of net pay and is expected to commence production to sales within the next several weeks.
The Harriman #1 (General Bradley), located in the Gulf Coast of Texas, was drilled to a total depth of 9,500 feet targeting the Upper, Middle and Lower Frio sands formation. This well began production in September 2003 and has been producing from the first zone only at a rate of 4,500 MCF per day and 50 barrels of oil per day.
In other news, the company is participating in a 15,000-foot test well targeting the prolific Hunton natural gas formation. The Eula Clay 30#1 well, located in the panhandle of Texas, began drilling operations in November 2003.
Royale Energy has drilled three natural gas wells at its Crossroads field in the Sacramento Basin of California. The Crossroads #1 and #2 wells began production in September 2003 at a combined rate of 1,400 MCF per day. The Crossroads #3 well was drilled in August and has subsequently been plugged and abandoned. The Crossroads #4 drilling location is under construction and a rig will be mobilized when completed.
The Lonestar #1, #2, and #3 wells continue to produce as expected at a combined rate of approximately 2,400 MCFD. The Lonestar #4 well was drilled in the 3rd quarter and subsequently plugged and abandoned.
Royale has completed drilling 14 oil and/or natural gas wells in 2003. Twelve of these wells have been drilled successfully. Royale intends to drill three more wells by year-end 2003 and plans to expand exploration and drilling operations in 2004.
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