Royale Energy Kicks Off Its 2008 Drilling with Two Rigs
Royale Energy, Inc. announced that a rig will begin drilling operations this week on the Weber 27-27 well in the Rio Bravo oil field in California. The well will be drilled to a total depth of 10,000 feet and is expected to penetrate six formations of oil shale.
Another drilling rig is being mobilized to Royale’s Lonestar field in California's Sacramento Basin, where the company operates four producing natural gas wells. In July 2007, Royale began production from the Parks well that is still producing 949,000 cubic feet per day of natural gas with a flowing tubing pressure of 1550 lbs. Royale's California natural gas is selling for $8.20 MCF. The company has a total of eight prospects in the Lonestar area.
In Utah, a completion rig has been moved to the Trail Canyon well on the eastern flank of Royale's acreage block and completion will begin this week.
The V Canyon well on the northern extent of the acreage block is producing 1,000,000 cubic ft. per day of natural gas with a current price of $7.47 per MCF.