Royale Increases Production by 53% and Nearly Doubles Oil and Natural Gas Revenues
01 August 2014 - 11:32PM
Royale Energy, Inc. (Nasdaq:ROYL), today,
announced results for second quarter 2014, showing a Net Income of
$237,394 or $0.02 per share for the three month ended June 30,
3014. For the six months ended June 30, 2014, Royale recorded a Net
Loss of $529,711 or $(0.04) per share. Total Revenue for the six
month ended June 30, 2014 increased by $784,836 or 71% from
$1,113,034 in 2013 to $1,897,870 in 2014.
Oil and Natural Gas Revenue, for the six months ended June 30,
2014, grew by 99%, from $787,996 in 2013 to $1,569,966 in 2014. The
increased revenue is a result of improved production and price.
Total Production increased 53% to 307,967 MCFE, while the average
price rose 35% over a year ago to $5.03 per MCF. Royale continues
to reduce General & Administrative expenses, decreasing it by
9% from $1,556,214 to $1,422,131 respectively.
The company plans on drilling the McKinney well this month, the
fourth well this year. Royale expects to drill five additional
wells, bringing the total to nine for 2014.
Forward Looking Statements
In addition to historical information contained herein, this
news release contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995,
subject to various risks and uncertainties that could cause the
company's actual results to differ materially from those in the
"forward-looking" statements. While the company believes its
forward looking statements are based upon reasonable assumptions,
there are factors that are difficult to predict and that are
influenced by economic and other conditions beyond the company's
control. Investors are directed to consider such risks and other
uncertainties discussed in documents filed by the company with the
Securities and Exchange Commission.
CONTACT: Royale Energy, Inc.
Chanda Idano, Director of Marketing & PR
619-383-6600
chanda@royl.com
http://www.royl.com
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