Royale Regains 100% Ownership in Its North Slope Acreage
September 25 2015 - 1:52PM
Royale Energy, Inc. (NASDAQ:ROYL) is pleased to
announce it has reached an agreement to repurchase Rampart’s 30%
interest in its Alaska North Slope Western Block. This brings
Royale Energy’s ownership position back to 100% working interest in
all 96,000 acres on the North Slope, and secures Royale's exclusive
rights to the proprietary 3D seismic data.
With the execution of this agreement, all disputes between the
two companies are resolved, and all pending claims have been
dismissed.
“This agreement paves the way for Royale to seek other strategic
alternatives for the development of this important asset,” said
Stephen Hosmer President of Royale Energy.
The North Slope of Alaska is a prolific oil province and home to
the largest oilfield in the United States; Prudhoe Bay (50 billion
barrels of original oil in place). Royale Energy has identified two
targets in the Western Block for both conventional and
unconventional oil and natural gas. Global independent expert,
Netherland Sewell and Associates (NSAI) reviewed geological and
geophysical data including the 3D seismic survey, and concluded
that the targets may contain up to 325 Million barrels of oil in
place.
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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