Royale Energy Reports 16 Cents Per Share in Third Quarter
Posted on: Tuesday, 4 November 2008, 15:00 CST
Royale Energy, Inc. (NASDAQ: ROYL), a prominent domestic natural gas and oil producer, today announced net profit of $1,373,491 for the third quarter 2008 compared to net loss of $121,125 for the same period in 2007, a $1,494,616 improvement. The Company earned $1,206,261 or 15 cents per share fully diluted for the first nine months compared to a loss of $1,138,485 for the same period in 2007.
Stephen Hosmer, the Company's CFO, said, "Royale Energy's gain, from the sale of some assets, will allow increased near term drilling. This will add more to reserves and production than that of the assets sold."
Royale owns interests in over 19,000 contiguous acres in the Uintah Basin, Utah, where it has confirmed the prospectivity of multiple formations within its entire acreage block. The use of 3-D seismic exemplifies the Company's commitment to the utilization of forward-looking technologies to reduce risk and enhance returns in exploration and development.
About Royale Energy
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. It has been a leading independent producer of oil and natural gas for over 20 years. The company's strength is continually reaffirmed by investors who participate in funding over 50% of the company's new projects. Additional information about Royale Energy, Inc. is available on its web site at www.royl.com.
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.
Source: Business Wire
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