SAN DIEGO, April 13, 2012 (GLOBE NEWSWIRE) -- Royale Energy, Inc. (Nasdaq:ROYL) today announced it has engaged the respected global law firm of K&L Gates LLP as the prime contractor to provide advice and coordination of its request for permits to drill on its acreage in Alaska's North Slope. Patrick Galvin of K&L Gates will lead the effort. Mr. Galvin, the former Alaska State Revenue Commissioner, has a valued history and reputation in the state.
"Patrick shares our desire to approach the appropriate regulatory and community entities with deference and respect," said Stephen Hosmer Co-CEO. "We are guests on this land and we want to develop this resource in a responsible manner."
The company plans to request permission to drill 3 to 6 wells to assess the potential in the Shublik and Kingak shale on its acreage. It is believed that proper well placement may also provide a test of shallower conventional reservoir in the Brookian sequence.
Petroleum News, in an article said on Friday that The State of Alaska is taking an active interest in shale oil development with a new task force. (http://www.petroleumnews.com/pntruncate/734539786.shtml)
Alaska shale oil potential was highlighted by the recently released USGS report. In that report, the USGS estimates the North Slope may contain up to 2 billion barrels of oil from three shale oil formations and up to 80 trillion cubic ft. of natural gas in a fairway that runs across Royale's leases. That fairway is similar in size to the successful Eagleford shale oil and gas play.
Additional information on the selection of contractors and services will be forthcoming following Mr. Hosmer's visit with Alaska's stakeholders in both surface and minerals in the coming months.
About the Company
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.