Today, Royale Energy announced the successful acquisition of some 30% of the acreage offered in the State of Alaska’s North Slope lease sale 2011, beating out 12 other companies to grab what is arguably some of the best land.
Bringing in a total of 100,480 acres of prime territory, targeted specifically for the optimal thermal maturity of the Shublik shale (source of the Prudhoe Bay oil field) in the 60 tracts (of 178) acquired, ROYL now stands poised to capitalize on a huge opportunity with multiple drilling targets.
VP of Exploration for ROYL, Mohamed Abdel-Rahman, explained that additional potential exists in the Kingak/HRZ shale sections and that extant well data puncturing the Shublik offers demonstrable proof of oil generation possibilities. With three separate blocks of contiguous tracts spanning some 88 miles to the east and west of the Trans-Alaska pipeline, just 22 miles south of the massive Prudhoe Bay field in the core of prime thermal maturity acreage, ROYL looks to be gearing up for continuous increase of their reserves.
Named among the top 20 fastest growing oil and gas developers in the US by Oil & Gas Journal, ROYL has rapidly made a name for itself as an aggressive innovator, drilling exploratory and developmental wells, and also selling fractional working interests to third party investors in order to diversify. Two decades of production under the Company’s belt and solid market backing, with 50% of funding for new projects coming from investor participation have made this San Diego-headquartered developer a force to be reckoned with in California, Utah and the Gulf Coast.
CEO of ROYL, Donald Hosmer, underscored the potential for continuous accumulation of shale oil production that this acquisition represents. Explaining the layout of the three blocks, Hosmer indicated that the Western block (adjacent the Colville River) has both conventional and shale development potential, the Eastern block (some 40,320 acres) sits on the migration path of the oil which filled Prudhoe Bay and the Central block is host to an ongoing Halliburton/Great Bear Petroleum joint ventured test program.
Hosmer further explained that the acquisition will create an excellent platform for extending ROYL’s reserve base and should lead to a great deal of future news regarding the development of the repeatable drilling opportunities made available.
For more information on the acquisition, or on Royale Energy, Inc., please visit the Company’s website at: www.royl.com
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