Royale Energy Expands Its Holdings in Pradera Fuego
Royale Energy, Inc. has recently made significant strides by securing a Farm-out agreement that allows them to acquire an additional 2.5% working interest in the expansive 17,000-acre Pradera Fuego project, managed by Ares Energy. This strategic move increases Royale's non-operated working interest to a total of 7.5%, encompassing both operational and non-operational land.
Strategic Partnership and Future Opportunities
The agreement was finalized with a company controlled by Johnny Jordan, who serves as Royale's Chief Executive Officer. The Pradera Fuego project is not just a vast landholding; it also boasts a solid development pipeline, presenting Royale with 39 prospective Barnett drilling sites and 44 Woodford locations. This setup is poised to facilitate long-term growth and development for Royale and its stakeholder drilling ventures.
Current Production and Performance
Currently, Royale is engaged with all eight active Barnett wells within the Pradera Fuego project. Collectively, these wells yield approximately 3,583 gross barrels of oil equivalent per day (BOEPD), with Royale attributing around 201 net BOEPD to its own interests. The latest well added to this network, named the Irma 1H, recently commenced drilling operations and is currently producing a notable 1,196 BOEPD using a choke size of 50/64 inches. These encouraging early results are in line with the impressive performance trends of the project's existing producing wells.
Company Vision and Goals
As stated by Johnny Jordan, the leadership considers the Pradera Fuego project an invaluable asset for ongoing development and long-term shareholder value. The project continues to yield exceptional results, showcasing Royale Energy's commitment to growth and operational excellence.
About Royale Energy, Inc.
Headquartered in San Diego, California, Royale Energy, Inc. is a dedicated independent exploration and production entity focusing on the oil and natural gas sector. Their operations primarily concentrate in the Permian Basin of Texas, emphasizing acquisition, development, and marketing strategies that align with ongoing energy demands.
Contact Information
For further details, interested parties can reach out to Royale Energy, Inc. through the following avenues:
For more information, visit www.royl.com or contact Investor Relations at IR@royl.com or call 619-383-6600.
Frequently Asked Questions
What is the Pradera Fuego project?
The Pradera Fuego project is a substantial oil and gas project managed by Ares Energy, covering 17,000 acres in Texas.
Who controls Royale Energy?
Johnny Jordan serves as the Chief Executive Officer of Royale Energy and is involved in the decision-making regarding the company's assets.
What recent development has Royale Energy announced?
Royale Energy has announced a Farm-out agreement that increases its working interest in the Pradera Fuego project.
How much oil is currently produced at the Pradera Fuego project?
The wells at the Pradera Fuego are producing approximately 3,583 gross BOEPD, with Royale attributing around 201 net BOEPD to its interests.
Where is Royale Energy based?
Royale Energy, Inc. is headquartered in San Diego, California, focusing on the oil and gas sector, particularly in the Permian Basin.
