Royale Expands Oil Development in the North Jameson Field

Royale Energy, Inc., is pleased to announce the completion of the V.T. McCabe #70 well which was recently drilled to a target depth of 7,000' in the Company’s North Jameson Field in Mitchell County, Texas.

The well encountered porous and permeable zones in both the Strawn and Odom formations. The well was initially completed in the Odom formation where it averaged 85 barrels of oil and 120 thousand cubic feet per day of natural gas. The Upper Strawn formation has 35' of net pay and will be completed at a later date.

Royale retains a 40% working interest in the V.T. McCabe #70.

OPERATIONS
Since January 2020, Royale has successfully drilled seven wells and re-entered three additional wells in the North Jameson Field. The wells were drilled to test the Ellenburger, Odom and Strawn formations which are prevalent in the area. Typically, the Strawn completions require fracture stimulations to maximize the production from this zone.

In October 2022, Royale began an aggressive fracture stimulation program in the Strawn completions. To date, five wells have been fracture stimulated and are in various stages of recovering the stimulation fluids.

FORECAST
Royale anticipates fracture stimulating three additional Strawn completions by early December 2022.