Royale Energy announces update on Permian Basin JDA

Royale Energy announced new progress on its Joint Development Agreement with Ares Energy LTD, located in the Permian Basin, Texas. This project is a horizontal resource play in the Mississippian interval. Royale and its investors have a 7% Working Interest in the third and fourth wells drilled on the 6,900 net acres project, located in Ector County, Texas. To date there have been four wells drilled on this acreage. The third well that was completed in October 2023 demonstrated an initial production rate of 1,093 BOPD & 1,332 MCFD, with expected reserves exceeding 1,400,000 barrels of oil equivalent. The fourth well was completed in October 2023 and has demonstrated an initial rate of 1,024 BOPD & 1,219 MCFD with expected reserves exceeding 1,400,000 barrels of oil equivalent. We anticipate drilling one more well in 2023 and four to six more wells in 2024 on this project