Boston, MA 03/12/2014 (wallstreetpr) – Royale Energy, Inc. (NASDAQ:ROYL) an independent oil and natural gas producer has reported on its annual financial report that its total net income for the period ending December 31, 2013 came in at $1.15 million representing 8 cents per diluted share. The year was profitable for the company considering Natural gas prices were high enabling the company to register a 14% increase in oil and natural gas revenue.
Royale Energy, Inc. (NASDAQ:ROYL) oil and natural gas revenue for the year came in at $1.9 million compared to a low of$1.7 million reported in 2012 fiscal year. Royale Energy is currently undertaking a strategy aimed at reducing its operating costs in an effort of widening its profit margins. Total operating expenses for 2013 as a result, were down by 20% compared to total expenses reported in 2012, clocking in at a low of $1.5 million.
Royale Energy was able to drill an additional 6 wells during the 2013 fiscal year as it continues with its expansion plan. This was a massive improvement considering the oil and Natural Gas Company was only able to drill 2 wells in 2012. Four wells were successfully completed as a result. The year also saw the company completely paying of its reserve based debt.
Royale Energy, Inc. (NASDAQ:ROYL) is now planning to drill three more natural gas wells in period of 90 days in California’s Sacramento basin. The company according to its Co-founder and chief executive officer also pointed out it has been monitoring the relative weakness in the natural gas, so as to carry out the drilling activity to correspond with the strengthening trend in the industry.
Royale Energy completes North Slope Seismic Acquisition
Royale Energy in other news has announced the full completion of the filed acquisition of its planned seismic survey over Alaska North slope acreage western block. The survey was carried out over a 33 day period covering 100sq miles.
Royale Energy, Inc. (NASDAQ:ROYL) was relatively unchanged on Tuesday trading session going down by 0.33% to close the day at $3.04
