SAN DIEGO, Aug. 1, 2014 (GLOBE NEWSWIRE) -- Royale Energy, Inc.(Nasdaq:ROYL), today, announced results for second quarter 2014, showing a Net Income of $237,394 or $0.02 per share for the three month ended June 30, 3014. For the six months ended June 30, 2014, Royale recorded a Net Loss of $529,711 or $(0.04) per share. Total Revenue for the six month ended June 30, 2014 increased by $784,836 or 71% from $1,113,034 in 2013 to $1,897,870 in 2014.
Oil and Natural Gas Revenue, for the six months ended June 30, 2014, grew by 99%, from $787,996 in 2013 to $1,569,966 in 2014. The increased revenue is a result of improved production and price. Total Production increased 53% to 307,967 MCFE, while the average price rose 35% over a year ago to $5.03 per MCF. Royale continues to reduce General & Administrative expenses, decreasing it by 9% from $1,556,214 to $1,422,131 respectively.
The company plans on drilling the McKinney well this month, the fourth well this year. Royale expects to drill five additional wells, bringing the total to nine for 2014.
Forward Looking Statements
In addition to historical information contained herein, this news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, subject to various risks and uncertainties that could cause the company's actual results to differ materially from those in the "forward-looking" statements. While the company believes its forward looking statements are based upon reasonable assumptions, there are factors that are difficult to predict and that are influenced by economic and other conditions beyond the company's control. Investors are directed to consider such risks and other uncertainties discussed in documents filed by the company with the Securities and Exchange Commission.
CONTACT: Royale Energy, Inc.
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Source: Royale Energy