Royale Energy Inc
For the period ended Dec 31, 2023. Filed Apr 12, 2024.
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FY2023 · Filed Apr 12, 2024
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Drilling Activities
The following table sets forth Royale’s drilling activities during the years ended December 31, 2023 and 2022. All wells are located in the Continental U.S., in California and Texas.
| Year · Type of Well(a) · Gross Wells(b) · Net Wells(e) | ||||||
|---|---|---|---|---|---|---|
| Total · Producing(c) · Dry(d) · Producing(c) · Dry(d) | ||||||
| 2022 | Exploratory | 0 | 0 | 0 | 0 | 0 |
| Developmental | 7 | 7 | 0 | 1.6781 | 0 | |
| 2023 | Exploratory | 0 | 0 | 0 | 0 | 0 |
| Developmental | 4 | 3 | 1 | 0.3321 | 0.5679 | |
a) An exploratory well is one that is drilled in search of new oil and natural gas reservoirs, or to test the boundary limits of a previously discovered reservoir. A developmental well is one drilled on a previously known productive area of an oil and natural gas reservoir with the objective of completing that reservoir.
b) Gross wells represent the number of actual wells in which Royale owns an interest. Royale’s interest in these wells may range from 1% to 100%.
c) A producing well is one that produces oil and/or natural gas that is being purchased on the market.
d) A dry well is a well that is not deemed capable of producing hydrocarbons in paying quantities.
e) One “net well” is deemed to exist when the sum of fractional ownership working interests in gross wells or acres equals one. The number of net wells is the sum of the fractional working interests owned in gross wells expressed as a whole number or a fraction.
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