Royale Energy provides operations update on Permian Basin JDA

Royale Energy announces 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 5% Working Interest in the first two wells drilled and 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 first well that was completed in March 2023 demonstrated an initial production rate of 818 BOPD & 1,100 MCFD with expected reserves exceeding 1,400,000 barrels of oil equivalent. The second well was completed in August 2023, and has demonstrated an initial rate of 1,347 BOPD & 1,649 MCFD with expected reserves exceeding 1,500,000 barrels of oil equivalent. The third and fourth wells have been drilled and are currently being completed with production expected to begin in early October 2023. We anticipate drilling one more well in 2023 and three to six more wells in 2024 on this project.