San Diego-based Royale Energy Inc. (Nasdaq: ROYL) has closed the sale of certain assets in Kern County, California, to an undisclosed company for an undisclosed price.
The sale includes an undisclosed acreage position together with several infrastructure assets. Royale has retained an overriding royalty on the acreage, which is prospective for the Monterey shale. ...
The Project covers approximately 5,160 gross acres with a discovered yet undeveloped oil accumulation.
The San Joaquin Basin is being targeted due to the emergence of unconventional hydrocarbon plays in this prolific basin plus significant conventional oil and gas reserves continuing to be discovered.