Royalite Acquires Working Interest in Westlake Boudreaux Field, Louisiana
June 17 2008 - 8:29AM
Business Wire
Royalite Petroleum Company Inc. (OTCBB: RYPE) (�Royalite�) is
pleased to announce that it has acquired a 27.5% working interest
(19.8% net revenue interest) in oil and gas leases totaling 698.62
acres in the Westlake Boudreaux Field located in Terrebonne Parish,
Louisiana shallow state waters. The first well is expected to be
drilled during the last quarter of 2008. The well will be drilled
to a depth of 13,900 feet to test the Tex. W-1, Tex. W.B, and Tex
W-2 sands which are productive in other wells in the field.
Royalite has paid $163,625 for its portion of the leasing,
geological and geophysical costs. The well is projected to cost
$6,453,300 to drill and complete with Royalite�s portion estimated
at $1,774,657. Since this is located in a producing gas field a gas
pipeline connection is nearby. The well, if successful, can be
connected within a few days of completion. Forward-Looking
Statements This Press Release may contain, in addition to
historical information, forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Statements in this news release that are forward-looking statements
are subject to various risks and uncertainties concerning the
specific factors disclosed under the heading �Risk Factors� and
elsewhere in Royalite�s periodic filings with the U.S. Securities
and Exchange Commission. When used in this news release, the words
such as �could,� �plan,� �estimate,� �believe,� �expect,� �intend,�
�may,� �potential,� �should,� and similar expressions, are
forward-looking statements. The risk factors that could cause
actual results to differ from these forward-looking statements
include, but are not restricted to uncertainties about the
availability of additional financing, geological or mechanical
difficulties affecting geological work programs, uncertainty of
estimates, operational risk, environmental risk, financial risk,
currency risk, dependence on third parties and other statements
that are not historical facts as disclosed under the heading �Risk
Factors� and elsewhere in Royalite�s periodic filings with
securities regulators in the United States. In particular, Royalite
will require additional funding to complete its obligations on the
proposed well, together with its other business objectives. There
is no assurance that Royalite will obtain additional funding or
that the well will be drilled and completed when expected or
achieve commercial production.
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