SOURCE: Royalite Petroleum Company Inc.

April 16, 2007 15:13 ET

Royalite Petroleum Company Inc. Drilling Towards Target Navajo Sands

BLAINE, WA -- (MARKET WIRE) -- April 16, 2007 -- Royalite Petroleum Company Inc. (OTCBB: RYPE) expects to penetrate the Jurassic Navajo Sandstone within the next 48 hours as the Company continues to drill ahead of schedule on its initial wildcat well located in the SE/4SW/4 of Section 16, T-28-S, R-3-W, Piute Co., Utah. The drilling to date has indicated the presence of a deep high angle fault in the immediate area. The Company has intentionally been drilling against this fault at a lower penetration rate to maintain as vertical of a hole as possible. The "tight hole" is being drilled along the Gunnison fault in the newly discovered central Utah Hingeline trend. The primary objective of this well is the Lower Jurassic Navajo sandstone which is the closest producing formation found in the Covenant field located approximately 28 miles to the northeast.

The Company had previously planned to drill to the Permian Kaibab Limestone formation but due to the drilling rig's depth limitation, the well will be completed or suspended below the Jurassic Navajo sands. Royalite anticipates another week of drilling, testing and logging on the Royalite State 16-1 well to completely evaluate this prospect and secure the necessary sub-surface geological data.

The Company is not aware of any circumstances that would account for the recent decline in the Company's stock price.

Royalite Petroleum Company Inc. is a publicly traded oil and gas exploration company focused exclusively within the central Utah Hingeline trend.

Forward-Looking Statements

Statements contained herein that are not historical facts may be forward-looking statements within the meaning of the Securities Act of 1933, as amended. Forward-looking statements include statements regarding the intent, belief or current expectations of the Company and its management. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to Royalite Petroleum Company's decision to suspend operations at any time. Royalite Petroleum Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in Royalite Petroleum Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact Royalite Petroleum Company's success are more fully disclosed in Royalite Petroleum Company's most recent public filings with the U.S. Securities and Exchange Commission.

Contact Information

  • For information contact:
    Royalite Petroleum Company Inc.
    Michael Cass
    (512) 402-0910 (direct)