March 30, 2009 (FinancialWire) -- Royale Energy, Inc. (NASDAQ: ROYL) (Current Market Cap: US$15.99 Mil.) said it earned $1,540,924 or 19 cents per share in cash flow from operations for year end 2008, bolstered by discoveries in California. The company filed its annual report on March 27.

The company said that it invested heavily in the development of new opportunities in 2008, while continuing to add reserves from drilling and cash flow from its core area of operation in California's Sacramento Basin.

Royale said that capital requirements used in development of its Texas Gulf Coast and Rocky Mountain operations were most affected by the sharp decline in the broader energy markets. Declines in oil and natural gas prices have caused the company to post non-cash impairment charges of $15,691,348, resulting in a net loss of $8,777,614. The company said that total revenue for the year ended 2008 rose to $19,174,114, from $16,557,399 in 2007, or 15.8%.

Royale said it would continue to focus investment in areas such as the Sacramento Basin Lonestar Field, where the company drilled 3 wells and increased production by 7.5% in 2008. Plans for 2009 include the drilling of 7 new wells in the field.

San Diego, Royale Energy is an independent energy company focused on development, acquisition, exploration, and production of natural gas and oil in California, Texas and the Rocky Mountains.

For the past fifteen years, Royale Energy has primarily acquired and developed producing and non-producing natural gas properties in California. In 2004, Royale Energy began developing leases in Utah.

The company filed its 10-K with the SEC on March 27. The stock closed at $1.88 on March 27. It has traded between $1.38 and $14.70 over the past 52 weeks.

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