Royale Energy updated on May 30 progress made on four wells in the Mississippian interval of the Permian Basin and said two more are in the process of being completed in Ector County, Texas.

The company is part of a joint development agreement with Ares Ltd. Royale said a fifth and sixth well are in the process of being drilled and completed on a 17,000 net acre project in Ector.

The fifth well, which began drilling in February, is expected to be reach production late in the second quarter of 2024. The well is currently in the early stages of flowing back completion fluids is currently producing over 700 bbl/d and 850,000 cf/d.

The sixth well began drilling in May and is expected to reach production in the late second or early third quarter of 2024.

Royale also recently received an offer from an unnamed major oil company in the Permian to purchase its ownership in this project, but declined the offer, the company said. Royale and its investors have a 5% working interest in the fifth and sixth wells, which are located in Ector County, Texas.

Royale CEO Johnny Jordan said the company anticipates drilling two more wells this year for a total of four wells on the project in 2024.

“The exciting potential of this project will become more evident with the contribution from our continued development activity over the course of this year,” Jordan said.