Royalite Petroleum Company, Inc., an exploration stage company, engages in the acquisition and exploration of oil and gas properties and prospects. Oil and Gas Exploration Activities The company holds interests in three oil and gas projects: Airport Leases, the Louisiana Leases, and the Central Hingeline Project. Airport Leases The company holds 70% net revenue interest in a lease covering approximately 1,500 acres and obtaining and reviewing geophysical, geological, title, and engineering data on the Airport Lease and an area of mutual interest covering 30 square miles surrounding the Airport Lease. Louisiana Leases The company holds 27.5% working interest and 19.8% net revenue interest in oil and gas leases of approximately 698.62 acres in the Westlake Boudreaux Field located in Terrebonne Parish, Louisiana shallow state waters. The well would be drilled to test the Tex. W-1, Tex. W.B, and Tex W-2 sands which are productive in other wells in the field. Central Utah Hingeline Project The company has leased 67,025 net acres covering 69,759 gross acres along the four main Hingeline faults located within a five county area of Southern Utah. Disposition The company has disposed Worldbid International Inc., which operates an international business-to-business and government-to-business facilitation service, which combines software with the power of the Internet to bring buyers and sellers together from around the world for interactive trade.
royalite petroleum co inc (RYPE:OTC US)
1200 Nueces Street
Austin, TX 78701
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