Pilot Energy Ltd has executed a Deed of Settlement and Mutual Release with Royale Energy Inc. in relation to the parties' dispute regarding the Western Block project, located North Slope Alaska.

Under the terms of the agreement the parties agree to release each other from all current and future claims relating to the dispute.

Pilot Energy will assign its 30% working interest in the Western Block leases to Royale Energy, in return for payment of up to US$500,000. An initial payment of US$150,000 will be paid upon closing of the agreement, with a further US$350,000 payable upon the earliest of:

Tags: Pilot Energy Ltd, Royale Energy