Royale Energy, Inc 8-K, filed Nov 29, 2023
Royale Energy, Inc. (ROYL)
About this 8-K
Royale Energy, Inc filed this 8-K on November 29, 2023.
Items reported
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Securities registered pursuant to Section 12(b) of the Act:
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD Disclosure.
On November 29, 2023, Royale Energy, Inc. issued a news release announcing the results of recent operational activities on its Joint Development Agreement with Ares Energy LTD in Ector County, Texas in the Permian Basin. The news release is furnished as Exhibit 99.1 to this Current Report on Form 8-K, and is incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the foregoing information, including Exhibit 99.1, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, or shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
99.1 News Release dated November 29, 2023.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: November 29, 2023
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ROYALE ENERGY, INC. |
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/s/ Johnny Jordan |
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Johnny Jordan |
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Chief Executive Officer |
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Exhibit 99.1
ROYALE ENERGY ANNOUNCES OPERATIONS UPDATE ON THE PERMIAN BASIN JOINT DEVELOPMENT AGREEMENT
Initial Rates of 1,315 BOEPD and 1,227 BOEPD in Latest Two Wells
November 29, 2023 -- San Diego, California – Royale Energy, Inc. (OTCQB: ROYL) is pleased to announce new progress on its Joint Development Agreement (JDA) with Ares Energy LTD, located in the Permian Basin, Texas. This project is a horizontal resource play in the Mississippian interval. Royale and its investors have a 7% Working Interest in the third and fourth wells drilled on the 6,900 net acres project, located in Ector County, Texas.
OPERATIONS
To date there have been four wells drilled on this acreage. The third well that was completed in October 2023 demonstrated an initial production rate of 1,093 BOPD & 1,332 MCFD, with expected reserves exceeding 1,400,000 barrels of oil equivalent.
The fourth well was completed in October 2023 and has demonstrated an initial rate of 1,024 BOPD & 1,219 MCFD with expected reserves exceeding 1,400,000 barrels of oil equivalent.
As used in this press release, “BOPD” means barrels of oil per day, “MCFD” means thousand cubic feet per day and “BOEPD” is barrels of oil equivalent per day.
FORECAST
We anticipate drilling one more well in 2023 and four to six more wells in 2024 on this project.
ABOUT ROYALE ENERGY, INC.
Royale Energy, Inc. (OTCQB: ROYL) is an independent exploration and production company based in San Diego, California, focused on the acquisition, development, and marketing of oil and natural gas. The Company has its primary operations in California’s Los Angeles Basin and Texas’s Permian Basin.
FORWARD-LOOKING STATEMENT
In addition to historical information contained herein, this news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, subject to various risks and uncertainties that could cause the company’s actual results to differ materially from those in the “forward-looking” statements. While the company believes its forward-looking statements are based upon reasonable assumptions, there are factors that are difficult to predict and that are influenced by economic and other conditions beyond the company’s control. Investors are directed to consider such risks and other uncertainties discussed in documents filed by the company with the Securities and Exchange Commission.
Contact:
Royale Energy Inc.
Mark Larson – Public Relations & Media
Email: MLarson@royl.com
619-383-6600