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Royale Energy, Inc., founded in 1986, is an independent exploration and production company based in San Diego, California. The company focuses on the acquisition, development, and marketing of natural gas, with operations in the Sacramento and San Joaquin basins in California and the U.S. Gulf Coast. Recently, Royale Energy announced new progress on its Joint Development Agreement with Ares Energy LTD in the Permian Basin, Texas, featuring a horizontal resource play in the Mississippian interval. The company and its investors have secured working interests in various wells, with successful initial production rates and expected reserves. Looking ahead, Royale Energy anticipates further drilling activities in the project, showcasing its commitment to growth and development in the oil and natural gas sector.
Royale Energy Inc. (ROYL) has successfully completed a series of strategic financial transactions aimed at simplifying its capital structure and aligning stakeholder interests. The company has executed key agreements including the issuance of common stock, stock options, and Series 2024 Senior Unsecured Promissory Notes in exchange for all outstanding Series B Preferred Stock. This recapitalization initiative has resolved over $24 million of Series B Preferred liquidation preference value and approximately $3 million of pre-merger liabilities.
The transactions have resulted in Royale now having one class of equity outstanding - its common stock. This simplification is expected to better position the company for future growth opportunities and potentially relist on a major exchange. Chris Parada, Chairman of Royale Energy, stated that this move will enable the company to gain greater access to strategic opportunities and more traditional sources of capital.
Royale Energy announced updates on its Joint Development Agreement (JDA) with Ares Energy in the Permian Basin, Texas. The project, a horizontal resource play in the Mississippian interval, spans over 17,000+ net acres in Ector County. Royale holds a 5% working interest in two new wells, the fifth and sixth, currently being drilled and completed. The fifth well, begun in February 2024, is producing over 700 BOPD and 850 MCFD after 13 days of flowback. The sixth well, started in May 2024, has reached 20,014' depth. Royale plans to drill two more wells in 2024. An unsolicited purchase offer was declined by the board.
Royale Energy, Inc. (OTCQB: ROYL) has announced the initial production rates from the first well drilled under its Joint Development Agreement (JDA) executed on November 21, 2022. The first well reported an impressive initial output of 818 barrels of oil per day (BOPD) and 1.1 million cubic feet per day (MMcf/d), with anticipated total reserves exceeding 1,400,000 barrels of oil equivalent. The second well has been drilled safely and completion operations are set to commence in late Q2 2023. Royale expects to drill an additional 4-6 wells on this project throughout 2023, indicating strong expansion plans in the Mississippian interval in Texas.
Royale Energy, Inc. (OTCQB: ROYL) has completed the V.T. McCabe #70 well, drilled to 7,000' in Texas's North Jameson Field. The well showed promising results with an initial production of 85 barrels of oil and 120 thousand cubic feet per day of natural gas from the Odom formation. The Upper Strawn formation also indicates 35' of net pay, with future completion planned. Since 2020, Royale has drilled seven and re-entered three wells in the area and is set to stimulate three more Strawn completions by December 2022.
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