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Oct 22 (Reuters) - ROYALE ENERGY, INC: :ROYALE ENERGY, INC - ENTERED INTO A JOINT VENTURE WITH CALIFORNIA RESOURCES CORPORATION.
Nov 6 (Reuters) - Royale Energy Inc <ROYL.PK>::Says ISS, Glass Lewis recommended shareholders vote "FOR" proposed merger with Matrix Oil Management.
Royale Energy Inc <ROYL.PK> : Royale Energy signs letter of intent to merge with Matrix Oil Corp . Deal for $41.5 mln . Will retain Royale Energy name with Matrix becoming a wholly owned subsidiary of Royale . Matrix will continue to operate from its current Santa Barbara, CA office . Royale will issue one share of common stock for each share of common stock outstanding at time of execution of definitive documents . Board of combined company will be comprised of four members from current Royale board and four members to be appointed by Matrix .Royale will assume all of Matrix's $12.5 mln of secured term debt, and issue 2 mln shares of convertible preferred stock.
Royale Energy, Inc:executed Securities Purchase Agreement on November 25, 2015, with a group of private investors to purchase $203,165 of its common stock and warrants in a registered direct offering of securities.Net proceeds from offering will be used towards Royale's acquisitions and upcoming drilling campaign scheduled to begin in Dec. 2015, for operating capital and to defray the costs of the offering.Under the terms of the definitive agreements, investors purchased 497,948 shares of Royale's common stock at $0.408 per share and received warrants to purchase up to 248,973 shares in the aggregate.Warrants entitle the investors to purchase up to 248,973 shares of common stock at $1.00 per share for three years.Warrants contain customary adjustments for corporate events such as reorganizations, splits, and dividends.
Royale Energy Inc:Royale Energy reaches development agreement.Agreement, with a major independent exploration and production company, to develop 1,300 acres in the Sacramento basin grimes field.Says agreement allows Royale to drill up to three wells targeting a 3d seismically defined amplitude.
Royale Energy Inc:Has reached an agreement to repurchase Rampart's 30% interest in its Alaska North Slope Western Block.Says agreement brings Royale Energy's ownership position back to 100% working interest in all 96,000 acres on the North Slope, and secures Royale's exclusive rights to the proprietary 3D seismic data.Says with execution of this agreement, all disputes between two companies are resolved, and all pending claims have been dismissed.
Royale Energy Inc:Jonathan Gregory has been appointed as Chief Executive Officer and Vice Chairman of the Board.Donald Hosmer will be retaining his position as President - Business Development.Stephen Hosmer remains as Chief Financial Officer and President.
Royale Energy Inc:Says it has reached an agreement to drill up to 30 wells in the Ballinger Oil Field in Runnels County, TX with three initial wells to be drilled immediately into Ellenberger formation.Current production in the field comes from the Palo Pinto North formation and the current interval of oil production is at 3,400 ft. which is limestone with both primary, secondary and fracture porosity zones.From an estimated 4.75 mln barrels of oil in place only 350,000 have been produced to date.Existing well spacing points to a significant potential for infill drilling by either vertical or horizontal wells, to produce the proven oil accumulation that was not accessed by initial field development.
Royale Energy Inc:Effective Nov. 19, audit committee of company was notified by Padgett, Stratemann & Co., LLP of cessation of Padgett’s engagement as independent registered public accounting firm.On Nov. 19, company engaged SingerLewak LLP as independent registered public accounting firm.Engagement was approved by company’s audit committee.
Royale Energy Inc:Completed the field acquisition of its planned seismic survey over the western block of its Alaska North Slope acreage.Data was acquired in cooperation with Rampart Energy and was conducted by SAExploration Inc.
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