Royale Energy Funds, Inc. completed the acquisition of non-operated interests in oil fields at Permian Basin and California from West Coast Energy Properties, L.P.
December 02, 2018
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Royale Energy Funds, Inc. (OTCPK:ROYL) signed a letter of intent to acquire non-operated interests in oil fields at Permian Basin and California for $12 million from West Coast Energy Properties, L.P. on June 28, 2018. Royale Energy Funds, Inc. (OTCPK:ROYL) entered into an agreement to acquire non-operated interests in oil fields at Permian Basin and California from West Coast Energy Properties, L.P. in September 19, 2018. Post completion, these assets will be combined with the Royale Energy’s new joint venture development company, RMX Resources. The acquisition effort is being led by Johnny Jordan, President and Chief Operating Officer of Royale Energy. Closing of the purchase is contingent on Royale’s arranging of acceptable financing. The transaction is subject to customary due diligence and other closing terms and conditions. The transaction is expected to close in the third quarter of 2018. As of September 19, 2018, closing on the purchase is scheduled to occur within 45 days of execution of the agreement.
Royale Energy Funds, Inc. (OTCPK:ROYL) completed the acquisition of non-operated interests in oil fields at Permian Basin and California from West Coast Energy Properties, L.P on December 3, 2018.
Royale Energy Funds, Inc. is an independent oil and gas producer. The Company also performs turnkey drilling operations. The Company owns wells and leases in various geological basins located primarily in California, Texas, Oklahoma, and Utah, and offers fractional working interests. The Company also owns an overriding royalty interest in discovery in Alaska. It usually sells a portion of the working interest in each well it drills or participates with third-party participants and retains a portion of the prospect for its own account. The Company generally sells working interests in its prospects to accredited investors in exempt securities offerings. The prospects are typically bundled into multi-well investments, which permit third-party investors to diversify their investments by investing in several wells at once instead of investing in single-well prospects. The Company owns an interest in approximately 70 producing oil and natural gas wells.
Royale Energy Funds, Inc. completed the acquisition of non-operated interests in oil fields at Permian Basin and California from West Coast Energy Properties, L.P.