Royale Energy, Inc. Reports Earnings Results for the First Quarter Ended March 31, 2016
May 09, 2016 at 01:09 pm EDT
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Royale Energy Inc. reported earnings results for the first quarter ended March 31, 2016. For the quarter, the company reported net loss of $624,320, a $507,596 improvement when compared to net loss of $1,131,916 during the first quarter of 2015. This 45% improvement over the comparative quarter last year was largely due to cost reduction measures implemented by the Company as well as the successful drilling of a new turnkey well under Royale's development agreement in Grimes Field.
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, INC. 
