Royale Energy, Inc. Reports Earnings Results for the Second Quarter Ended June 30, 2016
August 09, 2016 at 01:52 pm EDT
Share
Royale Energy Inc. reported earnings results for the second quarter ended June 30, 2016. For the quarter, the company reported a net loss of $475,397. This represents a $452,252 improvement when compared to a net loss of $927,649 during the second quarter of 2015. This 49% improvement over the comparative quarter of last year was largely due to lower general and administrative expenses, a gain from the sale of the company’s office building and a disputed accounts payable settlement.
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. 
