Royale Energy, Inc. Reports Earnings Results for the Third Quarter Ended September 30, 2019
November 14, 2019 at 02:10 pm EST
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Royale Energy, Inc. announced earnings results for the third quarter ended September 30, 2019. For the third quarter, the company announced total revenue was USD 635,388 compared to USD 873,693 a year ago. Operating income was USD 1.140 million compared to USD 1.433 million a year ago. Net income was USD 2.304 million compared to USD 1.072 million a year ago. Basic earnings per share from continuing operations was USD 0.04 compared to USD 0.01 a year ago. Diluted earnings per share from continuing operations was USD 0.03 compared to USD 0.01 a year ago. For the nine months, total revenue was USD 2.030 million compared to USD 2.391 million a year ago. Operating loss was USD 319,246 compared to USD 769,812 a year ago. Net loss was USD 800,566 compared to USD 19.701 million a year ago. Basic loss per share from continuing operations was USD 0.03 compared to USD 0.47 a year ago.
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. 
