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Royale Energy, Inc. (ROYL) reported ongoing development and strong production performance from its Permian Basin assets in Ector County, Texas. The company holds a 7.50% working interest in approximately 16,600 gross acres, with nine wells currently drilled, completed and producing, and a tenth well in completion operations.
The ninth well, completed in the first half of 2026, began production in May 2026 at an initial rate of 1,031 barrels of oil per day and 1,915 thousand cubic feet of natural gas per day, with 77 barrels of oil per day and 144 thousand cubic feet of natural gas per day attributable to Royale and its direct working interest investors. A three-mile lateral type curve estimates ultimate recovery of about 113 BOE per lateral foot with an 80% oil component, and all nine producing wells are reported to be performing at or above this type curve.
Royale estimates 30 to 39 additional undeveloped Barnett drilling locations across about 12,940 gross undeveloped acres and more than 40 additional undeveloped Woodford locations on its acreage. The company also plans to drill a horizontal Odom well in the Jameson North Field in the first half of 2027, where it holds a 100% working interest in approximately 7,465 net acres and has identified more than five additional Odom horizontal prospects using 3D seismic analysis.
Royale Energy, Inc. (ROYL) reported that on September 1, 2026 it issued a press release and furnished it as Exhibit 99.1 to this current report under the "Other Events" section. The press release itself contains the substantive information and is incorporated by reference into this report.
Royale Energy, Inc. (ROYL) reported higher oil and gas revenues but continued losses and liquidity pressure for the quarter and six months ended June 30, 2026. Total revenues for the first half of 2026 were $1.24 million, with oil and gas revenues of $1.23 million, up 50.6% from $818,502 in 2025, driven by higher oil volumes and prices. Net loss for the six months widened to $1,632,747 from $1,290,501, and for the quarter to $813,118.
Royale ended June 30, 2026 with total assets of $20.37 million, but a working capital deficit of $12,927,831 and an accumulated deficit of $96,199,116, leading management to state there is substantial doubt about the company’s ability to continue as a going concern. Current liabilities of $26.57 million include $17.55 million of Deferred Drilling Obligations. Cash was $2,832,913 and restricted cash $6,711,325. Net cash used in operating activities improved sharply to $173,241 from $2,247,911 a year earlier, largely due to higher payables linked to Permian drilling. Management plans cost controls, asset sales and potential new financing, but gives no assurance these will succeed. Management also concluded disclosure controls and procedures were not effective due to a material weakness in internal control.
Royale Energy, Inc. (ROYL) reported a first‑quarter 2026 net loss of $819,629, compared with a loss of $681,951 in the prior‑year quarter, as higher operating and interest costs outweighed stronger production. Total revenues were $563,358, up from $487,236, driven mainly by increased oil and natural gas volumes.
At March 31, 2026, Royale had total assets of $16.8 million and total liabilities of $31.1 million, resulting in a stockholders’ deficit of $14.2 million. Current liabilities of $22.7 million exceeded current assets of $10.3 million, creating a working capital deficit of $12.4 million. Cash and cash equivalents were $758,615, with restricted cash of $6.7 million.
The company generated negative operating cash flow of $1.1 million in the quarter. Management disclosed that recurring losses, the working capital deficit, and accumulated deficit of $95.4 million raise substantial doubt about Royale’s ability to continue as a going concern. Management plans to rely on cost controls, asset sales, drilling participation and potential debt or equity financing. Management also concluded that disclosure controls and procedures were not effective due to a material weakness in internal control over financial reporting. A related‑party secured term loan with Walou Investments, LP had an outstanding principal of $1.9 million at a 15.0% interest rate.
Royale Energy, Inc. (ROYL) is conducting an exempt private offering of mineral property securities under Rule 506(c) of Regulation D. This is a new notice, with the date of first sale reported as August 26, 2026.
The company reports that it has sold $100,000 of securities in this offering to date, with $8,990,000 remaining to be sold. No finders’ fees are reported, and the issuer declines to disclose its revenue range. The notice is signed by Chief Executive Officer Johnny Jordan.
Royale Energy, Inc. completed a $1.5 million cash acquisition of additional non‑operated working and net revenue interests in seven horizontal oil and gas wells and about 382.9 net acres in the Pradera Fuego project in Ector County, Texas. The deal was effective July 1, 2025 and funded with cash on hand and an additional $500,000 borrowing, with a related increase in asset retirement obligations of $8,384.
For the Pradera Fuego Acquisition Properties, the year ended December 31, 2024 generated $1,154,219 in revenues and $219,413 in direct operating expenses, for an excess of revenues over direct operating expenses of $934,806. For the six months ended June 30, 2025, revenues were $553,634 and direct operating expenses were $120,325, yielding $433,309. These statements exclude depreciation, depletion and amortization, overhead, interest and income taxes.
Estimated proved reserves attributable to the acquired interests at December 31, 2024 were 109,625 barrels of oil and 221,997 MCF of natural gas, with a standardized measure of discounted future net cash flows of $3,096,601. On a pro forma basis, combining Royale and the acquisition, total assets at June 30, 2025 would have been $14,952,574 with total liabilities of $28,382,610 and a stockholders’ deficit of $13,430,036. Pro forma combined net losses were $729,992 for the six months ended June 30, 2025 and $1,624,013 for 2024.
Royale Energy, Inc. is a small independent oil and natural gas producer focused on Texas and California, with 11 employees and 96,600,302 common shares outstanding as of June 30, 2026. The company concentrates on producing and selling oil and gas, acquiring reserves, drilling development wells, and selling fractional working interests through turnkey programs.
In 2025, Royale generated $1,947,203 in total revenue, almost entirely from oil and gas sales of $1,926,442, and reported a net loss of $1,251,680, improving from a larger loss in 2024. Lease operating costs fell sharply, reducing lifting costs to $30.61 per BOE. Proved reserves grew significantly to 647,089 BBL of oil/NGL and 1,815,759 MCF of gas, with a reported PV-10 of $11,176,100, driven mainly by new proved undeveloped locations in the Jameson field.
Liquidity remains strained: at December 31, 2025, Royale had a working capital deficit of $11,550,839, cash and equivalents of $1,099,044, and relies on turnkey drilling investments and debt financing, including a term loan. The auditor’s report cites recurring losses and this deficit as raising substantial doubt about Royale’s ability to continue as a going concern. Internal control over financial reporting was deemed ineffective due to a material weakness, and remediation is ongoing.
Royale Energy, Inc. appointed Micheal McCaskey, age 71, to its Board of Directors, effective immediately. He brings decades of experience in petroleum geology, asset acquisition, and corporate governance, including long service with Matrix Oil entities prior to Royale’s 2018 merger with Matrix Oil Corp.
Mr. McCaskey currently serves on the board of RMX Resources, LLC and has been President of PEM Management Corporation, a family office consulting firm, since February 2002. His career spans more than thirty-five years in exploration and field development roles at ARCO Exploration, Union Oil of California, Venoco, and Matrix Oil.