Royale Announces Positive Operating Income
October 28 2015 - 9:20AM
Royale Energy, Inc. (NASDAQ:ROYL) today announced
its third quarter 2015 results, in which it posted $21,372 in
operating income for the three months ending September 30, 2015
despite the worst energy market in recent history. This
accomplishment overcomes a sharp decline in natural gas prices and
declining production.
In response to the deterioration of the sector, Royale has been
able to reduce General and Administrative expenses by over 17% from
the same quarter last year, and has achieved an 11% reduction in
Lease Operating expenses for the three months ending September 30,
2015 when compared to the same period in 2014.
The company is optimistic that it can overcome this phase of
the industry cycle and emerge stronger and better
positioned to capitalize on the future.
“We plan to sell non-core assets and raise additional equity to
provide the capital necessary to drill new wells and acquire
producing properties,” said Stephen Hosmer the company’s CFO.
“This plan is expected to allow us to regain NASDAQ compliance, in
the coming months, and become consistently profitable into the
foreseeable future.”
Forward Looking Statements
In addition to historical information contained herein, this
news release contains “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995,
subject to various risks and uncertainties that could cause the
company’s actual results to differ materially from those in the
“forward-looking” statements. While the company believes its
forward looking statements are based upon reasonable assumptions,
there are factors that are difficult to predict and that are
influenced by economic and other conditions beyond the company’s
control. Investors are directed to consider such risks and other
uncertainties discussed in documents filed by the company with the
Securities and Exchange Commission.
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ROYALE ENERGY, INC. |
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STATEMENTS OF OPERATIONS |
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FOR THE PERIODS ENDED SEPTEMBER 30, 2015 AND
2014 |
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Three Months Ended September
30, |
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Nine Months Ended September
30, |
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2015 |
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2014 |
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2015 |
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2014 |
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(Unaudited) |
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|
(Unaudited) |
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|
(Unaudited) |
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|
(Unaudited) |
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Revenues: |
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Sale of Oil and Gas |
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$ |
255,179 |
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$ |
507,784 |
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$ |
831,472 |
|
|
$ |
2,077,750 |
|
Supervisory Fees and Other |
|
|
186,616 |
|
|
|
169,475 |
|
|
|
529,082 |
|
|
|
497,379 |
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|
|
|
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|
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Total Revenues |
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441,795 |
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|
|
677,259 |
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|
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1,360,554 |
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2,575,129 |
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Costs and
Expenses: |
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General and Administrative |
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710,239 |
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858,137 |
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2,397,434 |
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|
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2,280,268 |
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Lease Operating |
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218,953 |
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|
248,028 |
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|
|
803,549 |
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|
969,390 |
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Delay Rentals |
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0 |
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|
2,400 |
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49,565 |
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|
|
34,192 |
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Lease Impairment |
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83,755 |
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37,494 |
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|
96,436 |
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37,494 |
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Well Equipment Write Down |
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0 |
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0 |
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19,000 |
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0 |
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Legal and Accounting |
|
|
130,037 |
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|
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39,030 |
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|
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453,935 |
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|
|
307,433 |
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Marketing |
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|
94,861 |
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|
|
133,047 |
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|
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240,608 |
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|
|
263,365 |
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Depreciation, Depletion and
Amortization |
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|
70,018 |
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62,880 |
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|
|
209,238 |
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241,015 |
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Total Costs and Expenses |
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1,307,863 |
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1,381,016 |
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4,269,765 |
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4,133,157 |
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Gain (Loss) on Turnkey
Drilling Programs |
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887,440 |
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562,885 |
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903,677 |
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959,339 |
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Gain (Loss) on Sale of
assets |
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0 |
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369,977 |
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10,070 |
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335,376 |
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Income (Loss) From Operations |
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21,372 |
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229,105 |
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(1,995,464 |
) |
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(263,313 |
) |
Other Income
(Expense): |
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Interest Expense |
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(21,766 |
) |
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(22,792 |
) |
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(64,495 |
) |
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(60,085 |
) |
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Income (Loss) Before
Income Tax Expense |
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(394 |
) |
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206,313 |
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(2,059,959 |
) |
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(323,398 |
) |
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Net Income (Loss) |
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$ |
(394 |
) |
|
$ |
206,313 |
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|
$ |
(2,059,959 |
) |
|
$ |
(323,398 |
) |
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Basic Earnings Per
Share |
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$ |
0.00 |
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$ |
0.01 |
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$ |
(0.14 |
) |
|
$ |
(0.02 |
) |
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Diluted Earnings Per
Share |
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$ |
0.00 |
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$ |
0.01 |
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$ |
(0.14 |
) |
|
$ |
(0.02 |
) |
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The notes to unaudited financial statements are
an integral part of this financial statement.
Contact:
Royale Energy, Inc.
Chanda Idano
Director of Marketing & PR
619-383-6600
chanda@royl.com
http://www.royl.com
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