Royale Energy Files Q3 2024 10-Q
Ticker: ROYL · Form: 10-Q · Filed: 2024-11-14T00:00:00.000Z
Sentiment: neutral
Topics: 10-Q, oil-gas, financial-report
TL;DR
Royale Energy filed its Q3 10-Q. All systems go.
AI Summary
Royale Energy, Inc. filed its 10-Q for the quarterly period ended September 30, 2024. The company, incorporated in Delaware, operates in the crude petroleum and natural gas sector. Its principal executive offices are located at 1530 Hilton Head Rd, El Cajon, CA.
Why It Matters
This filing provides investors with an update on Royale Energy's financial performance and operational status for the third quarter of 2024.
Risk Assessment
Risk Level: low — This is a standard quarterly filing providing financial and operational updates, with no immediate red flags apparent in the provided header information.
Key Players & Entities
- Royale Energy, Inc. (company) — Registrant
- CRUDE PETROLEUM & NATURAL GAS (industry) — SIC Code
- 000-55912 (filing_id) — SEC File Number
- September 30, 2024 (date) — Quarterly Period End Date
- 1530 Hilton Head Rd, El Cajon, CA 92019 (address) — Principal Executive Offices
FAQ
What is Royale Energy, Inc.'s primary business activity?
Royale Energy, Inc. is primarily involved in the CRUDE PETROLEUM & NATURAL GAS industry, as indicated by its SIC code [1311].
When is the quarterly period this 10-Q report covers?
This 10-Q report covers the quarterly period ended September 30, 2024.
Where are Royale Energy, Inc.'s principal executive offices located?
Royale Energy, Inc.'s principal executive offices are located at 1530 Hilton Head Rd, Suite 205, El Cajon, CA 92019.
What is the SEC file number for Royale Energy, Inc.?
The SEC file number for Royale Energy, Inc. is 000-55912.
What is Royale Energy, Inc.'s state of incorporation?
Royale Energy, Inc. is incorporated in Delaware.
Filing Stats: 4,395 words · 18 min read · ~15 pages · Grade level 15.9 · Accepted 2024-11-14 15:28:55
Filing Documents
- royaleinc20240930_10q.htm (10-Q) — 700KB
- ex_748306.htm (EX-10.1) — 10KB
- ex_747233.htm (EX-31.1) — 8KB
- ex_747234.htm (EX-31.2) — 8KB
- ex_747235.htm (EX-32.1) — 4KB
- ex_747236.htm (EX-32.2) — 4KB
- 0001185185-24-001118.txt ( ) — 3843KB
- royl-20240930.xsd (EX-101.SCH) — 25KB
- royl-20240930_cal.xml (EX-101.CAL) — 37KB
- royl-20240930_def.xml (EX-101.DEF) — 134KB
- royl-20240930_lab.xml (EX-101.LAB) — 233KB
- royl-20240930_pre.xml (EX-101.PRE) — 144KB
- royaleinc20240930_10q_htm.xml (XML) — 513KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION 3
Financial Statements
Item 1. Financial Statements 3
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 17
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 20
Controls and Procedures
Item 4. Controls and Procedures 20
OTHER INFORMATION
PART II. OTHER INFORMATION 21
Legal Proceedings
Item 1. Legal Proceedings 21
Risk Factors
Item 1A. Risk Factors 21
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 21
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 21
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 21
Other Information
Item 5. Other Information 21
Exhibits
Item 6. Exhibits 21
Signatures
Signatures 22
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements ROYALE ENERGY, INC. CONDENSED CONSOLIDATED BALANCE SHEETS September 30, 2024 December 31, 2023 ASSETS (unaudited) Current Assets Cash and Cash Equivalents $ 1,737,465 $ 2,202,521 Restricted Cash 4,032,800 3,325,000 Other Receivables, net 622,921 1,036,401 Revenue Receivables 513,418 878,378 Prepaid Expenses 557,396 558,169 Deferred Drilling Costs 1,507,747 1,669,149 Total Current Assets 8,971,747 9,669,618 Right of Use Assets - Leases 261,129 254,008 Other Assets 589,865 589,865 Oil and Gas Properties, (Successful Efforts Basis), Equipment and Fixtures, net 5,061,261 2,401,902 Total Assets $ 14,884,002 $ 12,915,393 See notes to unaudited condensed consolidated financial statements. 3 Table of Contents ROYALE ENERGY, INC. CONDENSED CONSOLIDATED BALANCE SHEETS September 30, 2024 December 31, 2023 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) (unaudited) Current Liabilities: Accounts Payable and Accrued Expenses $ 6,240,895 $ 5,482,074 Royalties Payable 611,833 612,925 Due to RMX Resources, LLC 23,087 23,087 Accrued Liabilities 653,730 215,693 Asset Retirement Obligation - Current 1,012,500 675,000 Deferred Drilling Obligation 11,328,332 9,761,927 Operating Leases - Current 92,152 83,230 Total Current Liabilities 19,962,529 16,853,936 Noncurrent Liabilities: Accrued Liabilities - Long Term 1,306,605 1,306,605 Accrued Unpaid Guaranteed Payments 1,616,205 1,616,205 Notes Payable to Related Parties 1,400,000 - Operating Leases - Long-Term 169,292 171,439 Asset Retirement Obligation 4,081,065 4,151,847 Total Liabilities 28,535,696 24,100,032 Mezzanine Equity: Convertible Preferred Stock, Series B, $ 10 par value, 3.5 % annual dividend, 2,466,455 and 2,444,885 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively. 24,664,543 24,448,850 St