20 Sept 2013securities registration● Neutral
ROYALE ENERGY FUNDS, INC filed notice of an exempt private placement.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
5 Aug 2013quarterly activities report● Neutral
ROYALE ENERGY FUNDS, INC reported quarterly revenue of $641 thousand and net income of $2.0 million for the period ended 2013-06-30.
24 May 2013material agreement▲ GoodMajor
On May 22, 2013 Royale signed a deal letting Rampart Energy (an Australian company) earn up to 75% of the working interest in two blocks of Royale's Alaska North Slope acreage (up to about 50,875 acres). Rampart earns by paying about $3.4 million (two $1.7 million payments due June 3 and Dec 1, 2013), completing a 3D seismic survey by March 31, 2014, and drilling two wells (up to $30 million, by March 31, 2016); it can add the Central Block with a further ~$1.7 million. Rampart also gives Royale an option on Rampart shares. This advances the Alaska plans first mentioned in 2012, the acreage for which Royale won leases after a December 2011 bid and took in December 2012.
15 May 2013quarterly activities report▼ Bad
ROYALE ENERGY FUNDS, INC reported quarterly revenue of $472 thousand and a net loss of $1.2 million for the period ended 2013-03-31.
29 Mar 2013late filing notice▼ Bad
ROYALE ENERGY FUNDS, INC notified the SEC that its annual report would be filed late.
13 Nov 2012quarterly activities report▼ Bad
ROYALE ENERGY FUNDS, INC reported quarterly revenue of $554 thousand and a net loss of $825 thousand for the period ended 2012-09-30.
29 Oct 2012securities registration● Neutral
ROYALE ENERGY FUNDS, INC filed a prospectus supplement for an offering off its existing shelf.
29 Oct 2012debt financing▼ BadMajor
On October 28, 2012 Royale agreed to sell convertible notes with $3,333,333.33 principal for $3,000,000 (about 10% discount) to institutional investors, with Series E warrants for 500,000 shares at $3.00. Notes mature December 31, 2014, convert at $4.50 (reset lower on cheaper share issuances), and from 2013 holders can demand redemption of up to 25% of principal each quarter, which Royale may pay in cash at 102.5% or in shares at a discount to market. Default triggers cash redemption at 135%. Royale must hold a shareholder meeting by June 30, 2013 to raise authorized shares to 50 million common and lift the Nasdaq-related caps. C.K. Cooper is placement agent at 5%. This is new debt with potentially heavy dilution, and Cranshire again waived its 2008 warrant adjustment.
13 Aug 2012quarterly activities report▼ Bad
ROYALE ENERGY FUNDS, INC reported quarterly revenue of $536 thousand and a net loss of $1.3 million for the period ended 2012-06-30.
18 June 2012securities registration● Neutral
ROYALE ENERGY FUNDS, INC filed notice of an exempt private placement.
13 June 2012securities registration● Neutral
ROYALE ENERGY FUNDS, INC filed a prospectus supplement for an offering off its existing shelf.
18 May 2012listing compliance notice▲ Good
Nasdaq wrote on May 15, 2012 that Royale has regained compliance with the three-member audit committee rule and closed the matter, resolving the issue reported May 14. The filing also notes a press release on first-quarter 2012 earnings, but the text gives no figures.
15 May 2012quarterly activities report▼ Bad
ROYALE ENERGY FUNDS, INC reported quarterly revenue of $702 thousand and a net loss of $1.4 million for the period ended 2012-03-31.
14 May 2012listing compliance notice● Neutral
On May 8, 2012 Royale told Nasdaq that its audit committee had only two members since the July 8, 2011 annual meeting, when one member retired and wasn't replaced, breaching Rule 5605(c)(2), which requires three independent members. The board appointed Gary Grinsfelder, whom it determined to be independent, restoring three members.
3 Apr 2012capital raising announcement● Neutral
Between January 23 and March 28, 2012 six directors exercised options to buy a total of 165,188 shares, 43,782 at $3.25 and 121,406 at $3.50. The options were originally granted as pay for board service. This adds a modest number of new shares.
What it means for a shareholder
165,188 new shares at US$3.25 to raise about US$536,861. That's 1.5% dilution: every existing holder's slice gets 1.5% smaller. If you held US$1,000 of shares (308 at the issue price), your slice goes from 0.0028% to 0.00276% of the company. To keep it you'd need 5 more shares - about US$16 at the issue price.
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20 Mar 2012securities registration● Neutral
ROYALE ENERGY FUNDS, INC amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
21 Feb 2012securities registration● Neutral
ROYALE ENERGY FUNDS, INC filed a prospectus supplement for an offering off its existing shelf.
17 Feb 2012material agreement● NeutralMajor
On February 17, 2012 Royale signed a sales agreement with C.K. Cooper & Company allowing it to sell up to $10 million of common stock over time at market prices, with a 3.5% commission. Royale has no obligation to sell any shares. Proceeds are expected to go to acquiring and developing Alaskan oil and gas properties and working capital, and issuances are subject to Nasdaq Capital Market approval. The shares would come from a shelf registration declared effective February 14, 2012. Shares sold would dilute existing holders; no amount sold is stated. The reference to the Nasdaq Capital Market suggests (inference) the stock is no longer on the Global Market.
3 Feb 2012securities registration● Neutral
ROYALE ENERGY FUNDS, INC amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
24 Jan 2012securities registration● Neutral
ROYALE ENERGY FUNDS, INC amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
10 Jan 2012securities registration● Neutral
ROYALE ENERGY FUNDS, INC amended a filing by which it filed notice of an exempt private placement.
14 Dec 2011securities registration● Neutral
ROYALE ENERGY FUNDS, INC registered a securities offering with the SEC using its shelf eligibility.
4 Nov 2011quarterly activities report▼ Bad
ROYALE ENERGY FUNDS, INC reported quarterly revenue of $2.5 million and a net loss of $410 thousand for the period ended 2011-09-30.
29 July 2011quarterly activities report● Neutral
ROYALE ENERGY FUNDS, INC reported quarterly revenue of $3.5 million and net income of $259 thousand for the period ended 2011-06-30.
21 July 2011securities registration● Neutral
ROYALE ENERGY FUNDS, INC filed notice of an exempt private placement.
6 May 2011quarterly activities report● Neutral
ROYALE ENERGY FUNDS, INC reported quarterly revenue of $2.8 million and net income of $77 thousand for the period ended 2011-03-31.
28 Dec 2010securities registration● Neutral
ROYALE ENERGY FUNDS, INC filed notice of an exempt private placement.
10 Nov 2010securities registration● Neutral
ROYALE ENERGY FUNDS, INC amended a filing by which it filed notice of an exempt private placement.
29 Oct 2010securities registration● Neutral
ROYALE ENERGY FUNDS, INC filed notice of an exempt private placement.
28 Oct 2010quarterly activities report● Neutral
ROYALE ENERGY FUNDS, INC reported quarterly revenue of $2.4 million and net income of $276 thousand for the period ended 2010-09-30.