U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
SEC FILE NUMBER
000-55912
NOTIFICATION OF LATE FILING
[X] Form 10-Q
For the Quarterly Period Ended June 30, 2018
Part I Registrant Information
Full Name of Registrant: Royale Energy, Inc.
Address of Principal Executive Office
| 1870 Cordell Court |
| Suite 210 |
| El Cajon, CA 92020 |
Part II Rules 12b-25(b) and (c)
(a) The reasons described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense.
(b) The subject Report on Form 10-Q will be filed on or before the fifth calendar day following the prescribed due date.
Part III Narrative
The quarterly report of Royale Energy, Inc. (the “Company”) on Form 10-Q for the three months ended June 30, 2018, is due to be filed on August 14, 2018. The Company’s management needs additional time to complete their review of the Company’s internal controls and procedures, in order to file an accurate quarterly report. We expect to complete our financial statements and file our Form 10-Q as soon as is reasonably practicable but no later than August 20, 2018.
Part IV Other Information
(1) Name and telephone number of person to contact in regard to this information.
(2) Have all other periodic reports required under section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If the answer is no, identify report(s).
(3) Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof?
If so: attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.
As a result of the merger with Matrix Oil Management Corporation and its affiliates in the first quarter of 2018, the combined Company’s assets, liabilities, operations and financial condition will differ significantly from the financial condition of Royale Energy Funds, Inc. (formerly Royale Energy, Inc., a California corporation and the predecessor to the Company). We expect to report total assets of approximately $26 million at June 30, 2018, compared to total assets of Royale Energy Funds, Inc., of about $8 million as of June 30, 2017, and a net loss of approximately $19.1 million ($0.39 per share, with approximately 48 million common shares outstanding) for the second quarter of 2018, compared to a net income of approximately $71,000 ($0.00 per share, with approximately 22 million common shares outstanding) by Royale Energy Funds, Inc., for the second quarter of 2017. The majority of the net loss results from non-cash charges related to the Company's joint venture with RMX Resources, LLC.
Signatures
Royale Energy, Inc., has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | Royale Energy, Inc. |
| | |
| Date: August 14, 2018 | /s/ Stephen M. Hosmer |
| | Stephen M. Hosmer, Chief Financial Officer and Secretary |
