June 25, 2013 - Revenue Recognition Comparison | ||||||||||||||||||
Royale Energy, Inc. | ||||||||||||||||||
At December 31, 2012 | ||||||||||||||||||
Percentage-of-Completion & Completed-Contract Method vs SEC ASB No. 104 | ||||||||||||||||||
Period | Well | Date Drilled | Gross Lease & Land | Gross Drilling & Completion | Total Gross Annual Cost | Total Gross Project Cost | Percent of Costs Incurred | Total Project Proceeds | Project Proceeds to be Recognized | |||||||||
2011 | ||||||||||||||||||
2010B - Well #2 | 1/29/2011 | $0 | $1,597,698 | $1,597,698 | $1,597,698 | 100% | $445,874 | $445,874 | ||||||||||
2009B - Well #3 | 3/4/2011 | $4,689 | $1,386,209 | $1,390,898 | $1,390,898 | 100% | $834,708 | $834,708 | ||||||||||
2009B - Well #4 | 6/19/2011 | $34,461 | $549,599 | $584,059 | $584,059 | 100% | $815,634 | $815,634 | ||||||||||
2009A - Well #3 | 9/4/2011 | $65,074 | $838,210 | $903,284 | $903,284 | 100% | $467,520 | $467,520 | ||||||||||
2010A - Well #3 | 9/27/2011 | $37,439 | $1,047,332 | $1,084,771 | $1,084,771 | 100% | $1,164,433 | $1,164,433 | ||||||||||
2010C - Well #1 | 10/31/2011 | $13,767 | $1,218,865 | $1,232,632 | $1,232,632 | 100% | $1,073,412 | $1,073,412 | ||||||||||
2010A - Well #1 | 11/20/2011 | $8,538 | $709,830 | $718,368 | $718,368 | 100% | $992,844 | $992,844 | ||||||||||
$163,968 | $7,347,743 | $7,511,711 | $7,511,711 | $5,794,425 | $5,794,425 | |||||||||||||
Turnkey Revenue as Recorded on 10K | $5,794,427 | |||||||||||||||||
Difference | $2 | |||||||||||||||||
2012 | ||||||||||||||||||
2010A - Well #4 | 12/2/2012 | 39,439.34 | 658,747.20 | $698,187 | $698,187 | 100% | $931,546 | $931,546 | ||||||||||
2010C - Well #2 | 12/31/2012 | 21,472.66 | 964,691.48 | $986,164 | $986,164 | 100% | $1,097,316 | $1,097,316 | ||||||||||
$60,912 | $1,623,439 | $1,684,351 | $1,684,351 | $2,028,862 | $2,028,862 | |||||||||||||
Turnkey Revenue as Recorded on 10K | $2,028,863 | |||||||||||||||||
Difference | $1 |
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CORRESP Filing
Royale Energy Funds Inactive CORRESPCorrespondence with SEC
Filed: 28 Jun 13, 12:00am