Royale Energy, Inc. (OTCMKTS:ROYL) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02.
Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.
On December 31, 2018, Rod Eson resigned as Chief Executive Officer of Royale Energy, Inc. (the “Company”) effective as of that date. Mr. Eson will remain on the Board of Directors of the Company (the “Board”) until the next annual meeting of shareholders at which directors are elected.
In connection with Mr. Eson’s resignation, on December 31, 2018, the Board appointed Johnny Jordan, the current President and Chief Operating Officer of the Company, to serve as Chief Executive Officer of the Company effective December 31, 2018. Mr. Jordan will remain the President and Chief Operating Officer of the Company. A copy of the press release issued by the Company announcing Mr. Jordan’s appointment as Chief Executive Officer is attached to this Current Report as Exhibit 5.1.
Mr. Jordan will continue to be compensated in accordance with his employment agreement with the Company dated October 10, 2018 and effective March 1, 2018, a copy of which was attached as Exhibit 10.2 to the Company’s Form S-8 filed October 29, 2018. to the terms of his employment agreement, Mr. Jordan’s base salary is $250,000 per year, subject to adjustment as set forth therein. Mr. Jordan will not receive any additional compensation in his capacity as Chief Executive Officer.
Mr. Jordan, age 58, was appointed to the Board in January 2018. He is a petroleum engineer with expertise in acquisitions, field economics and reserves analysis, bank negotiations, reservoir and field operations, and multi-team interaction. Mr. Jordan serves on the Board of Directors of Matrix. Mr. Jordan has been active in the oil and gas industry since 1980 beginning as a floor hand on a well service rig. He has held various staff and supervisory positions for Exxon, Mack Energy, EOG, and Venoco Corporation. He was the team leader of a multi-discipline team that added 455 BCF and 79 MMCFD through acquisitions (71 BCF) and field development (365 wells) in the Val Verde Basin in West Texas. Mr. Jordan has managed acquisition evaluations in many of the oil and gas producing basins in the US. He has coordinated field development for various recovery mechanisms that include waterflood, tertiary flood, water drive oil and gas reservoirs, and pressure depletion fields with gas cap expansion or gravity drainage. Mr. Jordan received a B.S. in Chemical Engineering from the University of Oklahoma in 1983 and is currently a member of the Society of Petroleum Engineers and the American Petroleum Institute.
There are no family relationships between Mr. Jordan and any director or executive officer of the Company, and Mr. Jordan does not have any direct or indirect material interest in any transaction required to be disclosed to Item 404(a) of Regulation S-K.
| Item 9.01. |
Financial Statements and Exhibits. |
(d) Exhibits
| 5.1 |
Press Release dated January 7, 2019. |
Royale Energy, Inc. Exhibit
EX-5.01 2 re5_1pr.htm EXHIBIT 5.1 PRESS RELEASE (ROYL) News for Immediate Release ROYALE BOARD NAMES JOHNNY JORDAN AS NEW CEO January 07,…
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About Royale Energy, Inc. (OTCMKTS:ROYL)
Royale Energy, Inc. is an independent oil and natural gas producer. The Company is engaged in the production and sale of natural gas, acquisition of oil and gas lease interests and proved reserves, drilling of exploratory and development wells, and selling of fractional working interests in its wells to be drilled. The Company owns wells and leases located mainly in the Sacramento Basin and San Joaquin Basin in California, as well as in Utah, Texas, Oklahoma, Louisiana and Alaska. The Company sells a portion of the working interest in each well it drills or participates in to third party investors and retains a portion of the prospect for its own account. The Company owns proved developed producing and non-producing reserves of oil and natural gas in Utah, Texas, Oklahoma and Louisiana, as well as prospective shale oil property in Alaska. The Company has drilled over two wells in northern California.
