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Royale Energy, Inc. (OTCMKTS:ROYL) Files An 8-K Entry into a Material Definitive Agreement

Royale Energy, Inc. (OTCMKTS:ROYL) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement

On June 24, 2020, Matrix Oil Management Corp., a subsidiary of Royale Energy, Inc. (“Royale”) and RMX Resources LLC (“RMX”), as Sellers, entered into an agreement with 9th St. Partners, LLC, as Buyer, for the sale and purchase of a 1.7 acre tract of land in Commerce, CA owned 50/50 by Sellers, for a purchase price of approximately $2.15 million. Royale owns a substantial interest in RMX through a joint venture with CIC RMX LP. The closing of the transaction is subject to satisfaction of closing conditions including the receipt of all governmental approvals, satisfactory inspections and other customary items.
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.

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