Royale Energy Holdings
(“
Holdings”) (OTCQB:ROYL) has announced that it
has elected seven members to its board of directors. The
directors were named pursuant to the vote of the respective
shareholder as proposed in the merger between Royale Energy, Inc.
(“Royale”), and Matrix Oil Management Corporation (“Matrix”), and
their related entities. The seating of the directors is the next
step toward the conclusion of the approved merger, and the purchase
of the remaining 50% non-operated working interest in oil and gas
leases in the Sansinena and East Los Angeles fields operated by
Matrix. Each of the seven board members were named in the Amended
and Restated Merger Agreement between Royale and Matrix, which is
now slated to close on January 31, 2018.
The following summarizes the business experience
of each director and executive officer for the past five years.
Harry E. Hosmer – Chairman of the Board
and Director
Harry E. Hosmer has served as chairman of Royale
since he founded the company in 1986. From inception until June
1995, he also served as president and chief executive officer. Mr.
Hosmer will serve as chairman of Holdings until the first annual
shareholders meeting, at which time he will retire as chairman and
assume the title of chairman emeritus.
Jonathan Gregory – Chief Executive
Officer and Director
Mr. Gregory was appointed Royale’s chief
executive officer on September 10, 2015. Prior to becoming Royale’s
CEO, Mr. Gregory, from March 2014 to July 2015, served as chief
financial officer for Americo Energy Resources, a private
exploration and production company located in Houston, Texas. Prior
to serving as CFO of Americo Energy, Mr. Gregory, from April 2012
to February 2014 was CFO of J&S Oil & Gas, LLC. From
December 2004 to April 2012, Mr. Gregory was head of the energy
lending group in Houston, Texas for Texas Capital Bank, N.A. Mr.
Gregory is a member of Houston Energy Finance Group; and ADAM
Houston Energy Network. He is also a co-founder of Bread of Life,
Inc., a non-profit organization committed to empowering homeless
Houstonians, and a past director of Small Steps Nurturing Center, a
non-profit Christian organization that provides early childhood
education for economically at-risk children in the inner-city of
Houston, Texas. Mr. Gregory graduated from Lamar University in 1986
with a Bachelor’s degree in Finance.
Johnny Jordan – Chief Operating Officer
and Director
Mr. Jordan 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,
Enron Oil and Gas and Venoco Corporation. He was the team leader of
a multi-discipline team from 1992 to 1996 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.
Ronald B. Verdier –
Director
Mr. Verdier was appointed to the board in 2015.
Mr. Verdier is a retired banker who began his career in banking in
1968. He served as an employee and officer of Mercantile Trust
& Savings Bank, Quincy, Illinois, for thirty-three years,
ending as Senior Vice President. In 2002, Mr. Verdier retired from
Mercantile Trust & Savings Bank and became President of
Hannibal National Bank, Hannibal Missouri, where he served until
his retirement in 2012. Mr. Verdier is a graduate of the School of
Banking at the University of Wisconsin, Madison, and of the School
of Banking at the University of Oklahoma.
Ronald L. Buck – Director
Mr. Buck was elected to the board in 2015. Mr.
Buck received a Bachelor of Science degree in Marketing and a Minor
in Geology and Economics from Northwestern University. After
building his business into a large scale distribution company, he
sold the company to his two sons in 1992. Since his retirement in
1992, he has been in finance and managing family assets including
oil and gas wells and oil gathering pipeline investments. For the
past five years, he has actively managed two limited liability
companies for his family which are involved in real estate, rental
properties, leasing equipment, oil and gas properties and
pipelines. In this capacity, he also travels extensively to
financial meetings and is a member of the National Association of
Financial Advisors.
Rod Eson – Director
Mr. Eson is the chief executive officer of
Foothill Energy, LLC, a position he has held since he founded
Foothill Energy in 2004. Foothill owns and operates oil and gas
properties in the central and northern valleys of California. Mr.
Eson has owned and operated oil and gas production companies as
well as oilfield service companies since 1979. From 2006 to 2014,
he was chairman of the board of Enhanced Oil Resources, Inc. Prior
to forming Foothill Energy in June 2004, Mr. Eson was president and
chief executive officer of Venoco, Inc., a California based
independent oil and gas company he cofounded in 1992. At the time
of Mr. Eson’s sale of his interest in Venoco, it held assets in
excess of $400 million in California, Texas, Mississippi, Colorado
and Argentina.
Mr. Eson is the former chairman of the board of
the California Independent Petroleum Association and has been a
member of the Society of Petroleum Engineers and American Petroleum
Institute for more than three decades. He is also a member of the
Texas Independent Producers and Royalty Owners Association and a
member of the board of directors of the Independent Petroleum
Association of America. He received a B.S. in Mechanical
Engineering from California State Polytechnic University in Pomona,
California.
Gabriel L. Ellisor –
Director
Mr. Ellisor retired from Three Rivers Operating
Company II in February 2015, and since that time has managed his
private investments. From July 2012 to February 2015, he served as
chief financial officer of Three Rivers Operating Company II. Mr.
Ellisor also served as the Chief Financial Officer for Three Rivers
Operating Company I from 2010 to 2012. Both Three Rivers entities
were private equity companies backed by Riverstone Holdings. Built
as acquisition vehicles focused in the Permian Basin, both Three
Rivers I and II were built and sold in less than five years for
aggregate proceeds totaling over $2.25 billon. Prior to joining
Three Rivers, Mr. Ellisor was a principal at Rivington Capital
Advisors from 2008 to 2010, a boutique investment banking firm that
specializes in raising private capital and providing merger and
acquisition advisory services for the energy and production
sector. From April 2016 to the present, Mr. Ellisor has served
as director and chairman of the audit committee of SilverBow
Resources (NYSE:SBOW), an independent oil and gas company engaged
in developing, exploring, acquiring, and operating oil and gas
properties, primarily in the Eagle Ford trend in South Texas.
The management of Royale and Matrix have
determined that directors Ronald L. Buck, Ronald B. Verdier, Rod
Eson and Gabriel L. Ellisor qualify as independent directors.
About Royale Energy, Inc.
Founded in 1986, Royale Energy, Inc.
(OTCQB:ROYL) is an independent exploration and production company
focused on the acquisition, development, drilling and marketing of
oil and natural gas. Royale typically sells fractional working
interests to accredited investors in wells drilled by Royale.
Royale has its primary operations in the Sacramento and San Joaquin
basins in California and has royalty interests in Alaska.
About Matrix Oil Management
Corp.
Matrix is a private independent oil and natural
gas production company based in Santa Barbara, California. The
company formed in 1999 is focused on the acquisition and
development of long-life, low-risk producing oil leases that have
drilling upside or operations optimization opportunities. The
company owns and operates oil-producing properties in the Los
Angeles and San Joaquin Basins of California. It owns non-operated
natural gas producing properties in the Sacramento Basin of
California and oil-producing royalty and non-operated leases in the
Permian Basin and Midland Basin.
Forward Looking Statements
This release contains forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended (the “Securities Act”), and Section 21E of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”). Statements
that are not strictly historical statements constitute
forward-looking statements and may often, but not always, be
identified by the use of such words such as “expects,” “believes,”
“intends,” “anticipates,” “plans,” “estimates,” “potential,”
“possible,” or “probable” or statements that certain actions,
events or results “may,” “will,” “should,” or “could” be taken,
occur or be achieved. The forward-looking statements include
statements about future operations, estimates of reserve and
production volumes, and the anticipated timing for closing the
proposed merger. Forward-looking statements are based on current
expectations and assumptions and analyses made by Royale and Matrix
in light of experience and perception of historical trends, current
conditions and expected future developments, as well as other
factors appropriate under the circumstances. However, whether
actual results and developments will conform with expectations is
subject to a number of risks and uncertainties, including but not
limited to: the possibility that the companies may be unable to
obtain stockholder approval or satisfy the other conditions to
closing; that problems may arise in the integration of the
businesses of the two companies; that the acquisition may involve
unexpected costs; the risks of the oil and gas industry (for
example, operational risks in exploring for, developing and
producing crude oil and natural gas); risks and uncertainties
involving geology of oil and gas deposits; the uncertainty of
reserve estimates; revisions to reserve estimates as a result of
changes in commodity prices; the uncertainty of estimates and
projections relating to future production, costs and expenses;
potential delays or changes in plans with respect to exploration or
development projects or capital expenditures; health, safety and
environmental risks and risks related to weather; further declines
in oil and gas prices; inability of management to execute its plans
to meet its goals, shortages of drilling equipment, oil field
personnel and services, unavailability of gathering systems,
pipelines and processing facilities and the possibility that
government policies may change. Royale’s annual report on Form
10-K/A for the year ended December 31, 2016, quarterly reports on
Form 10-Q, recent current reports on Form 8-K, and other Securities
and Exchange Commission (“SEC”) filings discuss some of the
important risk factors identified that may affect its business,
results of operations, and financial condition. Royale and Matrix
undertake no obligation to revise or update publicly any
forward-looking statements, except as required by law.
For more information, please
contact:
Royale Energy, Inc.Chanda IdanoInvestor
Relations(619) 383-6600ir@royl.comhttp://www.royl.com
Source: Royale Energy, Inc.
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