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Table of Contents
Table of Contents 2
List of Tables 4
List of Figures 5
Company Snapshot 7
Key Information 7
Company Overview 7
Royale Energy, Inc., Valuation and Financial Data 8
Royale Energy, Inc., Share Price Performance 8
Share Price Performance, Q3, 2015-Q3, 2016 8
Royale Energy, Inc., Key Valuation Metrics 9
Key Valuation Metrics, Q3, 2015-Q3, 2016 9
Royale Energy, Inc., Quarterly Results of Oil & Gas Operations Per boe Produced 10
Results of Oil & Gas Operations Per boe Produced, Q3, 2015-Q3, 2016 10
Results of Oil & Gas Operations Per boe Growth Rates, Q3, 2015-Q3, 2016 11
Royale Energy, Inc., Quarterly E&P Costs Trends 12
Upstream Capital Expenditure, Q3, 2015-Q3, 2016 12
Royale Energy, Inc., Quarterly Production Trends 13
Royale Energy, Inc., Total Oil and Gas Production 13
Total Crude Oil and Natural Gas Production Trend, Q3, 2015-Q3, 2016 13
Total Crude Oil & Natural Gas Production, By Country/Region, Q3, 2015-Q3, 2016 14
Royale Energy, Inc., Crude Oil Production 15
Total Crude Oil Production Trend, Q3, 2015-Q3, 2016 15
Crude Oil Production, By Country/Region, Q3, 2015-Q3, 2016 16
Royale Energy, Inc., Natural Gas Production 17
Total Natural Gas Production Trend, Q3, 2015-Q3, 2016 17
Natural Gas Production, By Country/Region, Q3, 2015-Q3, 2016 18
Royale Energy, Inc., Valuation and Financial Data, 2011-2015 19
Royale Energy, Inc., Share Price Performance, 2011-2015 19
Share Price Performance, 2011-2015 19
Key Valuation Metrics, 2011-2015 20
Royale Energy, Inc., Production and Reserves Trends 21
Total Oil and Gas, Reserves and Production 21
Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 21
Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 23
Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 25
Crude Oil/Liquids Production and Reserve 26
Crude Oil/Liquids Production and Reserve Trend, 2011-2015 26
Crude Oil Production and Reserves By Country/Region, 2011-2015 27
Crude Oil/Liquids Reserve Changes, 2011-2015 28
Natural Gas Production and Reserve 29
Natural Gas Production and Reserve Trend, 2011-2015 29
Natural Gas Production and Reserves, By Country/Region, 2011-2015 30
Natural Gas Reserve Changes, 2011-2015 32
Total Crude Oil and Natural Gas Reserves Life Index 33
Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 33
Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 34
Royale Energy, Inc., E&P Costs Trends 36
Allocation of the Upstream Capital Expenditure 36
Upstream Capital Expenditure, 2011-2015 36
Acquisition Costs By Country/Region, 2011-2015 37
Exploration and Development Costs, By Country/Region, 2011-2015 39
Oil and Gas Cost Per boe, US$/boe 41
Oil and Gas Cost Per boe, US$/boe, 2011-2015 41
Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 43
Royale Energy, Inc., Reserve Replacement Ratio 45
Oil and Gas Production Replacement Ratio 45
Oil and Gas Production Replacement Ratio, 2011-2015 45
Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 47
Royale Energy, Inc., Results of Oil & Gas Operations Trend 51
Oil and Gas Revenue and Expenses 51
Oil and Gas Revenue and Expenses, 2011-2015 51
Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 52
Oil and Gas Revenue and Expenses, Per boe 56
Oil and Gas Revenue and Expenses, By boe, 2011-2015 56
Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 57
Oil and Gas Performance Metrics 60
Royale Energy, Inc., Land Holdings and Well Data 61
Developed and Undeveloped Acreage 61
Gross and Net Developed and Undeveloped Acreage, 2011-2015 61
Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2011-2015 62
Well Statistics 65
Producible Oil and Gas Well, 2011-2015 65
Producible Oil and Gas Well, By Country/Region, 2011-2015 66
Exploration and Development Wells Drilled, 2011-2015 70
Exploration and Development Wells Drilled, By Country/Region, 2011-2015 71
Recent Developments 72
Royale Energy, Inc. - Recent Developments 72
Nov 14, 2016: Royale Begins Production At CRC RVGU #8-1 And CRC RVGU #8-2 Wells In Rio Vista Gas Field 72
Sep 22, 2016: Royale Begins Drilling A Development Well After Positive Results In CRC RVGU #8-1 72
Sep 01, 2016: Royale Energy commences drilling at Rio Vista field in Sacramento Basin 72
Aug 09, 2016: Royale Energy Announces Second Quarter 2016 Financial Results And $2.5 Million Private Capital Raise 72
Jun 16, 2016: Royale Expands Development Agreement 73
May 17, 2016: Royale Completes The First Two Wells Of 2016 73
May 09, 2016: Royale Energy Posts A 45% Improvement In First Quarter Results 74
Mar 15, 2016: Royale Energy Announces Positive Operating Income For The 4th Quarter 2015 74
Dec 10, 2015: Royale Energy Receives Positive Nasdaq Listing Determination 74
Oct 28, 2015: Royale Announces Positive Operating Income 74
Appendix 76
Methodology 76
Coverage 76
Secondary Research 76
Primary Research 76
Data Information Sources 77
Company Source 77
SEC/Other Regulatory Filings 77
Other Sources 77
Expert Panel Validation 77
Data Definition 77
Oil and Gas Reserves 77
Units of Measure 78
About GlobalData 78
Disclosure 78
Disclaimer 78
List of Tables
Table 1: Royale Energy, Inc., Key Facts 7
Table 2: Royale Energy, Inc., Share Price Performance, Q3, 2015-Q3, 2016 8
Table 3: Royale Energy, Inc., Key Valuation Metrics, Q3, 2015-Q3, 2016 9
Table 4: Royale Energy, Inc., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q3, 2015-Q3, 2016 10
Table 5: Royale Energy, Inc., Results of Oil & Gas Operations Per boe Growth Rates, %, Q3, 2015-Q3, 2016 11
Table 6: Royale Energy, Inc., Upstream Capital Expenditure, Q3, 2015-Q3, 2016 12
Table 7: Royale Energy, Inc., Total Crude Oil and Natural Gas, Production, Q3, 2015-Q3, 2016 13
Table 8: Royale Energy, Inc., Total Oil & Gas Production, By Country/Region, mmboe, Q3, 2015-Q3, 2016 14
Table 9: Royale Energy, Inc., Total Crude Oil Production, mmbbl, Q3, 2015-Q3, 2016 15
Table 10: Royale Energy, Inc., Crude Oil Production, By Country/Region, mmbbl, Q3, 2015-Q3, 2016 16
Table 11: Royale Energy, Inc., Total Natural Gas Production, bcf, Q3, 2015-Q3, 2016 17
Table 12: Royale Energy, Inc., Natural Gas Production, By Country/Region, bcf, Q3, 2015-Q3, 2016 18
Table 13: Royale Energy, Inc., Share Price Performance, 2011-2015 19
Table 14: Royale Energy, Inc., Key Valuation Metrics, 2011-2015 20
Table 15: Royale Energy, Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 22
Table 16: Royale Energy, Inc., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 24
Table 17: Royale Energy, Inc., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 25
Table 18: Royale Energy, Inc., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 26
Table 19: Royale Energy, Inc., Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 27
Table 20: Royale Energy, Inc., Crude Oil Reserve Changes, mmbbl, 2011-2015 28
Table 21: Royale Energy, Inc., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 29
Table 22: Royale Energy, Inc., Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 31
Table 23: Royale Energy, Inc., Natural Gas Reserve Changes, bcf, 2011-2015 32
Table 24: Royale Energy, Inc., Oil and Gas Reserves Life Index, Years, 2011-2015 33
Table 25: Royale Energy, Inc., Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 35
Table 26: Royale Energy, Inc., Upstream Capital Expenditure, US$ mil, 2011-2015 36
Table 27: Royale Energy, Inc., Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 38
Table 28: Royale Energy, Inc., Exploration and Development Costs, By Country/Region, US$ mil, 2011-2015 40
Table 29: Royale Energy, Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 42
Table 30: Royale Energy, Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2011-2015 44
Table 31: Royale Energy, Inc., Oil and Gas Production Replacement Ratio, %, 2011-2015 46
Table 32: Royale Energy, Inc., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 50
Table 33: Royale Energy, Inc., Revenue and Expenses, US$ mil, 2011-2015 51
Table 34: Royale Energy, Inc., Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 55
Table 35: Royale Energy, Inc., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 56
Table 36: Royale Energy, Inc., Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2011-2015 59
Table 37: Royale Energy, Inc., Oil and Gas Performance Metrics, 2011-2015 60
Table 38: Royale Energy, Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 61
Table 39: Royale Energy, Inc., Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2011-2015 64
Table 40: Royale Energy, Inc., Producible Oil and Gas Wells, 2011-2015 65
Table 41: Royale Energy, Inc., Producible Oil and Gas Wells, By Country/Region, 2011-2015 69
Table 42: Royale Energy, Inc., Exploratory and Developed Wells, 2011-2015 70
Table 43: Royale Energy, Inc., Exploratory and Developed Wells, By Country/Region, 2011-2015 71
List of Figures
Figure 1: Royale Energy, Inc., Share Price Performance, USD/Share, Q3, 2015-Q3, 2016 8
Figure 2: Royale Energy, Inc., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q3, 2015-Q3, 2016 9
Figure 3: Royale Energy, Inc., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q3, 2015-Q3, 2016 10
Figure 4: Royale Energy, Inc., Upstream Capital Expenditure, US$ mil, Q3, 2015-Q3, 2016 12
Figure 5: Royale Energy, Inc., Total Crude Oil and Natural Gas, Production, mmboe, Q3, 2015-Q3, 2016 13
Figure 6: Royale Energy, Inc., Total Oil & Gas Production, By Country/Region, mmboe, Q3, 2015-Q3, 2016 14
Figure 7: Royale Energy, Inc., Total Natural Gas Production, bcf, Q3, 2015-Q3, 2016 17
Figure 8: Royale Energy, Inc., Natural Gas Production, By Country/Region, bcf, Q3, 2015-Q3, 2016 18
Figure 9: Royale Energy, Inc., Share Price Performance, USD/Share, 2011-2015 19
Figure 10: Royale Energy, Inc., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 20
Figure 11: Royale Energy, Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 21
Figure 12: Royale Energy, Inc., Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 23
Figure 13: Royale Energy, Inc., Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 23
Figure 14: Royale Energy, Inc., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 25
Figure 15: Royale Energy, Inc., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 29
Figure 16: Royale Energy, Inc., Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 30
Figure 17: Royale Energy, Inc., Gas Production, By Country/Region, bcf, 2011-2015 30
Figure 18: Royale Energy, Inc., Natural Gas Reserve Changes, bcf, 2015 32
Figure 19: Royale Energy, Inc., Oil and Gas Reserves Life Index, Years, 2011-2015 33
Figure 20: Royale Energy, Inc., Gas Reserve Life Index, By Country/Region, Years, 2011-2015 34
Figure 21: Royale Energy, Inc., Oil & Gas Reserve Life Index, By Country/Region, Years, 2011-2015 34
Figure 22: Royale Energy, Inc., Oil Reserve Life Index, By Country/Region, Years, 2011-2015 35
Figure 23: Royale Energy, Inc., Upstream Capital Expenditure, US$ mil, 2011-2015 36
Figure 24: Royale Energy, Inc., Proved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 37
Figure 25: Royale Energy, Inc., Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 37
Figure 26: Royale Energy, Inc., Development Costs, By Country/Region, US$ mil, 2011-2015 39
Figure 27: Royale Energy, Inc., Exploration Costs, By Country/Region, US$ mil, 2011-2015 39
Figure 28: Royale Energy, Inc., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 41
Figure 29: Royale Energy, Inc., Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 43
Figure 30: Royale Energy, Inc., Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 43
Figure 31: Royale Energy, Inc., Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 44
Figure 32: Royale Energy, Inc., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 45
Figure 33: Royale Energy, Inc., 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2011-2015 47
Figure 34: Royale Energy, Inc., 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2011-2015 47
Figure 35: Royale Energy, Inc., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 48
Figure 36: Royale Energy, Inc., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 48
Figure 37: Royale Energy, Inc., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 49
Figure 38: Royale Energy, Inc., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 49
Figure 39: Royale Energy, Inc., Revenue and Expenses, US$ mil, 2011-2015 51
Figure 40: Royale Energy, Inc., Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 52
Figure 41: Royale Energy, Inc., Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 52
Figure 42: Royale Energy, Inc., Oil & Gas Revenue, By Country/Region, US$ mil, 2011-2015 53
Figure 43: Royale Energy, Inc., Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 53
Figure 44: Royale Energy, Inc., Production Costs, By Country/Region, US$ mil, 2011-2015 54
Figure 45: Royale Energy, Inc., Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 54
Figure 46: Royale Energy, Inc., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 56
Figure 47: Royale Energy, Inc., Lifting Cost per boe, By Country/Region, US$/boe, 2011-2015 57
Figure 48: Royale Energy, Inc., Annual Net Income per boe, By Country/Region, US$/boe, 2011-2015 57
Figure 49: Royale Energy, Inc., Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2011-2015 58
Figure 50: Royale Energy, Inc., Total DD&A per boe, By Country/Region, US$/boe, 2011-2015 58
Figure 51: Royale Energy, Inc., Total Revenue per boe, By Country/Region, US$/boe, 2011-2015 59
Figure 52: Royale Energy, Inc., Oil and Gas Performance Metrics, 2011-2015 60
Figure 53: Royale Energy, Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 61
Figure 54: Royale Energy, Inc., Total Gross Undeveloped Acreage, By Country/Region, Acres, 2011-2015 62
Figure 55: Royale Energy, Inc., Total Net Undeveloped Acreage, By Country/Region, Acres, 2011-2015 62
Figure 56: Royale Energy, Inc., Total Gross Developed Acreage, By Country/Region, Acres, 2011-2015 63
Figure 57: Royale Energy, Inc., Total Net Developed Acreage, By Country/Region, Acres, 2011-2015 63
Figure 58: Royale Energy, Inc., Producible Oil and Gas Wells, 2011-2015 65
Figure 59: Royale Energy, Inc., Gross Productive Gas Wells, By Country/Region, Number, 2011-2015 66
Figure 60: Royale Energy, Inc., Gross Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 66
Figure 61: Royale Energy, Inc., Gross Productive Oil Wells, By Country/Region, Number, 2011-2015 67
Figure 62: Royale Energy, Inc., Net/Gross Oil & Gas Ratio, By Country/Region, %, 2011-2015 67
Figure 63: Royale Energy, Inc., Net Productive Gas Wells, By Country/Region, Number, 2011-2015 68
Figure 64: Royale Energy, Inc., Net Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 68
Figure 65: Royale Energy, Inc., Net Productive Oil Wells, By Country/Region, Number, 2011-2015 69
Figure 66: Royale Energy, Inc., Exploratory and Developed Wells, 2011-2015 70