Royale Energy Inc (NASDAQ: ROYL) Royale Energy, Inc. announced
that NASDAQ Stock Market (NASDAQ) notified the Company that, based on
its Form 10-K for the year ended December 31, 2008, NASDAQ has
determined that Royale Energy’s reported stockholders' equity of
$7,394,467 must be increased to $10,000,000 stockholders' equity
requirement for continued listing on The NASDAQ Global Market, as
required by NASDAQ Marketplace Rule 4550(a)(3).
The Board of Directors have authorized management to seek additional
equity. They are currently reviewing term sheets to increase capital for
liquidity by issuing additional stock.
The Company will provide to NASDAQ a specific plan to accomplish such an
increase to meet continued NASDAQ listing requirements by April 16, 2009
or, in the alternative, to seek listing on NASDAQ’s Capital Market.
About Royale Energy
Headquartered in San Diego, Royale Energy, Inc. is an independent energy
company. The company is focused on development, acquisition,
exploration, and production of natural gas and oil in California, Texas
and the Rocky Mountains. It has been a leading independent producer of
oil and natural gas for over 20 years. The company's strength is
continually reaffirmed by investors who participate in funding over 50%
of the company's new projects. Additional information about Royale
Energy, Inc. is available on its web site at www.royl.com.
Forward Looking Statements
In addition to historical information contained herein, this news
release contains "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995, subject to various
risks and uncertainties that could cause the company's actual results to
differ materially from those in the "forward-looking" statements. While
the company believes its forward looking statements are based upon
reasonable assumptions, there are factors that are difficult to predict
and that are influenced by economic and other conditions beyond the
company's control. Investors are directed to consider such risks and
other uncertainties discussed in documents filed by the company with the
Securities and Exchange Commission.
Royale Energy, Inc.
Chanda Idano
Director of Marketing
& PR for Royale Energy, Inc.
619-881-2800
chanda@royl.com
http://www.royl.com
