Royale Energy, Inc. (“Royale” or the “Company”) is an independent oil and natural gas producer incorporated under the laws of Delaware. Royale's principal lines of business are the production and sale of oil and natural gas, acquisition of oil and gas lease interests and proved reserves, drilling of both exploratory and development wells, and sales of fractional working interests in wells to be drilled by Royale. Royale was incorporated in Delaware in 2017. On December 31, 2018, Royale and its consolidated subsidiaries had 11 full time employees.
The Merger had been previously approved by the respective holders of all outstanding capital stock of REF, Matrix, Royale, Matrix Merger Sub and Royale Merger Sub on November 16, 2017, as previously reported in our Current Report on Form 8-K dated November 16, 2017. The Merger and related transactions are described in detail in our Current Report on Form 8-K dated March 7, 2018, and in Royale's Current Report on Form 8-K dated March 7, 2018 (SEC File No. 000-55912).
As a result of the Merger, REF became a wholly owned subsidiary of Royale, and each outstanding share common stock of REF at the time of the Merger was converted into one share of common stock of Royale. The common stock of Royale is traded on the Over-The-Counter QB (OTCQB) Market System (symbol ROYL).