SAN DIEGO, May 22, 2018 (GLOBE NEWSWIRE) -- Royale Energy, Inc., (OTQBC:ROYL) announced today the appointment of Board Director Rod Eson as chief executive officer effective (immediately). Prior to accepting the chief executive responsibilities at Royale, Mr. Eson served as the CEO of Foothill Energy LLC, a California-focused company he founded in 2004. Mr. Eson formed Foothill Energy after serving as executive vice president, and president and CEO of Venoco Inc., an oil and gas exploration and production company that primarily operated in California. Eson co-founded Venoco in 1992 and sold his interest in 2004. Mr. Eson is a board member and former chairman of the California Independent Petroleum Association and has been a member of the Society of Petroleum Engineers for over 30 years. Mr. Eson will continue Royale’s focus on developing the assets acquired in the Matrix Oil merger, expanding its drilling programs in Northern California, and pursuing further accretive acquisition opportunities.
Following the successful funding of the new joint venture development company, Jonathan Gregory resigned as Royale’s CEO and assumed full-time leadership of the joint venture, thereby focusing his efforts on enhancing the value of this very meaningful Royale investment. Mr. Gregory provided strong vision, clear guidance and steadfast determination in completing the merger and positioning Royale to achieve long-term shareholder value. Mr. Gregory continues to serve as a member of Royale’s board of directors.
“Mr. Eson has a tremendous career record leading and growing independent oil and gas companies. He is well-regarded amongst his peers in the industry and is exactly the right leader for this next phase of Royale’s ongoing growth plan,” said Mr. Gregory. “With Mr. Eson’s focus on Royale, and my focus on the joint venture, Royale’s shareholders are in an even better position to see value created.”
Mr. Eson added, “I’m excited about Royale’s combined inventory of assets, acquisition targets and strategic relationships. The current industry climate and the improved company financial condition is a perfect recipe for further success.”
Johnny Jordan will continue to serve as president, focused on acquiring, developing and executing on the company’s exploration and production activities, while Don Hosmer will continue to lead Royale’s successful and long-standing direct working investment programs. Harry Hosmer will continue to serve as chairman.
Stephen Hosmer, who will continue as chief financial officer of Royale stated, “This is another important step in positioning the company for a return to a robust position on a National Market exchange.”
Mr. Eson added, “In the coming days we will announce the date for our annual shareholders meeting and present an outstanding slate of board of director nominees for shareholder consideration”
About Royale Energy. Inc. Royale Energy, Inc. (OTCQB:ROYL) is an independent exploration and production company focused on the acquisition, development, and marketing of oil and natural gas. The Company has its primary operations in California’s Los Angeles and Sacramento Basins.
Forward-Looking Statement 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.
Contact: Royale Energy, Inc. Chanda Idano Director of Marketing & PR 619-383-6600 chanda@royl.com http://www.royl.com
