On October 2, 2020, the Board of Directors of Royale Energy, Inc. (Royale") appointed Audit Committee chairman Robert Vogel, as chairman of the Board of Directors to succeed the existing chairman of the Board of Directors, Mel Riggs. Mr. Riggs was appointed to succeed Mr. Vogel as chairman of the Audit Committee.
Royale Energy Funds, Inc. is an independent oil and gas producer. The Company also performs turnkey drilling operations. The Company owns wells and leases in various geological basins located primarily in California, Texas, Oklahoma, and Utah, and offers fractional working interests. The Company also owns an overriding royalty interest in discovery in Alaska. It usually sells a portion of the working interest in each well it drills or participates with third-party participants and retains a portion of the prospect for its own account. The Company generally sells working interests in its prospects to accredited investors in exempt securities offerings. The prospects are typically bundled into multi-well investments, which permit third-party investors to diversify their investments by investing in several wells at once instead of investing in single-well prospects. The Company owns an interest in approximately 70 producing oil and natural gas wells.