Royale is an independent oil and natural gas exploration and production company with operations in Texas, California, and Oklahoma. The company focuses on acquiring and developing oil and natural gas reserves, primarily in Mitchell and Ector County, Texas, and the Sacramento and San Joaquin Basins in California. Royale sells its production to regional energy buyers, including Energy Transfer Crude Marketing and WTG Jameson, with oil and gas sales accounting for nearly all of the company's revenue. To fund its drilling programs and mitigate financial risk, Royale utilizes a business model that involves selling fractional working interests in undeveloped wells to accredited investors through private placements. Royale drills these wells under fixed-price turnkey contracts and typically retains a partial working interest in each project. As the operator of its wells, Royale also earns fees and overhead reimbursements from its co-investors. Because oil and gas production naturally declines over time, Royale’s strategy requires the continuous acquisition of new leases and the drilling of new wells to maintain output levels. The company relies on its local geological knowledge and established investor relationships to identify and finance development opportunities. This model allows Royale to participate in multiple drilling projects while limiting the capital exposure of any single well.