ROYL — what changed in the latest 10-K
A section-by-section comparison of ROYL's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-K · 2026-07-13 vs the prior 10-K · 2025-04-09
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| Business | Text added/removed | +4 | −369 | ~35 | 21 |
| Risk factors | Text added/removed | +4 | −369 | ~35 | 21 |
| Legal proceedings | Text added/removed | +32 | −348 | ~37 | 40 |
| MD&A | Text added/removed | +30 | −357 | ~33 | 33 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Market risk (Item 7A)
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
Business
Text added vs the prior filing · source: 10-K · 2026-07-13
On September 3, 2025, the Company, through its wholly-owned subsidiary Royale Energy Funds, Inc, acquired certain non-operated working and net revenue interests in seven gross ( .189 net) producing horizontal wells and approximately 382.9 net acres of associated leasehold acreage within the Pradera …
Royale and its subsidiaries own wells, leases, and proved and non-proved reserves of oil and natural gas located mainly in Mitchell County and Ector County, Texas and in the Sacramento Basin and San Joaquin Basin in California, as well as in, Oklahoma. Royale also owns an overriding royalty interest…
During its fiscal year ended December 31, 2025, Royale continued to explore and develop oil and natural gas properties with concentration in Texas. In 2025, Royale participated in the drilling of one gross (0.0035 net) wells, which was commercially productive. Royale’s estimated total proved reserve…
Oil production from the operated Jameson property, in Texas, is sold to Energy Transfer Crude Marketing LLC, less transportation on a renewable evergreen contract based on West Texas Intermediate spot prices. The natural gas is sold pursuant to a long term contract with WTG Jameson, L.P., based on H…
Text removed vs the prior filing · source: 10-K · 2025-04-09
Royale and its subsidiaries own wells, leases, and proved and non-proved reserves of oil and gas located mainly in Mitchell County and Ector County, Texas and in the Sacramento Basin and San Joaquin Basin in California, as well as in, Oklahoma. Royale also owns an overriding royalty interest in a di…
During its fiscal year ended December 31, 2024, Royale continued to explore and develop oil and natural gas properties with concentration in Texas. In 2024, Royale participated in the drilling of four gross (0.0722 net) wells, which were all commercially productive. Royale’s estimated total reserves…
On September 16, 2022, California Governor Gavin Newsom signed Senate Bill No. 1137 (SB 1137) into law, prohibiting the issuance of well permits and the construction and operation of new production facilities within a “health protection zone” of 3,200 feet from certain sensitive receptors, such as h…
In December 2022, proponents of a voter referendum initiated a challenge to SB 1137 (the “Referendum”) and collected the requisite signatures to place SB 1137 on the November 2024 ballot. On February 3, 2023, the California Secretary of State certified that the requisite number of signatures had bee…
However, on June 27, 2024, the oil industry withdrew its referendum challenging SB 1137, allowing the law to take effect immediately. This development means that the restrictions and requirements outlined in SB 1137 are now in force, impacting our operations within the designated health protection z…
Risk factors
Text added vs the prior filing · source: 10-K · 2026-07-13
On September 3, 2025, the Company, through its wholly-owned subsidiary Royale Energy Funds, Inc, acquired certain non-operated working and net revenue interests in seven gross ( .189 net) producing horizontal wells and approximately 382.9 net acres of associated leasehold acreage within the Pradera …
Royale and its subsidiaries own wells, leases, and proved and non-proved reserves of oil and natural gas located mainly in Mitchell County and Ector County, Texas and in the Sacramento Basin and San Joaquin Basin in California, as well as in, Oklahoma. Royale also owns an overriding royalty interest…
During its fiscal year ended December 31, 2025, Royale continued to explore and develop oil and natural gas properties with concentration in Texas. In 2025, Royale participated in the drilling of one gross (0.0035 net) wells, which was commercially productive. Royale’s estimated total proved reserve…
Oil production from the operated Jameson property, in Texas, is sold to Energy Transfer Crude Marketing LLC, less transportation on a renewable evergreen contract based on West Texas Intermediate spot prices. The natural gas is sold pursuant to a long term contract with WTG Jameson, L.P., based on H…
Text removed vs the prior filing · source: 10-K · 2025-04-09
Royale and its subsidiaries own wells, leases, and proved and non-proved reserves of oil and gas located mainly in Mitchell County and Ector County, Texas and in the Sacramento Basin and San Joaquin Basin in California, as well as in, Oklahoma. Royale also owns an overriding royalty interest in a di…
During its fiscal year ended December 31, 2024, Royale continued to explore and develop oil and natural gas properties with concentration in Texas. In 2024, Royale participated in the drilling of four gross (0.0722 net) wells, which were all commercially productive. Royale’s estimated total reserves…
On September 16, 2022, California Governor Gavin Newsom signed Senate Bill No. 1137 (SB 1137) into law, prohibiting the issuance of well permits and the construction and operation of new production facilities within a “health protection zone” of 3,200 feet from certain sensitive receptors, such as h…
In December 2022, proponents of a voter referendum initiated a challenge to SB 1137 (the “Referendum”) and collected the requisite signatures to place SB 1137 on the November 2024 ballot. On February 3, 2023, the California Secretary of State certified that the requisite number of signatures had bee…
However, on June 27, 2024, the oil industry withdrew its referendum challenging SB 1137, allowing the law to take effect immediately. This development means that the restrictions and requirements outlined in SB 1137 are now in force, impacting our operations within the designated health protection z…
Legal proceedings
Text added vs the prior filing · source: 10-K · 2026-07-13
During the fiscal year ended December 31, 2025, we did not issue any unregistered securities.
During the fiscal year ended December 31, 2024, we issued the following unregistered securities in transactions exempt from registration under the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) and/or Regulation D thereunder:
Royale issued 1,299,641 shares of common stock to its officers, directors, and consultants in lieu of cash compensation for services rendered. These shares were issued at prevailing market prices or pursuant to existing contractual arrangements, and no underwriters or selling agents were involved.
The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. We consider an accounting estimate to be critical if it requires difficult, subjective, or complex j…
Management considers the estimation of proved oil and natural gas reserve quantities to be the most critical of these estimates, because those quantities drive the rate at which the Company depletes its oil and gas properties under the unit-of-production method and are the basis on which proved prop…
Text removed vs the prior filing · source: 10-K · 2025-04-09
Item 5 Market for Common Equity and Related Stockholder Matters 12
Item 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations 13
Item 7A Qualitative and Quantitative Disclosures About Market Risk 17
Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 17
Item 10 Directors, Executive Officers and Corporate Governance 19
MD&A
Text added vs the prior filing · source: 10-K · 2026-07-13
Management’s Discussion and Analysis of Financial Condition and Results of Operations provides management’s analysis of the Company’s financial performance and of significant trends that may affect future performance. It should be read in conjunction with the financial statements and notes, and supp…
The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. We consider an accounting estimate to be critical if it requires difficult, subjective, or complex j…
Management considers the estimation of proved oil and natural gas reserve quantities to be the most critical of these estimates, because those quantities drive the rate at which the Company depletes its oil and gas properties under the unit-of-production method and are the basis on which proved prop…
Changes in estimated proved reserves have a direct and measurable effect on the Company’s results of operations. Depreciation, depletion and amortization expense was $259,438 for the year ended December 31, 2025, compared to $308,523 for 2024; the decrease of $49,085, or 15.9%, resulted from an incr…
We recognize an asset retirement obligation (“ARO”) for the estimated present value of the future costs to plug and abandon wells, remove equipment and facilities, and restore land and surface conditions. ARO estimates require significant judgment regarding the timing of retirement activities, futur…
Text removed vs the prior filing · source: 10-K · 2025-04-09
Item 7A Qualitative and Quantitative Disclosures About Market Risk 17
Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 17
Item 10 Directors, Executive Officers and Corporate Governance 19
Item 12 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 24
Item 13 Certain Relationships and Related Transactions, and Director Independence 25
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice