secwatch.observer — SEC 8-K summary
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Issuer:     Royale Energy, Inc. (ROYL)
CIK:        0001694617
Form:       8-K
Filed at:   2024-02-15T23:59:59+00:00
Accession:  0001185185-24-000170
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Royale Energy enters $3M secured loan with CEO-affiliated lender at 18% interest
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- Initial $1.4M from Walou Investments (affiliate of CEO Johnny Jordan); total facility up to $3M.
- Interest 18% per annum; maturity August 1, 2025; secured by oil/gas assets in Ector County, Texas.
- Related-party transaction approved by disinterested board; terms deemed fair and no less favorable.
- Additional loans of at least $100k allowed; prepayment without penalty; no reborrowing.
- Collateral includes certain oil and gas properties owned by wholly-owned subsidiary in Texas.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1694617/000118518524000170/0001185185-24-000170-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1694617/000118518524000170/royaleinc20240215_8k.htm
  HTML page:      https://secwatch.observer/filing/0001185185-24-000170

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