Royale Energy eliminates all Series B Preferred, resolves ~$27M in obligations via stock, notes, and options

Royale Energy, Inc.

Exchanged all Series B Preferred Stock (liquidation preference >$24M) for 22.2M common shares, $2.47M notes, and 25M options at $0.10.
Resolved $2.82M in historical liabilities by issuing 2.54M common shares and $0.28M notes.
Company now has single class of common stock; no preferred shares outstanding.
CEO Johnny Jordan and director Jeff Kearns participated; their ownership changed to 26.38% and 19.67%.
No cash proceeds; transactions approved by disinterested board members.

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