Royale Energy (ROYL) Suspends Aspen Efforts
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Royale Energy Inc. (NASDAQ: ROYL) suspends its effort to tender its shares for the shares of Aspen Exploration (OTCBB: ASPN).
Following Aspen's quarterly financial filing in which it disclosed that it had breached a covenant of its credit agreement with Wells Fargo (NYSE: WFC), Royale Energy announced that it will not offer its shares pursuant to the S4 registration as it is currently filed.
Stephen Hosmer, said "We have suspended our effort in order to evaluate whether or at what rate to pursue an offer for Aspen. The significant deterioration in their financial condition, and their inability or unwillingness to use their "Cash & Cash Equivalents" to prevent a breach of their credit agreement significantly raises the risk Royale would assume in the transaction."
Royale will leave its registration statement on file while evaluating the Aspen filings.
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Headquartered in San Diego, Royale Energy, Inc. is an independent energy company.
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