Royale Energy Inc (ROYL) said on Thursday that it would begin an exchange offer for a minimum of 48% and a maximum of 55% of the outstanding shares of common stock of Aspen Exploration, Inc. (ASPN.OB). The exchange ratio will be one share of Royale common stock for every 2.75 shares of Aspen common stock.
On November 19, the closing price of a share of Royale common stock was $2.75 and the closing price of a share of Aspen common stock was $1.02. Based on these closing prices, the exchange ratio for the offer represents a value of $1.00 per share of Aspen common stock.
The exchange offer will be conditioned upon, among other things, a registration statement for the issuance of Royale shares in the exchange offer being declared effective by the Securities and Exchange Commission; at least 48% of Aspen's shares being validly tendered in the exchange offer and not withdrawn; the expiration or termination of any waiting periods under applicable antitrust laws; receipt of any required consents under the terms of Aspen's debt agreements, and listing of the Royale stock to be issued in the exchange on Nasdaq. The complete terms and conditions of the exchange offer will be set forth in the registration statement and other offering documents to be filed by Royale with the Securities and Exchange Commission.
For comments and feedback contact: editorial@rttnews.com
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.