Royale Energy Rips 24% Higher on Gas Discovery at Zodiac Well

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Shares of Royale Energy Inc. ( ROYL ) are up 24% at $3.12 but are off a day high $3.34 after the company reported a gas discovery at its Zodiac well, which will be connected to the same pipeline system as the Dorset well that was announced in March with reserves of 2.2 billion cubic ft.

The new natural gas well was drilled on ROYL's proprietary 3-D seismic data and encountered up to three productive formations. The first zone has been completed and tested with a flow rate of more than 1 milion cubic ft. per day and the company plans to begin production at 700,000 cubic ft. per day.

Both the Dorset and Zodiac will begin production by the end of June. In addition, the company will drill three more wells by this fall.




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This article appears in: Investing , Commodities

Referenced Stocks: ROYL

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