UPDATE: Royale Energy Shares Pull Back from Highs, But Still Up 33% on Oil Find

By
A A A

Royale Energy ( ROYL ) shares have skyrocketed 33% to $4.33, but are off the intraday top, after the company confirmed that Great Bear Petroleum Operating found oil in its test wells in Alaska.

The discovery was confirmed by executives from the two companies at the Alaska

Oil and Gas Congress in Anchorage last week.

Great Bear will accelerate the development phase of their project by as much as a full year. Royale will develop nearly 100,000 acres of land immediately adjacent to Great Bear, in which Royale was the successful bidder at the state's most recent lease sale.

ROYL shares have traded in a day range of $4.18 - $5.23, and a 52-week range of $1.73 - $6.98.

Trading volume is eye-popping, with 5.5 million ROYL shares changing hands, versus the recent daily average of 196,000. The company's float is listed at 11.2 million shares.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: ROYL

MT Newswires

MT Newswires

More from MT Newswires:

Related Videos

Stocks

Referenced

100%

Most Active by Volume

36,586,989
  • $41.35 ▼ 2.29%
33,435,019
  • $42.20 ▼ 10.86%
31,919,424
  • $9.72 ▼ 8.30%
30,045,396
  • $26.49 ▼ 1.41%
29,014,873
  • $8.05 ▼ 8%
27,308,018
  • $14.66 ▼ 8.32%
23,704,242
  • $118.93 ▼ 0.06%
23,514,654
  • $17.04 ▼ 0.41%
As of 11/28/2014, 01:06 PM

Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com