Royale Energy (
) 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
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.
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