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Energy Stocks Poating Strong Results; Royale Energy Gaining on Alaska Plans

By: MT Newswires
Posted: 9/27/2012 1:08:00 PM
Referenced Stocks: ROYL

Top Energy Stocks

XOM +0.8%, near year highs

CVX +0.7%

COP +0.5%

SLB +1.6%

OXY +1.2%

Energy stocks are higher today with the NYSE Energy Sector Index rising 0.7% and the S&P Energy Index gaining 1.3%. Crude oil for November delivery is up $1.28 to $91.26 per barrel. November natural gas is up 3 cents to $3.24 per 1 million BTU.

In company news, Shares of Royale Energy Inc ( ROYL ) are up about 34% at around $4.40 but well off a day high $5.23 after the company reaffirmed plans to develop its acreage in Alaska near an area where privately held Great Bear Petroleum Operating LLC has said it could find oil.

ROYL will develop nearly 100,000 acres immediately adjacent to Great Bear's acreage, it said in a statement on Thursday that also carried an article published in Petroleum News about Great Bear's Alaska oil program.

In other sector news,

(-) HUSA, (-3%) Said drilling on the Zorro Gris #1 well - the company's third well on its CPO 4 block in Colombia - reached 7,400 feet as of Sept. 25. It has a target depth of 13,094 feet.