Royale Energy ( ROYL ) shares are witnessing upside on news that ConocoPhillips ( COP ) has been awarded as the Apparent High Bidder on Block 749 in Alaska's North Slope Areawide 2012W Lease Sale, with a bid of $171.93 per acre.
The purchased block is immediately adjacent to ROYL's Block 613, part of 33,736 acres in the ROYL's Colville River holdings and part of the overall 91,060 acre holdings on state acreage on the North Slope. ROYL's overall average cost per acre is $27.21 and the cost of block 613 was $20.10 per acre.
ROYL shares are up 16% on the news, COP shares are down 0.3%.
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