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