Shares of Royale Energy Inc. (NASDAQ: ROYL), an oil and natural gas producer, accumulated strong share price gains during the past few trading sessions following the release of an independent review of the resource potential of two North Slope, Alaska drilling areas. The company’s shares climbed over 10% during the last two consecutive trading sessions with significant number of shares exchanging hands. During the last trading session, ROYL was the top performer in the U.S. energy space after climbing 10.3% and ended touching its 52-week high of $4.16 while recording huge volumes of 4.3 million shares. During the last 5-trading sessions, ROYL gained 19.2% with 5-day average trading volumes of 1.4 million shares, while the stock accumulated over 41% during the past one month with daily average trading volumes of 584,708 shares. Recently, ROYL released an independent review of the prospective resource potential of two recently identified North Slope Alaska drilling targets. It was concluded that the targets contain 17.8 to 325.3 million barrels of oil in place. Present expectation of recovery ranges from 14% to 42% of oil in place.
Company Description:
Royale Energy Inc (NASDAQ: ROYL) produces and sells natural gas, acquires oil and gas lease interests and proved reserves, drills both exploratory and development wells, and sells fractional working interests in wells to be drilled.
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Source: Bloomberg
