Royale Energy shares higher on new production region
Independent energy company Royale Energy Inc. (Nasdaq: ROYL) is seeing some upside in pre-market trading after stating this morning that it successfully tested a new producing horizon in its Moon Canyon #2 well in the Uintah Basin, Utah.
The new zone is a Dakota B sand that flowed dry natural gas at rates up to 2,000,000 cubic ft. per day from this interval. The well will be hooked up to the pipeline for immediate sales at 1,000,000 cubic per day.
Shares gained 8%, or $0.53, to $7 in pre-market trading. For detailed price information and news stories on Royale Energy, click ROYL.
About the Author
Reporter Jennifer Schonberger is based in SmallCapInvestor.com's Washington, D.C. bureau.
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