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Royale drills new gas well

San Diego’s Royale Energy (Nasdaq: ROYL) announced Wednesday that it has begun drilling for natural gas on its Victor Ranch 3-20 well in the Sacramento Basin and expects to bring two more wells into production this week and another one by the end of the quarter.

Royale’s Cardiff well, which was drilled in the fourth quarter of 2013, now has a flow rate of 1.7 million cubic feet per day.

The new wave of drilling comes as California natural gas prices are at a four-year high, partly because the drought has forced San Francisco’s Pacific Gas & Electric (NYSE: PCG) to cut back on its hydropower generation and shift to gas. With its Diablo Canyon nuclear power plant slated to shut down for maintenance this spring, PG&E’s reliance on natural gas has jumped by 33 percent.

In the meantime, Royale has begun seismic acquisition operations on 120 square miles on Alaska’s North Slope, where it is working with Australia’s Rampart Energy to explore for both oil and natural gas. Rampart this week committed $50 million for exploration costs on the project.

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Royale Energy Inc.

Company Website

7676 Hazard Center Drive, Suite 1500
San Diego, CA 92108

Company Trade Data

Stock Symbol Close
Change
Chg %Chg
Volume
52-Week
High Low
ROYL
0.65
  0.0  
+ 0.00%
138,882,000
2.98
0.58

Insider Trade Data

Date Insider Shares Type Value
06/27/2014 Hosmer, Stephen M 50,500 Sell $170,049
06/27/2014 Hosmer, Stephen M 50,500 Sell $170,049
05/28/2014 Hosmer, Stephen M 3,500 Sell $10,826
05/28/2014 Hosmer, Stephen M 3,500 Sell $10,826
03/18/2014 Hosmer, Donald H 9,140 Sell $27,472

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NAICS - 211111 - Crude Petroleum and Natural Gas Extraction