Why Royale Energy (ROYL) Stock Is Surging Today

NEW YORK (TheStreet) -- Royale Energy (ROYL) was surging 30.6% to $3.67 Thursday after announcing it identified a large drillable target on Alaskan 3D seismic.

The conventional target is as large as 20,000 acres, and it strongly supported by Direct Hydrocarbon Indicators. The company is now planning and seeking approval for the drilling of two wells in the area in January 2015.

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"Royale Energy, Inc. (Royale Energy) is an independent oil and natural gas producer. Royale Energy's principal lines of business are the production and sale of natural gas, acquisition of oil and gas lease interests and proved reserves, drilling of both exploratory and development wells, and sales of fractional working interests in wells to be drilled by Royale Energy. Royale Energy owns wells and leases located in the Sacramento Basin and San Joaquin Basin in California, as well as in Utah, Texas, Oklahoma, Louisiana, and Alaska. Royale Energy sells a portion of the working interest in each well it drills or participates in to third party investors and retains a portion of the prospect for its own account. In March 2014, the Company announced that it has completed the field acquisition of its planned seismic survey over the western block of its Alaska North Slope acreage."

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