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Energy

Royale Discovery Lights Up Interest (ROYL)

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Updated Published
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Oil_well_logo_2Royale Energy Inc. (NASDAQ: ROYL) has announced that it discovered natural gas in its Andrus Island East well in the Sacramento Basin of California which was drilled as part of its 2008-A drilling project.  While individual finds and individual projects are not major events for larger oil and gas players, this is one very very speculative company with a low market cap and low revenues as you will see below.

After completing and testing the Starkey sand in the Andrus Island Eastwell, it was flowing over 1,000,000 cubic ft. of natural gas per day.The company’s entire revenues in the last quarter were only 4.711million and its market cap even with the pop this morning is barely $30million. 

As far as the depths and locations, the company noted that the well wasdrilled to 7,000 ft. and logged pay in two natural gas filled sands inthe Nortinville formation at 3,350 ft. and 3,800 ft. The deeper StarkeyChannel was penetrated at 6,500 ft. and encountered 26 ft. of highporosity and permeable natural gas filled sands.

Shares are indicated up 15% pre-market at $3.61 on the find.  So faronly 3,900 shares have traded, but its average daily volume is about330,000.  Its 52-week trading range is $2.18 to $14.70.

Jon C. Ogg
October 7, 2008

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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