Royale soars on North Slope excitement

A screen at a trading post on the floor of the New York Stock Exchange charts the Dow Jones Industrial Average Monday, Dec. 8. 2008. A stock market gaining in confidence has shot higher for a second straight session as investors bet that President-elect Barack Obama's plans to increase infrastructure spending will lift the economy back to health. (AP Photo/Richard Drew)

Soaring: Royale Energy up on positive outlook for North Slope

Richard Drew

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Luke Johnson

 27 September 2012 23:00 GMT

Shares of California-based Royale Energy surged on Thursday following comments by one of its chief executives reaffirming its drilling plans in Alaska's North Slope.

Stephen Hosmer, co-chief executive of the San Diego-based independent, was addressing an audience at the Alaska Oil & Gas Congress in Anchorage last week when he gave an update on the company's first test wells drilled on acreage acquired in a state lease sale last year.

Hosmer discussed the early results of the Alcor #1 and Merak #1 well, in which Royale cored portions of the Shublik, HRZ/GRZ, and Kingak shales. The shales are the source rock for Alaska's Prudhoe Bay oilfield.

Hosmer was sharing the stage with Ed Duncan, chief executive of…

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