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Stock of oil and gas producer Royale Energy zoomed 41.8% today (Feb. 24) following positive gas news. The stock jumped $1.47 to $5.04. On Wednesday, the stock also zoomed $1.47. On Tuesday (Feb. 22) it had closed at $2.10. San Diego-based Royale announced yesterday that it has received regulatory approval to begin production at Goddard #2 well in Northern California. The well is already producing 10,000 MCF (thousand cubic feet) of gas per day. Goddard #1 has been producing 5,000 MCF per day since the third quarter of last year. Goddard #3 is expected to go into production later this week. Royale expects its production will rise to the highest levels in more than a decade.
Stock of oil and gas producer Royale Energy zoomed 41.8% today (Feb. 24) following positive gas news. The stock jumped $1.47 to $5.04. On Wednesday, the stock also zoomed $1.47. On Tuesday (Feb. 22) it had closed at $2.10. San Diego-based Royale announced yesterday that it has received regulatory approval to begin production at Goddard #2 well in Northern California. The well is already producing 10,000 MCF (thousand cubic feet) of gas per day. Goddard #1 has been producing 5,000 MCF per day since the third quarter of last year. Goddard #3 is expected to go into production later this week. Royale expects its production will rise to the highest levels in more than a decade.