Shares of Royale Energy Inc (ROYL.O) jumped 61 percent after the company reaffirmed plans to develop its acreage in Alaska near an area where privately held Great Bear Petroleum Operating LLC said it could find oil.
Royale Energy plans to develop nearly 100,000 acres of land immediately adjacent to Great Bear's acreage, it said in a statement on Thursday that also carried an article published in Petroleum News about Great Bear's Alaska oil program.
Royale Energy and Great Bear could not be reached for comment.
San Diego-based Royale Energy's shares, which have lost more than half of their value in the past seven months as of Wednesday, rose to a more than 5-month high of $5.23 on the Nasdaq. More than 3.8 million shares changed hands by 1100 ET, nearly 10 times their 10-day average volume.
(Reporting by Sunayan Bhattacharjee in Bangalore; Editing by Sriraj Kalluvila)