Royale Energy Inc. (Nasdaq:ROYL) acquired an additional 5,803 acres immediately adjacent to its existing western acreage block, in Alaska, the company said August 1. The company had been awarded the acreage pursuant to the 2011 North Slope Areawide Lease Sale, which the state had not previously been able to deliver until last month.
Royale has reached an agreement with Rampart Energy Ltd. to add the additional acreage to the existing agreement upon receipt of a cash payment on the same terms.
Rampart has also engaged Netherland, Sewell & Associates Inc. to perform a resource evaluation of its acreage. Results of this report are expected to be made public in August.