Royal Energy Resources Inc. (OTC: ROYE) owns a 4% overriding royalty interest in an oil and gas lease in Natrona County, Wyoming. The overriding royalty interest encompasses over 300 mineral acres, and the oil and gas production will be developed by the Bill Barrett Corporation, a Denver, Colorado-based NYSE company.� The Bill Barrett Corporation�s plans to apply for permits to drill horizontal wells with multi-stage fracturing stimulation, targeting the Mowry shale approximately one mile from Royal Energy’s lease in the Bonefish Prospect, T35N R83W in Natrona County, Wyoming. The adjacent potential drilling by leader Bill Barrett Corporation is expected to enhance the value of Royal Energy’s oil and gas lease.
The company also entered into an agreement that grants it a right of first refusal to participate in the next 25 wells drilled by North American Explorations. The drilling activity is limited to Washington County, Oklahoma and the participation rights are capped at a 25% working interest.
Also, it obtained a 3% overriding royalty interest in Laramie County, Wyoming. The overriding royalty interest encompasses over 1,987 mineral acres, and the oil and gas production will be developed by Cirque Resources, a Denver, Colorado based company.
Royal Energy Resources stock is currently trading at $0.07. The penny stock is up 180% from its previous close. Royal Energy Resources shares touched the high of $0.09 and lowest price in today�s session is $0.05. The company has traded in the range of $0.01 and $0.09 during the past 52 weeks. The company�s market cap is $5.37 million.
Royal Energy Resources engages in the gold, silver, copper and earth metals mining concessions in Romania, Bulgaria and Canada, and mining leases in the United States. It focuses to concentrate its resources in energy projects.
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