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Gold/Mining/Energy : ROYL - Royale Energy
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To: Stephen Hosmer who wrote (19)3/3/1997 11:39:00 PM
From: Todd Runge   of 141
 
Stephen,

Thanks for allowing us this opportunity. Please review the last few comments we have already posted and see if there is anything you can immediately respond to while the rest of us are formulating questions.

I noticed the number of shares outstanding has declined over the last couple of years. Is the company repurchasing shares? Is it planned and to what levels if so.

Todd
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