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price of $12.18 per equivalent barrel. This <br />compares to 58,000 equivalent barrels sold in the <br />second quarter of fiscal 1986 at an average price <br />of $21.00 per equivalent barrel and 58,800 <br />equivalent barrels sold in the preceding quarter at <br />an average price of S13.30 per barrel. <br />During the first half of the fiscal year, Royal <br />Gold, Inc. (RGI), a wholly owned subsidiary of the <br />Company, acquired interests in two gold properties, <br />the Colosseum Mine in San Bernardino County, <br />California and the Camp Bird mine near Ouray, <br />Colorado. On January 30, 1987, RGI exercised its <br />option to sell its interest in the Colosseum Mine <br />requiring its industry partner to purchase the <br />interest. The sale closed on February 27, 198T and <br />the Company received S4.4 million in payment and <br />cancellation of the remaining balance due on the <br />acquisition. This represents 52.5 million more <br />than the Company paid for its interest. <br />During the third quarter of fiscal 198T, RGI <br />reached an agreement with Resource Exploration and <br />Development Company (REDCO) of Reno, Nevada for an <br />option to purchase a gold property near Prescott in <br />Yavapai County, Arizona. The option provides for <br />payment by RGI of up to $300,000 in various <br />installments over two years plus the retention of a <br />10 percent net profits interest by REDCO. <br />SUMMARY OF FINANCIAL INFORMATION <br />Second 4uarter Ended December 311 <br />1986 <br />Oil and Gas Sales 5 554,078 <br />Total Revenues S 608,181 <br />Net Loss 54,466,006 <br />Net Loss Per Share $ .72 <br />Average Shares Outstanding 6,194,000 <br />1985 <br />$1,287,782 <br />$1,280,727 <br />$9,091,688 <br />S 1.48 <br />6,155,461 <br />Royal Resources Corporation, a publicly-held company based in <br />Denver, Colorado, is engaged in the exploration, development and <br />production of gold. <br />END <br />