Rockdale Resources Corporation (OTC QB: BBLS), an Austin, Texas-based early-stage oil development and production company, recently closed on an expanded private placement offering of the company's common stock.
The company announced that due to strong demand the offering was increased to over $4 Million.
Proceeds from the additional capital will be used to purchase more leases around the Rockdale Field in Milam County, Texas, and for corporate working capital.
The company also announced that it has begun to produce oil from its first five wells that were drilled and completed on the company-owned 200 acre lease in August. The company expects to receive sustained production rates for the wells by mid-September.
Recommended Reading
CEO: Coterra ‘Deeply Curious’ on M&A Amid E&P Consolidation Wave
2024-02-26 - Coterra Energy has yet to get in on the large-scale M&A wave sweeping across the Lower 48—but CEO Tom Jorden said Coterra is keeping an eye on acquisition opportunities.
JMR Services, A-Plus P&A to Merge Companies
2024-03-05 - The combined organization will operate under JMR Services and aims to become the largest pure-play plug and abandonment company in the nation.
Laredo Oil Subsidiary, Erehwon Enter Into Drilling Agreement with Texakoma
2024-03-14 - The agreement with Lustre Oil and Erehwon Oil & Gas would allow Texakoma to participate in the development of 7,375 net acres of mineral rights in Valley County, Montana.
Diamondback Stockholders All in for $26B Endeavor Deal
2024-04-29 - Diamondback Energy shareholders have approved the $26 billion merger with Endeavor Energy Resources.
Granite Ridge Resources Declares Quarterly Dividend
2024-02-20 - Granite Ridge Resources’ dividend is payable March 15.