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Rockdale Resources Corporation Completes Expanded Private Placement, Produces First Oil From Summer Drilling Program
AUSTIN, Texas, September 5, 2012 (GLOBE NEWSWIRE) --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.
The company president, Michael D. Smith, stated, "We are pleased to have such high demand in our recent private placement offering. This response confirms the strength of investor support for our high-return wells in established areas of production."
The Company is planning to drill a number of new wells at the Rockdale Field and is preparing to implement a water injection program to enhance both the daily oil production and ultimate recovery from the wells.
About Rockdale Resources Corporation
Rockdale Resources Corporation is a domestic oil exploration and production company. Rockdale focuses on new oil wells in established areas of oil production. The Company uses state of the art technology to maximize production and to identify areas with the greatest potential. The Company's core area of operations is in the Minerva-Rockdale Field in Rockdale, Texas, which produced over 7 million barrels of oil since its first wells were established in 1921. Rockdale's corporate offices are located in Austin, Texas.
This press release may contain forward-looking statements. Actual results could differ materially from a conclusion, forecast or projection in the forward-looking information. Certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection in the forward-looking information.
SOURCE Rockdale Resources Corporation
Web Site: http://www.rockdaleresources.com
CONTACT: Contact: Marc Spezialy, Rockdale Resources Corporation, 512-795-2300.
info@rockdaleresources.com
