HOUSTON, July 1, 2014 /PRNewswire/ -- Caprock Oil,
Inc. (OTC: ROKO.OB) has announced the closing of the initial
tranche of a private equity offering of its Unit securities with a
group of accredited investors. Each Unit is comprised of two
shares of Common Stock and a Warrant to purchase a third share of
Common Stock, exercisable at $2.00
per share. In the initial tranche, a total of 250,000 Units
were sold to three accredited investors at an offering price of
$2.00 per Unit, resulting in gross
proceeds to the Company of $500,000.
The Company is targeting the sale of up to 4,000,000 total Units
in this private equity offering, via a confidential Private
Placement Memorandum ("PPM"). As disclosed in the PPM, the
Company intends to use the proceeds of this offering to fund
capital expenditures for drilling and acquisition opportunities,
ongoing exploration and production operations, as well as for
general corporate purposes, including an increase in working
capital and the possible repayment of debt.
Caprock is an energy company
whose operations are presently focused on the Exploration &
Production business on the onshore Gulf Coast. The Company
owns working interests in approximately 50 producing oil and gas
wells in the States of Texas
and Louisiana with current net
production of approximately 100 barrels of oil equivalent per
day. Caprock also owns
non-operated working interests of 50% each in three near term
drilling prospects in the State of Alabama.
Statements contained in this press release with respect to the
future are forward-looking statements. These statements
reflect management's reasonable judgment with respect to future
events. Forward-looking statements involve risks and
uncertainties. Actual results could differ materially from
those anticipated as a result of various factors, including
cyclical or other downturns in demand, significant pricing
competition, unanticipated additions to industry capacity, and the
timing and number of additional acquisitions made by Caprock. Forward-looking statements are based
on currently available information, and we assume no obligation to
update any such statements. Please refer to Caprock's annual report on Form 10-K for the
year ended December 31, 2013 filed
with the Securities and Exchange Commission.
Contact:
D. Hughes Watler, Jr.
Chief Financial Officer
(713) 479-7050
www.caprockoil.com
SOURCE Caprock Oil, Inc.