Caprock Oil Announces Closing Of Initial Tranche Of Private Equity Offering

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
[phone]
www.caprockoil.com

SOURCE Caprock Oil, Inc.

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