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    Caprock Oil closes initial tranche of private equity offering

    Caprock Oil Inc.

    Caprock Oil Inc. (OTC: ROKO.OB) has closed the initial tranche of a private equity offering of its unit securities with a group of accredited investors. Each unit comprises 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 and production business on the onshore Gulf Coast. The company owns working interests in approximately 50 producing oil and gas wells in Texas and Louisiana with current net production of 100 barrels of oil equivalent per day. Caprock also owns non-operated working interests of 50% each in three near term drilling prospects in Alabama. 

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