HOUSTON, July 17, 2014 /PRNewswire/ -- Caprock Oil, Inc.
(OTC: ROKO.OB) has announced that it has entered into a
participation agreement with private Houston based Rio Bravo Energy Partners, LLC
to acquire a 20 percent working interest in a proposed gas
development project in the Goldman Field in Edwards County, Texas. Caprock acquired its working interest from
Rio Bravo by the issuance of
120,000 shares of its restricted Common Stock, and by agreeing to
assume the obligation for 20% of the costs of drilling an initial
well which is expected to commence late in the third quarter of
2014.
The Goldman Field project is a potential gas resource play
involving the fracking of very tight, multiple sand reservoirs with
up to 800 feet of net pay in three Holman sands. The Holman
formation has been drilled and produced by other operators in the
past with marginal results. In the initial well to be drilled
by the Rio Bravo consortium, the
operator will employ an air drilling technique and use a CO2 foam
frack that will be pumped at higher pressures and flow rates than
has been attempted in the past.
In commenting on the Goldman Field project, Steven Mikel, President & Chief Executive
Officer of Caprock, stated, "We
are delighted to align Caprock
with an experienced and innovative operator such as Rio Bravo in pursuing this exciting new
approach to a high potential gas resource play. If our
initial drilling is successful, we anticipate that there will be
multiple additional drilling locations. The Goldman Field
project is just one of a number of such new opportunities that
Caprock expects to roll out in the
coming months."
About Caprock Oil, Inc.
Caprock Oil, Inc. is an energy holding company headquartered in
Houston, Texas. Caprock is
focused on growing its onshore oil and natural gas exploration and
production activities through a balanced risk management strategy
that includes acquisitions, exploitation and exploration. The
company's properties are located in onshore Texas, Louisiana and Alabama.
Contact:
Caprock Oil, Inc.
D. Hughes Watler, Jr., CFO
713-479-7050
hwatler@caprockoil.com
www.caprockoil.com
Media Contact:
Pamela A. Schied
713-416-4410
pam@thinkforesight.com
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.
SOURCE Caprock Oil, Inc.