HOUSTON, TX–(Marketwired – September 28, 2015) – Rockdale Resources Corporation (
With this acquisition, Rockdale increases its total 1P reserves by approx. 150,000 Bbls while establishing Rockdale as an operator in Oklahoma. Management believes that by establishing an operational base in Oklahoma, the Company will greatly increase its ability to expand throughout the Southwestern United States. Located between Tulsa and Oklahoma City in a prolific oil-producing region, the SUDS oilfield will increase the Company’s holdings significantly. Rockdale will now have an ownership interest in 116 wells and 3,260 acres of leased land.
In addition, Mr. Zel C. Khan, founder of Jovian Petroleum Corporation, will be the President and Chief Executive Officer of Rockdale and has been nominated to the Board of Directors and will be subject to shareholder approval.
“I am excited to migrate our experienced operational team into the Rockdale family,” said Mr. Khan. “With a strong operational base, the Company can move forward with confidence and seek out opportunities provided by the current marketplace.”
With over 20 years of experience in the oil and gas industry, Mr. Khan has successfully operated oil fields in California, New Mexico, Oklahoma, and Texas, both onshore and offshore the Gulf of Mexico. He has an established history of reducing operational costs on various projects including a former ConocoPhillips deep water Gulf of Mexico facility. Mr. Khan holds an MBA from Chapman University, California.
About The Slick Unit Dutcher Sands Field
The SUDS oilfield consists of 100 wells over a 2,600-acre area, located in Creek County, Oklahoma. In 1918, John D. Rockefeller’s Standard Oil of Ohio (“SOHIO”) began production from the Dutcher Sands Formation and by 1959 SOHIO had produced over 14 million barrels of oil from the field.
About Rockdale Resources Corporation
Rockdale Resources Corporation is a domestic oil exploration and production company, which has focused on new oil wells in established areas of oil production. By using state-of-the-art technology to identify areas with great potential and techniques to maximize production, the Company is turning its focus onto reengineering existing oilfields, to maximize the recovery from existing infrastructure. Currently, Rockdale operates 16 wells on 660 acres drilled into the Minerva formation at Rockdale, Texas. The Minerva formation has produced over 7 million barrels of oil since its discovery in 1921. Rockdale Resources Corporation’s corporate headquarters are located in Houston, Texas.
Certain information in this press release constitutes forward-looking statements within the meaning of applicable securities laws, including, but not limited to, statements regarding well production, use of proceeds, future drilling, operating expenses, and additional funding. Any statement that does not contain a historical fact may be deemed to be a forward-looking statement. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” or “continue,” the negative of such terms, or other comparable terminology, although not all forward-looking statements contain such identifying words. Forward-looking statements are only predictions based on current expectations and projections about future events.
Forward-looking statements are subject to a number of assumptions, risks, and uncertainties, many of which are beyond the Company’s control, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Such assumptions, risks, and uncertainties include, among others, those associated with the entry into a definitive purchase agreement with SPL, the cost of the acquisition and Rockdale’s ability to fund the transaction and other related costs; the failure to consummate or delays in consummating the proposed transaction; the timing to consummate the proposed transaction; the risk that a condition to closing of the proposed transaction may not be satisfied; the risk that a regulatory approval that may be required for the proposed transaction is delayed, is not obtained, or is obtained subject to conditions that are not anticipated; Rockdale’s ability to achieve the synergies and value creation contemplated by the proposed transaction; the ability of Rockdale to effectively integrate the assets acquired; the diversion of management time on transaction-related issues; exploration activities; oil and gas production; marketing and transportation; costs of operations; loss of markets; volatility of oil and gas prices; imprecision of reserve and future production estimates; environmental risks; competition; inability to access sufficient capital from internal and external sources; general economic conditions; litigation; and changes in regulation and legislation. Readers are cautioned that the foregoing list is not exhaustive. In addition to the above, there are important factors that could cause actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including the risk factors set forth in Rockdale’s most recent reports on Form 10-K, Form 10-Q and other documents on file with the Securities and Exchange Commission (“SEC”). Rockdale’s forward-looking statements are based on assumptions that Rockdale believes to be reasonable but that may not prove to be accurate. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.
Additional information on these and other factors that could affect Rockdale’s ability to complete the proposed transaction, the outcome of such transaction, Rockdale’s operations and financial results is available by contacting Rockdale or reviewing Rockdale’s SEC filings at www.sec.gov. Furthermore, the forward-looking statements contained in this press release are made as of the date of this press release, and Rockdale does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events, or otherwise, except as expressly required by applicable law.