Black Rock placed 131 million new shares with investors at a price of 1p per share in London's AIM market.
Black Rock is currently steam-testing the Arce field in the Las Quinchas block of Colombia's Middle Magdalena basin along with partner Calgary-based Kappa Resources.
"The plan is to steam flood the Arce oilfield with the objective of generating early cash flow," Black Rock managing director Ivan Burgess said in the statement.
Black Rock plans to spud the Arce 4 well between late April and early May and bring it onstream "later this year," the statement said.
Arce is thought to hold gross recoverable reserves of 5 million barrels of heavy oil. Production from the four wells already drilled could be some 150 barrels a day per well, with as many as 30 wells eventually drilled, according to a previous BNamericas report.
Black Rock has a 50% non-operating interest in the Alhucema contract that lies immediately north of Las Quinchas. Black Rock and Kappa are acquiring 2D seismic and could start drilling this year.
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