Glen Rose Petroleum Corporation closed on a funding totaling $4,350,000 from Iroquois Capital Opportunity Fund. The transaction consists of $3,350,000 in secured convertible notes and warrants and $1,000,000 for the purchase of an undivided 12.5% working interest in the non-producing portions of its leases in the Wardlaw Field in Edwards County, Texas.
Andrew Taylor-Kimmins, President and Chairman of the Company said, "The investment led by ICO brings to Glen Rose so much more than just the finance to develop the Wardlaw Field. ICO provides Glen Rose with a highly sophisticated financial partner with a depth of oil and gas development knowledge and experience."
Luis Vierma, Partner of ICO and former Vice President of Exploration and Production for Petroleos de Venezuela, S.A. ("PDVSA") said, "The Wardlaw Field and Glen Rose represent a promising investment for ICO, where we can bring into play both our capital and oil and gas expertise to bring this undeveloped and undervalued asset to its full potential."
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