The Exploration Company Raises $31.5 Million

The Exploration Company recently agreed to sell institutional investors 3 million shares of common stock for $10.50 per share.

A portion of the proceeds from the $31.5-million private placement will be used to increase drilling and development of the Glen Rose Porosity and San Miguel tar sand plays on the company's Maverick Basin acreage in Southwest Texas. In addition, the additional capital will fund drilling on Exploration's new Marfa Basin acreage in West Texas, the recent acquisition of a drilling rig, and general corporate activities.

Once the transaction concludes, the company will have approximately 32.9 million outstanding shares of common stock.