Citadel Exploration, Inc. (COIL) Secures $1.39M Private Placement, Major CAPEX Springboard for E&D of California Hydrocarbon Acreage
Citadel Exploration, an operator with some 52k acres at their Rancho Grande project in the San Joaquin Basin and another 688 acres at Project Indian in the Salinas Basin, reported raising $1.39M today via a 4.086M share private placement at $0.34 per common share (no commissions paid). This is a huge move for the company as it will allow for serious exploration and development at the company’s two primary sites in the heart of the oil-hungry California market, which currently is only able to field roughly 37% of its refined oil via in-state production. Rancho Grande in particular holds abundant…