Rock Oil Company, LLC Closes Over-Subscribed Private Equity Commitment; Announces Name Change

DENVER, Jan. 10, 2011 /PRNewswire/ -- Rock Oil Company, LLC ("Rock Oil" or the "Company"), today announced that on August 18, 2010 it closed an initial common equity commitment with Energy Trust Partners III LP ("ETP"), and on December 20, 2010 completed a follow-on investment with Wells Fargo Energy Capital ("Wells Fargo"), Hexagon Investments ("Hexagon"), and BNP Paribas ("BNP Paribas"); (collectively, the "Co-Investors"). The initial proceeds from the offering were used by the Company to fund its initial equity commitment to Blue Eagle Energy, LLC ("Blue Eagle"), a joint venture with Abraxas Petroleum focusing on the Eagle Ford Shale in South Texas.

"The early equity commitment from ETP enabled the Company to immediately fund Blue Eagle, which has already drilled and cased its first horizontal Eagle Ford well in DeWitt County," said Kyle R. Miller, Rock Oil President.  "We welcome the Co-Investors and share their enthusiasm in over-subscribing our offering, as we continue to source opportunities in our core area."

Kyle D. Miller, Senior Vice President of ETP, added, "We have known Kyle R. Miller for several years and are excited to partner with him in this new venture. He has assembled a highly qualified technical team and we believe the Company has the collective knowledge, experience and expertise to create meaningful value for the Rock Oil investor group."

The Company also announced that it has changed its name from Blue Stone Oil & Gas, LLC to Rock Oil Company, LLC.

Rivington Capital Advisors, LLC acted as exclusive financial advisor to Rock Oil.

About Rock Oil Company, LLC

Rock Oil Company, LLC, founded in April 2010, is an independent energy company based in Denver, Colorado.  Rock Oil is currently active (through its majority ownership in Blue Eagle) in the Eagle Ford Shale in South Texas.

About Energy Trust Partners

With offices in Dallas and New York, ETP and affiliates manage over $2.5 billion in capital focused on private equity investments in the oil and gas industry. ETP's objective is to realize substantial equity returns by investing with experienced management teams engaged in building oil and gas reserves through acquisition, exploitation, exploration and development drilling, and related activities.  ETP seeks highly capable management teams with demonstrable track records of success pursuing similar activities in their areas of expertise.  For additional information about ETP, please visit the firm's website at www.energytrustpartners.com.

About Wells Fargo Energy Capital

Wells Fargo & Company is a nationwide, diversified, community-based financial services company with $1.2 trillion in assets. The Rock Oil private equity investment was made by Wells Fargo Energy Capital which provides mezzanine debt and private equity funds to the energy industry nationwide.  Founded in 1998, the group currently has $1B committed to the industry across all sectors.  

About Hexagon Investments

Hexagon Investments is a private investment company, doing business globally, with offices in Denver, CO and Milwaukee, WI.  Hexagon's portfolio consists of marketable securities, real estate, private equity and venture capital, and oil and gas.  Energy holdings consist of funds, direct working interests, royalties and joint venture interests, both domestically and abroad.

About BNP Paribas

BNP Paribas is one of the six strongest banks in the world (rated AA by Standard & Poor's) and is a global leader in energy and commodity finance. The Rock Oil private equity investment was made by E&C Capital which is the global energy and commodities principal investment group at BNP Paribas. Established in 2005, E&C Capital manages more than $300 million in commitments in private and junior public companies and private equity funds. Investments include companies in oil & gas exploration and development, renewable energy, commodities trading, and midstream services sectors. E&C Capital is based in New York and has made direct investments in North and South America, Middle East and Africa, and Asia and Central Asia.

About Rivington Capital Advisors, LLC

Rivington Capital Advisors, LLC is an investment banking boutique specializing in private capital and mergers and acquisition transactions for the small and mid-cap energy sectors.  Founded in 2002, Rivington has successfully closed 58 transactions having a total transaction value exceeding $3.8 billion.

Cautionary Statement

Certain statements in this news release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, particularly any express or implied statements concerning future financial condition or operating results.  Although Rock Oil Company, LLC believes that the expectations reflected herein are reasonable, the matters discussed in this release involve risks, uncertainties, and other factors that may delay, prevent or adversely affect the transaction or its planned activities and operations.  There can be no assurance that such expectations will prove correct.  All forward-looking statements are expressly qualified by this cautionary statement.

SOURCE Rock Oil Company, LLC