Glen Rose Skyrockets on $4.35 Million Funding from Iroquois Capital (GLRP)

3/5/2010-Shares of Glen Rose Petroleum GLRP are trading 378.43% higher to $1.22 Friday after the company announced it has closed on a funding totaling $4,350,000 from Iroquois Capital Opportunity Fund, LP (ICO). 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 Glenn Rose's leases in the Wardlaw Field in Edwards County, Texas.

Andrew Taylor-Kimmins, President and Chairman commented, "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."

Write to Chip Brian at cbrian@tradethetrend.com

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