Rockdale Resources Enters Into Letter of Intent to Acquire Working Interest in a Historical Oklahoma Oil Field

HOUSTON, TX--(Marketwired - April 24, 2015) - Rockdale Resources Corporation (OTCQB: BBLSE), ("Rockdale" or "Company") is pleased to announce the signing of a Letter of Intent ("LOI") with Houston based SUDS Properties, LLC ("SPL"), whereby Rockdale will acquire up to a 50% undivided Working Interest ("WI") in the historic 2,600 acre Slick Unit Dutcher Sands field ("SUDS"), located in Creek County, Oklahoma, in exchange for up to 70% of the issued and outstanding shares of Rockdale, on a fully diluted basis. The final percentages will be determined by the total 1P reserves (proved reserves of oil) as of December 31^st, 2014, detailed on the reserve reports currently being updated by independent licensed reserve engineers, for both SPL and Rockdale. 

Both parties have agreed to enter into a Definitive Purchase Agreement ("DPA") upon completion of the updated qualified reserve report and use their best efforts to close the transaction on or before May 31^st, 2015 ("Closing"). The Closing contemplated by the LOI is conditioned on the parties negotiating the specific terms of the DPA based on the qualified reserve reports, an independent fairness opinion, and Rockdale's shareholders voting to approve the transaction.

At Closing, Mr. Zel C. Khan, recently appointed as interim Chief Executive Officer ("CEO") of Rockdale and current Manager of SPL, will officially be appointed CEO, President and a Director of Rockdale. Two (2) additional directors will be nominated and elected to the Board at the upcoming Annual Shareholders Meeting ("ASM"), for a total of five Directors.

The SUDS field is currently operated by SPL's parent company, Jovian Petroleum Corporation ("Jovian"). With the acquisition of SUDS, Jovian will assign operations over to Rockdale and migrate its operational team. At Closing, Rockdale will own interests in 113 wells on 3,200 acres of leased land in the States of Texas and Oklahoma, expanding its foothold and increasing its profitability.

To capitalize on current oil prices, Rockdale is in the process of implementing a development & expansion program and plans to use a combination of equity and non-dilutive financing to fund such program.

"This deal will be a significant step forward for Rockdale and will solidify its position as an emerging oil producer," said Mr. Khan, "With the controlled leasehold and significant increase in proven reserves, the main task is to effectively manage these assets and maximize production using technologies that reduce lift cost."