Glen Rose Petroleum Corporation Completes $1.9 Million Offering with Foreign Investors to Continue Production Development

KATY, Texas--(BUSINESS WIRE)--Glen Rose Petroleum Corporation (OTC: BB GLRP.OB) has completed an offering with accredited non-U.S. investors for the sale of 4,292,990 shares of its common stock at approximately $0.45 per share, with aggregate proceeds of approximately $1,931,810.50. The investors also received two year warrants to purchase an additional 4,292,990 shares of common stock at an exercise price of $0.45 per share.

ABG Sundal Collier Norge ASA acted as the manager of this offering.

Andrew Taylor-Kimmins, Chairman and CEO of Glen Rose Petroleum said, “The additional capital will enable us to continue to examine and quantify the deeper zones in both the Wardlaw Field and Adamson Ranch. Our exploration to date indicates several substantial pay zones with potential hydrocarbon presence. We plan to further analyze the results of this year’s drilling program with a third party engineering firm to develop a comprehensive long-term development plan for the entire field.”

Glen Rose is currently producing approximately 60 barrels of oil per day from approximately thirty re-worked wells on 375 acres of its 15,900 leased acreage. To date 136 wells have been drilled on the property, of which 92 are permitted for production with up to 48 having the potential to be brought back into operation.

About Glen Rose Petroleum Corporation

Glen Rose Petroleum Corporation presently is focused on the development of on-shore U.S. oil and gas assets. Glen Rose has five leases covering 10,500 gross acres in the Wardlaw Field and 5,400 gross acres in the Adamson Ranch, both located in Edwards County, TX.

About ABG Sundal Collier Norge ASA

ABGSC provides superior distribution of Nordic securities to local and international investors. The combination of its global reach, top ranked research and high quality corporate finance advisory services has established ABGSC as a leader in the Nordic markets. ABGSC was established in 2001 through the merger of Sundal Collier & Co (founded in 1984) and ABG Securities (founded in 1997). With dual strength in investment research and corporate advisory work in the Nordic region, they have established themselves as an important force in the Nordic investment banking sector.

FORWARD-LOOKING STATEMENTS: This press release contains forward-looking statements. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based on currently available information and assumptions made by management. Although we believe that the assumptions on which the forward-looking statements contained herein are based are reasonable, any of those assumptions could prove to be inaccurate given the inherent uncertainties as to the occurrence or nonoccurrence of future events. The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements, including the potential risks and uncertainties set forth in Item 1A of our Annual Report on Form 10-K for the year ended March 31, 2010. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof. The company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date thereof.