Rockdale Resources Corporation (OTC BB: BBLS), an Austin, Texas-based early-stage oil development and production company, has announced that it has raised over $3 million in new equity funding in a private placement of the company's common stock.The proceeds from the placement will be used to purchase leases and to drill the company's first oil wells at the Rockdale Field, approximately 50 miles northeast of Austin.

The company has recently completed the appointment of a new management team and board of directors consisting of individuals with extensive oil company experience. The ...