March 8, 2010 (FinancialWire) — Glen Rose Petroleum Corp. (NASDAQ: GLRP), Katy, Texas, 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 its leases in the Wardlaw Field in Edwards County, Texas.

The company has retained Nomad Energy, Inc. and Iromad LLC to advise and support field service and development at the Wardlaw Field with access to state of the art enhanced oil recovery technologies. Nomad Energy is headed up by Dan Morrison.

The company has hired Ruben Alba to be its chief operating officer starting March 15, 2010. Alba received his Chemical Engineering Degree from New Mexico State University.  His career in the oil and gas industry has spanned over 13 years with Halliburton Energy Services and Superior Well Services. He holds two patents in unique completion technologies and is adept to the challenges of unconventional reservoirs.

As previously announced in January, the company received a delisting notice from the NASDAQ Stock Market LLC (NASDAQ) due to the company’s non-compliance with NASDAQ’s $1.00 per share bid price requirement. In response, the company requested a hearing before a NASDAQ Listing Qualifications Panel to appeal the Staff’s delisting determination. On March 4, 2010, the company advised NASDAQ that it is withdrawing its appeal and request for continued listing. Accordingly, NASDAQ will suspend trading of the company’s securities effective with the open of business on Monday, March 8, 2010.

Following the suspension of trading on NASDAQ, the company expects that its common stock will be quoted on the OTCBB (the “OTCBB), which is operated by FINRA. In that regard, the company has been advised by a market maker that it has filed the necessary application with FINRA to quote the company’s securities on the OTCBB. It is expected that the application will be cleared by FINRA so as to facilitate trading on the OTCBB beginning on Monday, March 8, 2010. In the event, the application is not cleared by FINRA in time for trading on Monday, the company’s securities will be eligible for quotation and trading on The Pink Sheets.

Glen Rose Petroleum Corp., formerly United Heritage Corp., was founded in 1981 and is focused on the development of on-shore U.S. oil and gas assets.

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