Citadel Exploration, Inc (OTCPK:COIL) announced that it has entered into an agreement for a private placement of a promissory note for gross proceeds of $100,000 on December 26, 2014. The note carries an interest rate of 10% and would mature in one year. Note is convertible into common stock of the company at a price of $0.33 per share. No commissions were paid in connection with the transaction. The company issued securities pursuant to exemption provided under Regulation D.

On December 26, 2014, Citadel Exploration, Inc. closed the transaction.