WellDog raises round of financing for international expansion

Capital placement is completed via record investment by Brisbane and Melbourne Angel groups

Laramie, Wyoming, USA (December 24, 2010) — WellDog announced today that it has completed an equity placement to private investors in the U.S. and Australia in order to finance its expansion into the Asia Pacific markets.  Primary investors in the round included management and directors, as well as the Brisbane Angels and Melbourne Angels groups, which set an internal record in terms of investment turnaround and investor participation for the investment.

“We turned this investment around in just ten days,” said John Mactaggart, chairman of Brisbane Angels.  “WellDog has one of the most compelling business cases that we’ve seen in a long time, and the resource services sector in which it’s operating in is poised for significant long-term growth. The diverse knowledge of our members, the national, and international contacts nurtured over the last four years, helped expedite the due diligence process that is fundamental to any Angel investment.”

“WellDog is honored to have received such strong support from our new North American and Australian investors,” said John M. Pope, Ph.D., president and CEO of WellDog.  “This round closed in just three and a half months – it was easily the fastest private equity financing WellDog has completed.”

WellDog’s services have been used widely by North American producers to characterize accurately and completely potential CBM reserves.  The company is embarking on a high growth phase focusing on expanding the number of technical products and services offered to address key opportunities in emerging markets in the Asia Pacific region, in the coalbed methane, coal mine methane, unconventional and alternative energy industries.