They have a lot of properties in the works. Their best Texas projects are probably in the Permian Basin and Eagle Ford where other established producers are pumping. Their CEO and other corporate officers have plenty of oil exploration experience. That doesn't always assure success but it's nice to see anyway.
I'd be more confident of this company's eventual success if I could see some positive financial results. Unfortunately their income statements since 2008 show zero net income (actually tiny losses). I'm more interested in their most recent financial statements (namely their 10-Q dated January 31, 2012). Note 2 to the financial statements expresses doubt about their ability to continue as a going concern and reveals their non-stop losses that led to an accumulated capital deficit of -$8.6M. That's a big hole to dig out. Note 8 reveals that the company wrote a $7.5M note payable (really an I.O.U.) and had difficulty making the payment that was due in December 2011. I find it odd that this company started as an a developer of an online help desk interface and still hasn't decided whether to abandon that line of business. It is even more odd that this strategic confusion, their I.O.U.s, and lack of oil revenue aren't mentioned in the Risk Factors paragraph.
This one's not for me. Their interests in working wells are too small at present to produce notable revenue and they need more capital to develop their unexplored properties.
Full disclosure: No position in CRCL at this time.