Brisbane-based Bow Energy said it had received applications for over A$36 million (US$35.8 million) under its share purchase plan.
However, since the company set a cap on the share placement plan of A$30 million, applications would be scaled back on a pro-rata basis.
Funds raised would be used for working capital and an expansion of exploration and appraisal activities in the Bowen, Cooper and Surat basins.
The capital raising program, along with cash on hand, has provided the company with cash funds of about A$120 million.
"Bow is now in a strong position to fund ongoing exploration and appraisal activities, production pilots, field infrastructure and pipeline approvals as well as completion of Bow's 30 (mega watt) Blackwater power project," Bow chief executive John De Stefani said.