Here's a pretty solid guess. Found this by combing through Discogs.
Jim Sullivan - U.F.O.
Evidence:
*1969
*Psychedelic rock, but not explicitly. Has influences of folk and country as well
*Label has only one release
*Previously reissued by Light In The Attic, but never on colored vinyl
*Judging by the Have/Want ratio, very much obscure/cratediggerish
*The last cratedigger Essentials was also "found on Discogs"
Hell of a story behind Jim Sullivan, it seems. His wife worked at Capitol Records, and he played prestigious local venues. Recorded two albums, and then disappeared with zero trace in 1975.