Grid Petroleum Reports On Development Plan Of Unconventional Shale, Results Of Partners Meeting
DENVER, May 7, 2012 /PRNewswire/ -- Grid Petroleum Corporation (OTC.BB: GRPR.OB) ("The Company") is pleased to announce the following points of information and development which are the results of a Kreyenhagen Trend Partners meeting held in April of 2012.
Solimar Energy Limited as operator has been active on the Kreyenhagen Trend Prospect:
All Kreyenhagen Trend leases have been renewed with the first lease requiring payment at end of 2012 - Approximately $10,000 of lease payments will be due from Grid petroleum Corp in October 2012 as per the 2nd settlement agreement negotiated last fall.
According to the terms of the 2nd settlement agreement, Grid Petroleum Corp is carried for all lease payment expenses through September 1 of 2012. Several of the leases required renewal during the last quarter of 2011 and the first quarter of 2012. Pursuant to the terms of the January 20, 2011 Asset transfer agreement and to the November 21, 2011 amendments of the January agreement, the company has a carry of all lease payments during this period. Several of the mineral rights owners required 2 years of pre payment lease payments with one mineral rights owner requiring 3 years of pre payments to extend. Grid Petroleum Corp was carried by Solimar Energy Limited for these lease extensions.
DRILL SITE SELECTION KREYENHAGEN TREND :
6 wells have been submitted to the State of California for permitting.
Bawden 1-24 – The well that Grid Petroleum Corp has a Carried Interest or Farm-in well where Grid Petroleum Corp will not have any expenses and is carried 100%. Target Zone: Temblor Test
Vintage 1-17 - Temblor Test
Vintage 1-21 - Temblor Test
Den Hartog A-1 - Avenal Test
Den Hartog A-2 - Avenal Test
Den Hartog A-3 - Avenal Test
PERMITTING PROCESS REQUIREMENTS:
Each Drilling permit requires a Blunt Nose Lizard "study" to be conducted once in the spring, which is currently underway by an outside service, and once again in the Fall. After the study is finalized the drilling permits can be issued and the drilling process will start. The partners are Planning a late fall window to spud the Bawden 1-24. (Last Quarter of 2012).
The Geological study was conducted on the Kreyenhagen Trend as well as the Kreyenhagen Ranch. Grid Petroleum Corp. will be provided with the information specific to the Trend acreage. This information will speak specifically to the well selection of the 6 wells listed above. Grid Petroleum Corp will not be charged for any expense of the study as it falls under the management of the 2nd Settlement Agreement.
Solimar Energy is in the process of providing the finished survey to Grid Petroleum Corp imminently.
Grid Petroleum Corp. is a development stage company focused on the acquisition and development of low cost high reward oil and gas prospects with infield drilling for proven potential reserves in the United States and Canada.
Legal Notice Regarding Forward-Looking Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined, and assumptions of management. Forward looking statements are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions or that events or conditions "will", "would", "may", "can", "could" or "should" occur. Information concerning oil or natural gas reserve estimates may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed.
Actual results may differ materially from those currently anticipated due to a number of factors beyond the reasonable control of the Company. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include misinterpretation of data, inaccurate estimates of oil and natural gas reserves, the uncertainty of the requirements demanded by environmental agencies, the Company's ability to raise financing for operations, breach by parties with whom we have contracted, inability to maintain qualified employees or consultants because of compensation or other issues, competition for equipment, inability to obtain drilling permits, potential delays or obstacles in drilling operations and interpreting data, the likelihood that no commercial quantities of oil or gas are found or recoverable, and our ability to participate in the exploration of, and successful completion of development programs on all aforementioned prospects and leases. Additional information on risks for the Company can be found in the Company's periodic filings filed from time to time with US Securities and Exchange Commission at www.sec.gov.
This press release does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "Securities Act"). They may not be offered or sold in the United States (as defined in Regulation S under the Securities Act), except pursuant to an exemption from the registration requirements of the Securities Act.
Cautionary Note to U.S. Investors -- The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms such as estimates of a mean of undiscovered natural gas and estimates of a mean of undiscovered oil that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 10-K and other periodic reports filed by us from time to time with the SEC, available from us at www.sec.gov. You can also obtain this form from the SEC by calling 1-800-SEC-0330.
SOURCE Grid Petroleum CorporationBack to top