Thursday, 01 October 2015 08:00 AM
DENVER, CO / ACCESSWIRE / October 1, 2015 / Grid Petroleum Corp. (OTC Pink: GRPR) (PINKSHEETS: GRPR) (OTC Pink: GRPRD) (PINKSHEETS: GRPRD): The Board of Directors is pleased to provide a Corporate update on its projects.
"Upon evaluation of the projects the corporation has targeted," stated Edward Aruda, President of Grid Petroleum Corp, "there is tremendous value in the acreage and the amount of recoverable oil in each of the projects. As the price of oil has dropped below $50 per barrel of oil, leasing costs, exploration costs, drilling costs, and completion costs have dropped making this an excellent time to invest in oil and gas properties. It is now more affordable to acquire acreage and projects than any other equivalent time in this industry."
The Kreyenhagen Trend Project acreage, located in the San Joaquin Valley of Central California, is still targeted for drilling; the permitting process is ongoing as the corporation is fulfilling the lengthy environment requirements for the State of California.
The Panther Project, located in Montana, recently announced, will provide access, for the corporation, to approximately 22,000 net acres along with Farm-In opportunities on the Cougar Prospect, Lynx Prospect, and the Bob Cat Prospect.
Grid has engaged the services of Rob Hoar, a Chief Geoscientist, who has participated in several major oil and gas discoveries in the State of California and will bring that expertise into service for the Corporation. Additionally, Mr. Hoar has tremendous knowledge of the prolific areas in Montana and Colorado.
The SE Jonah Prospect, located in Wyoming, was discontinued as this prospect was primarily a natural gas target and as natural gas prices have not recovered to sufficiently profitable levels. The corporation has made the decision to allow these leases to lapse.
The Jacolitos Prospect was allowed to lapse. The risk was deemed too great for the Corporation to participate, as there are now lower risk investments in the California market.
The continued focus for the Corporation is to evaluate lower risk opportunities now made available through the affordability of the selling price of oil driving developmental costs down. Grid will continue to acquire infield opportunities where higher returns are more obtainable.
About Grid Petroleum Corp.
Grid Petroleum Corp. is a development stage company focused on the acquisition and development of low cost, high reward oil and gas prospects utilizing infill drilling to develop proven potential reserves in the United States and Canada.
Forward-Looking Statements
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.
CONTACT:
Grid Petroleum Corp.
www.gridpetroleum.com
[email protected]
800-555-3086
SOURCE: Grid Petroleum Corp.