Published: Oct 1, 2015 8:02 a.m. ET
Oct 01, 2015 (ACCESSWIRE via COMTEX) -- 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.
