Good news IMO!! I like it that the company is speaking out about their frustrations and publicly saying they plan to do something about it. By saying that, they imply they think they can get the money to be the operator. Seems like they got the funds for the 10% quickly and easily.
They wouldn't make this announcement without having something in mind...and without believing they can do it. They've already applied for the permits to be an operator and while they did say "future", they must mean NEAR future, since they are NOW taking action to control the current project. This is great news for longs, but do they plan to buy a rig? They would probably have to have one built.
Dee
Quote:
DENVER, July 12, 2012 /PRNewswire via COMTEX/ -- Grid Petroleum Corp. (OTCBB:
GRPR): The Board of Directors are pleased to announce that Grid Petroleum is
establishing an Oil and Gas Operations subsidiary for the purposes of Operating
future drilling and exploration activity.
The Company has made its initial application with the Texas Railroad Commission
for obtaining its Operators License or Railroad Commission P4, for the State of
Texas.
The Company has been frustrated for several months, by the lack of accurate and
timely information being provided by the Premont Joint Venture Operator, Progas
Services Inc.
The Operator of record for the Garcia #3 well, Kidd Production, has deferred all
enquiries to Progas Services Inc and Dan Polk regarding the continued delays for
the start date of the Garcia #3 well.
Continued requests for a commitment to a start date by the Company of the
Operator, Progas Services Inc, have been met with un-satisfactory results to
date.
The Company has taken the position that in order to proceed with the development
of the Premont Joint Venture or any other developments in the Companies future,
the Operatorship must be vested within the Companies control.
The Company is considering all of its options at this time to determine the most
expeditious course of action to achieve the development of the Garcia #3 well
and the Premont Joint Venture.
"It's not your thinking that makes you money, it's your sitting." - Jesse Livermore
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Grid Petroleum Corp (GRPR)
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