GRPR sweet News out! Grid Petroleum enters into Letter of Intent for the Development of Additional Northwest Premont Area of Interest. Garcia #3 Completion Update
DENVER, Sept. 20, 2012 /PRNewswire/ -- Grid Petroleum Corp. (GRPR): The Board of Directors is pleased to announce that Grid Petroleum has received Notification from the Premont Joint Venture Operator, Dan Polk of Progas Services Inc, that the completion process for the Garcia #3 is continuing to progress after experiencing minor delays due to excessive rain in the area.
The completion is underway and will continue until the Garcia #3 is producing consistent commercial flow rates.
The Company is informed by Dan Polk of Progas Services Inc, that the completion will experience no further complications, subject to weather. It is of the utmost priority of the Company that the Garcia #3 well of the Northwest Premont field begin commercial production without further delay.
The Company will monitor situation on a daily basis and report progress in the completion process as it develops.
Grid Petroleum Production Inc has entered into a Letter of Intent for the Leasing and Commercial Oil and Gas development of a significant prospect in the Northwest Premont area of Texas, not related to any Areas of Mutual Interest previously Identified by Progas Services Inc, the current Joint Venture Operator.
This prospect has identical Geology as the current Northwest Premont Field, with shut in production from both Oil and Gas, not currently being produced.
It is anticipated that the company will begin the process of developing this new prospect immediately. The prospect once developed has the potential to equal the estimated recoverable Oil reserves of the North West Premont Field the company is developing as a Joint Venture Partner.
"This Letter of Intent provides the Company the opportunity to develop leases through its wholly owned subsidiary Grid Petroleum Production Inc with out any un-necessary delays or interference by outside interests." states company President James Powell, "The Company intents to begin the development of the new significant lease opportunity as soon as possible. The initial stages of development will be to re-enter existing well bores to determine the commercial viability of the wells while determining a development plan for the entire leasehold."
The Company has calculated upon completion of development of the new prospect, the company will have estimated recoverable oil reserves in the range of 75,000 to 150,000 barrels of oil per well. The Company anticipates the ability to drill a minimum of 20 Oil wells.
The company is diligently pursuing the development and control of all of its future exploration and drilling business.
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.
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