NEWS is out...Tuesday, November 19 2013 8:30 AM, EST Grid Petroleum Corp Provides Texas Update MacReport Media "Press Releases"
Grid Petroleum Corp. (OTCQB: GRPR): The Board of Directors are pleased to announcing that Grid Petroleum has entered into thefinal documentationstage of negotiations with the leaseholders of two thousand acres of land in Duval County, Texas for the purpose of Oil and Gas development and exploration.
The company previously announced a significantly shorter time frame for the contracting of this lease hold however due to the number of individual leasehold owners involved the process has proven to be timelier.
The company has final documentation out for signatures at this time and expects that completion willbe achieved in the near future.
The company plans to immediately begin the mapping planning and drill site selection process for the development of the leasehold upon completion of documentation. The company will be the Operator of this leasehold
The primary target production zones in Duval County are the Frio , Hockley , Wilcox andYeguasands with deeper production from the Eagle Ford and Jackson shale formations.
California Update:
The company is pleased to announce that it has achieveditsOperators Permit for the State of California .Operator number G3570
The company is completing negotiations with its joint venture partner regarding the company achieving operator status of certain joint holdings in order to expedite leasehold development schedules.
The company expects to provide a complete update and timelines for its California holdings upon completion of negotiations.
Filings update:
The company expects to complete and file its 10q by end of business November 19, 2013
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 .
Contact:
www.gridpetroleum.com
702 751 3889
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 aproject 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 atwww.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 atwww.sec.gov.You can also obtain this form from the SEC by calling 1-800- SEC -0330.
SOURCE Grid Petroleum Corp.
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