Grid Petroleum Corp. Website: Click Here
Information As Of April 20, 2010
Exchange: OTCBB Market Cap: 78.1 Million
Outstanding Shares: 65.1 Million 52 Low / High: $0.55 / $1.20
Price April 20, 2010: $1.20 GRPR Recent Stock Quote and News: Click Here
"The Jonah Field and the Pinedale Anticline are acknowledged as the premier gas fields in the Rocky Mountains and expected to contain almost 8.0 – 15.0 TCF (trillion cubic feet) of natural gas. The Jonah Prospects acquired by Grid Petroleum in Greater Green River Basin Wyoming, are spread over 3,740 acres of high impact gas leases and are located in the second largest proven gas reserve in the North America."
Overview
Grid Petroleum Corp. is a London, UK based Independent Oil and Gas Exploration Company, with an operational office in Denver Colorado. Grid has recently secured assets in Wyoming, neighbouring the prolific Jonah Gas Field.
Investment Highlights
Major Acquisition. The Company announced the acquisition of assets in the SE Jonah Field, an area of premium natural gas reserves within the Greater Green River Basin in the Rocky Mountains area of Wyoming. This final agreement has been signed pursuant to the Letter Of Intent (LOI) signed earlier this year. Regarded as one of the foremost gas fields in the Rocky Mountains, the Green River Basin area contains approximately 26 TCF (Trillion Cubic Feet) of natural gas, with the Jonah Field estimated to contain 7 to 10 TCF according to the Wyoming State Geological Survey. The Jonah Field currently produces from in excess of 500 wells.
Strong Analyst Recommendation. According to a research report by Cohen Independent Research Group, Inc., they expect the Company to have revenues of $5.4 million for FYE 2010 and more than $145.7 million by 2016. The Cohen report also gives the Company a price index target of $2.26, significantly higher than today's trading level.
Industry Shifts Bode Well For Company. Declining conventional oil and gas discoveries, rise in exploration and production costs, and increasing dependence on foreign oil and higher oil prices have resulted in renewed focus on domestic oil and gas production.
Technical Report Highlights. The Company recently announced the completion of a technical report by a world leader in Oilfield Services, Schlumberger. Schlumberger’s report evaluates Grid Petroleum’s SE Jonah Prospect in Sublette County, Wyoming. In completing the evaluation the report cites a base case EUR estimate of 292.4 Billion standard cubic feet (Bscf) and a high case estimate of EUR 1280.8 Bscf. and has recommended the acquisition of additional seismic data over the prospect to allow for greater subsurface control and better positioning of drilling locations.
Important Geologic Location. Wyoming's geologic basins contain some of the largest fossil fuel deposits in the United States. As of 2007, Wyoming is ranked 5th in production of crude oil and 2nd in natural gas production. The State of Wyoming produced 2,254 trillion cubic feet of natural gas and 53.4 million barrels of crude oil in 2007.
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