grprd news out DENVER, CO / ACCESSWIRE / September 16, 2015 / Grid Petroleum Corp. (OTC Pink: GRPR) (PINKSHEETS:GRPR) (OTC Pink: GRPRD) (PINKSHEETS:GRPRD): The Board of Directors is pleased to announce that Grid Petroleum has entered into a Farm-in agreement on the "Panther Project" located in Garfield County, Montana.
The "Panther Project" covers approximately 22,000 net acres and includes the Cougar Prospect, the Lynx Prospect, and the Bob Cat Prospect. Grid will acquire a 3D Survey over the Cougar Prospect and Farm-In on a 1/3 for a 1/4 basis by drilling a well to 200 feet below the top of the Heath formation on the Cougar Prospect.
Once production is established, Grid will earn a 50% interest in approximately 3,000 acres representing the Cougar Prospect. Additionally, one-half of the 3D survey costs will be considered operational expenses and will be paid back through production.
Edward Aruda, President of Grid Petroleum Corp., states, "The Company has sought opportunities in Montana and we are very excited as this moves our future plans forward."
Grid Petroleum Corp. is a development stage company focused on the acquisition and development of low cost, high reward oil and gas prospects utilizing infill drilling to develop proven potential reserves in the United States and Canada.
AI
