Grid Petroleum Announces Executive Changes
DENVER, CO, Jun 10, 2011 (MARKETWIRE via COMTEX) -- Grid Petroleum Corp. GRPR -12.50% (hereafter "Grid," "The Company") announced today that the Board of Directors of the Company has deemed it in the best interest of the Corporation to accept Mr. Rob Hoar's resignation as Executive Vice President effective immediately and to appoint Mr. Steve Olsen to the position of Executive Vice president of Exploration and Production of Grid Petroleum Corp.
Mr. Olsen has 34 years of experience in all phases of the Oil and Gas industry including but not limited to the field service, completion, production and work-over of all forms of Oil and Gas assets. Most recently Mr. Olsen has been the lead of the accomplished Olsen Consulting Company of Oklahoma.
Mr. Olsen has spent the last several years working with Chesapeake Energy Corporation developing the following shale formations: The Barnett Shale for three and a half years, the Wood-ford Shale for eight months, the Fayette and Marcellus Shale for approximately 6 months each. Mr. Olsen has also worked with other significant Oil and Gas production and exploration companies including Schlumberger Oil field Services for over nine years in the prolific Permian Basin of Texas.
Mr. Olsen brings with him the experience and knowledge to implement the development of Grid Petroleum Corp's significant Monterrey Shale holdings in the prolific San Joaquin Basin of Central California.
Grid Petroleum Corp., through its recent acquisition of Joaquin Basin Resources Inc, currently has a 50% working Interest in the mineral lease hold rights to approximately 4000 acres of oil and gas property in the prolific central California Joaquin Basin. Solimar Energy Limited holds the other 50% of a gross estimated 82,000,000 BOOIP to the two companies combined interest, 41,000,000 to Grid Petroleum Corp's Interest. Using a P10 valuation of the Oil in Place reserve calculation and assuming a recovery rate of 10% percent indicating the volume of recoverable oil at an estimated 4,100,000 Barrels of Oil.
The Company expects to develop significant reserves and cash flowing assets from future development of the newly acquired leases obtained through the purchase of Joaquin Basin Resources Inc.
