Jonah Gas Field Draws Oregon Utilities Investment
DENVER, CO, Jun 13, 2011 (MARKETWIRE via COMTEX) -- Grid Petroleum Corp. GRPR -12.50% ("The Company") announces recent developments regarding the Jonah Gas development and surrounding areas.
Since 1993, over 15 companies, many of them "majors," have become active participants in Wyoming's Greater Green River basin. Grid Petroleum is one of the few "junior exploration" and resource development companies to have a significant land position in the giant Jonah Gas Shale Field.
The Jonah Prospects acquired by Grid Petroleum in Greater Green River Basin Wyoming are spread over 5,000 acres of high impact gas leases and are located in the second largest proven gas reserve in the North America.
The entire Jonah Field prospect contains approximately 8.0-15.0 TCF of natural gas. In particular, the South and West Jonah could hold approximately 37 BCF and 111 BCF of recoverable gas reserves, respectively.
Most recently as reported in the May 2, 2011 edition of the Oil and Gas Journal:
"Encana Oil & Gas USA Inc. completed a joint venture under which a Portland, Ore., utility will advance funds for further development of giant Jonah gas-condensate field in Wyoming." It is further reported that "Under the most recent deal, the Oregon Public Utility Commission approved an investment of more than $250 million by Northwest Natural Gas Co. over the next 5 years to earn a working interest in certain sections of Encana's Jonah field in Wyoming."
Significant investment by the Oregon Public Utility Commission in Encana clearly demonstrates the importance of the Jonah Field and surrounding area in providing a potential hedge against the rise of the cost of natural gas.
The Company continues to review its options regarding the development of its Jonah Prospects
The price stabilization of natural gas and its desirability as a clean energy source make the development of the Jonah Field a significant opportunity for the company.
