Grid Petroleum Completes Application for California Oil and Gas Operator Permit
Aug 12, 2013 (ACCESSWIRE via COMTEX) -- DENVER, CO (ACCESSWIRE) 8/12/2013 - Grid Petroleum Corp. (OTCBB: GRPR) (OTCQB: GRPR) (the "Company"), is pleased to announce that it has initiated the application process to achieve Oil and Gas Operator Status with the State of California. The Company has determined from its ventures in Texas with the North West Premont investment that the ability for the company to move forward on any future exploration drilling or field development, the Company must be in the position of Operator.
Upon achieving Operator status in the State of California, the Company will be immediately moving to establish with its current joint venture partners, the necessary changes to allow the company to begin the development of the Kreyenhagen Trend acreage.
The Company will provide an update regarding all of the Company's assets and future development plans upon receipt of the Operators Permit.
Additionally the Company is equally encouraged about its current discussions with other leaseholders in the area surrounding the newly acquired Jacalitos Prospect to obtain further acreage for exploration and development. The Jacalitos Prospect that the Company is set to participate in is strategically located in a current field of production giving added value to the leases because of the known zones and the potential of commercial production.
On July 31, 2013, Grid Petroleum Corp., (the "Company"), entered into a Project Purchase Agreement (the "Purchase Agreement") with Xploration, Inc., a Nevada corporation ("Xploration") to acquire a twenty five percent (25%) working interest (WI) and a fourteen percent (14%) net royalty interest ("NRI") in five hundred sixteen (516) acres in the Coalinga California area identified as the Jacolitos Project. Xploration will keep a 2% NRI.
The Jacalitos Prospect is located In the San Joaquin Basin, South of Coalinga, East and South East of the 22,000,000 bbl Jacalitos Nose oil field
About Grid Petroleum Corp
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.
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