KansasCityPete, this is the last update as of 11/19. We're now waiting on news of the Texas lease acquisitions and other material developments in the Cali projects. I sure wish they'd speed this process up.
Grid Petroleum Corp Provides Texas Update
Grid Petroleum Achieves California Operator Permit
DENVER, CO, Nov 19, 2013 (eTeligis.com via COMTEX) Grid Petroleum Corp. (OTCQB: GRPR): The Board of Directors are pleased to announcing that Grid Petroleum has entered into the final documentation stage of negotiations with the leaseholders of two thousand acres of land in Duval County, Texas for the purpose of Oil and Gas development and exploration.
The company previously announced a significantly shorter time frame for the contracting of this lease hold however due to the number of individual leasehold owners involved the process has proven to be timelier.
The company has final documentation out for signatures at this time and expects that completion will be achieved in the near future.
The company plans to immediately begin the mapping planning and drill site selection process for the development of the leasehold upon completion of documentation. The company will be the Operator of this leasehold
The primary target production zones in Duval County are the Frio, Hockley, Wilcox and Yegua sands with deeper production from the Eagle Ford and Jackson shale formations.
California Update:
The company is pleased to announce that it has achieved its Operators Permit for the State of California. Operator number G3570
The company is completing negotiations with its joint venture partner regarding the company achieving operator status of certain joint holdings in order to expedite leasehold development schedules.
The company expects to provide a complete update and timelines for its California holdings upon completion of negotiations.
Filings update:
The company expects to complete and file its 10q by end of business November 19, 2013
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.
Contact:
www.gridpetroleum.com
702 751 3889
