Saturday, February 22, 2014 10:14:04 AM
Grid Petroleum Corp Finalizes Asset Exchange of Kreyenhagen Ranch Interests.
DENVER, CO, Dec 12, 2013 (eTeligis.com via COMTEX) Grid Petroleum Corp. (OTCBB: GRPR): The Board of Directors are pleased to announce that Grid Petroleum has entered into an agreement with its joint venture partner Solimar Energy Limited for the exchange of working interests in certain jointly held Kreyenhagen Ranch Prospects.
The company previously held a 16% interest of several leases jointly with Solimar Energy Limited comprising approximately 5000 acres. The exchange allows for Grid Petroleum to increase its interest in certain leases to 84 % of approximately 1100 acres in the Kreyenhagen Trend with Operatorship, while releasing the company's 16% interest in certain other leases in the Kreyenhagen ranch.
"This is a significant step forward for the company's development of its California holdings" states company President James Powell. "The company is now in a position to move forward without any further delays due to our joint venture partner's development schedules."
The company is previously announced that it has achieved its Operators Number for the State of California. Operator Number G3570
The company plans to immediately begin the mapping planning and drill site selection process for the development of these leaseholds upon completion of the transfer of interests has been recorded. The company will be the Operator of these lease holdings
Upon completion of the planning process the company will then be making Drilling Permit applications for its first development well.
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