DENVER, CO – December 12, 2013 - - 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.
Specific details of the lease exchange will be included in the 8-k filing Monday December 16.
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.
Legal Notice Regarding Forward-Looking Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined, and assumptions of management. Forward looking statements are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions or that events or conditions "will", "would", "may", "can", "could" or "should" occur. Information concerning oil or natural gas reserve estimates may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed.
Actual results may differ materially from those currently anticipated due to a number of factors beyond the reasonable control of the Company. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include misinterpretation of data, inaccurate estimates of oil and natural gas reserves, the uncertainty of the requirements demanded by environmental agencies, the Company's ability to raise financing for operations, breach by parties with whom we have contracted, inability to maintain qualified employees or consultants because of compensation or other issues, competition for equipment, inability to obtain drilling permits, potential delays or obstacles in drilling operations and interpreting data, the likelihood that no commercial quantities of oil or gas are found or recoverable, and our ability to participate in the exploration of, and successful completion of development programs on all aforementioned prospects and leases. Additional information on risks for the Company can be found in the Company's periodic filings filed from time to time with US Securities and Exchange Commission at www.sec.gov.
This press release does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "Securities Act"). They may not be offered or sold in the United States (as defined in Regulation S under the Securities Act), except pursuant to an exemption from the registration requirements of the Securities Act.
Cautionary Note to U.S. Investors -- The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms such as estimates of a mean of undiscovered natural gas and estimates of a mean of undiscovered oil that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 10-K and other periodic reports filed by us from time to time with the SEC, available from us at www.sec.gov. You can also obtain this form from the SEC by calling 1-800-SEC-0330.
Grid Petroleum Corp.
SOURCE: Grid Petroleum Corp.