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Grid Petroleum Corp. (GRPR) Updates Operations In Texas And California

|Includes: Grid Petroleum Corp. (GRPR)

Grid Petroleum Corp. reported on the company's oil and gas operations in the United States. The company is involved in various exploration and development projects in California and Texas.

Grid Petroleum is working on final negotiations with a private oil and gas company on purchasing a 5,000 acre lease tract in the central portion of Texas. The company estimates that the property may hold reserves of approximately 20 million barrels of oil and 15 billion cubic feet of natural gas.

Grid Petroleum said that the Central Texas property has multiple drilling opportunities for a number of different oil and gas formations. The proposed acquisition is being documented and reviewed by the company's legal team.

Grid Petroleum is involved in a joint venture with Solimar Energy Limited on properties in the San Joaquin Basin of California. The joint venture has initiated a geophysical study of the Kreyenhagen Trend on its acreage and expects the study to be completed in February 2012.

Grid Petroleum is targeting oil shale formations that are present on the acreage, including the Upper Temblor and Miocene Monterey. If the study indicates that the properties have commercial potential, the joint venture plans to select drill sites on the property.

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