GRPR News Grid Petroleum Corp.: GRPR Reports Ga

DENVER, Oct. 15, 2012 /PRNewswire/ -- Grid Petroleum Corp. (OTCBB: GRPR): The Board of Directors is pleased to announce that Grid Petroleum has received a preliminary report of the initial flow testing of the Barnsdall Formation.

Initial natural gas production rates from the lower and upper lobes of the Bardo zone is estimated at approximately 1 million cubic feet per day. The zone could be produced at approximately 500,000 cubic feet per day with an estimated fall off to 250,000 cubic feet per day with the natural decline rate over time.

From Progas Services Inc, the Joint Venture Operator for the Northwest Premont Area of Interest.

"Garcia 3 – Last evening the tubing was swabbed down to 1100 feet and shut in for the night. The fluid level was to surface when the rig starting swabbing this morning. Swabbing operations started producing "live oil" with natural gas coming into the well bore along and some formation water. This provides an indication the formation has virgin pressure in the well. This morning the oil cut has increased to estimated 12% oil in each barrel of fluid brought to surface. Each additional swab run is producing more natural gas and more "live oil". Entry rate has increased from approximately 1 barrel per hour to 3.5 barrels of fluid per hour with steadily increasing oil percentage. The Garcia #3 is turning around at this time producing good oil and natural gas with each swab run.

Current production of 3.5 barrels per hour equals 84 barrels a day. 12% is 10 barrels of oil per day and increasing," States Dan Polk of Progas Services Inc.