GRPR News .014 Grid Petroleum Corp: Acquires 10

DENVER, May 24, 2012 /PRNewswire/ -- Grid Petroleum Corp. (OTCBB: GRPR): The Board of Directors are pleased to announce that Grid Petroleum has completed its subject removal allowing the company to close upon the terms of the Letter of Intent to acquire a Ten percent working interest, Seven point five percent net revenue interest, from a third party interest holder of the Garcia #3 well. (10.0 % WI, 7.5% NRI)

The Company previously announced the following statements, outlining principal conditions to the closing of the Acquisition of an Interest in the Garcia #3 Well,

"This Letter of Intent is subject to the establishment of an acceptable, ironclad drilling start date for the Garcia #3 Well, which start date is to be determined and agreed to prior to definitive documentation completion."

Upon further diligence by the company, all known conditions previously delaying the start of the drilling of the Garcia #3 well have been removed, and the well start date is now subject to drill rig availability.

"The Company has previously announced in error, anticipated start dates based upon information available at time of those announcements," stated Grid Petroleum Corp, President James Powell. "The Company now endeavors to keep the shareholders updated as accurately as possible during the ramp up to the drilling of the Garcia #3 well and beyond."

The Company previously announced the following based upon information provided by the operator of the Garcia #3, which was dependent upon all interest holders meeting its respective cash calls.

The Company has determined that with this investment the operator has enough funds to drill the Garcia #3 to depth.

"The Anticipated Start Date for the Drilling to Commence on the Garcia #3 shall be from April 21, 2012 to April 30, 2012."

The Garcia #3 well is the next scheduled well to be drilled by the contracted Drill Rig and its operating crew. The rig is currently in the final days of completion of a previously committed contract and will move to the Garcia #3 drill site when available.

The delay has been due to the inability of a third party joint venture investor in the Garcia #3 well to meet its cash call to retain its participation interest.

Grid Petroleum Corp has acquired a 10 percent interest in the Garcia #3 well due to its recent availability.

The Company has determined that with this investment the operator has enough funds to drill the Garcia #3 to depth.

The company has determined that this participation will enable the further development of the Mutual Area of Interest in a timely basis.

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.