GRPR News GRID PETROLEUM CORP Symbol U : GRPR Re

GRPR News GRID PETROLEUM CORP
Symbol U : GRPR
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Grid Petroleum Corp. Creates Operating Subsidiary

2012-07-12 08:01 ET - News Release

DENVER, July 12, 2012 /PRNewswire/ -- Grid Petroleum Corp. (OTCBB: GRPR): The Board of Directors are pleased to announce that Grid Petroleum is establishing an Oil and Gas Operations subsidiary for the purposes of Operating future drilling and exploration activity.

The Company has made its initial application with the Texas Railroad Commission for obtaining its Operators License or Railroad Commission P4, for the State of Texas.

The Company has been frustrated for several months, by the lack of accurate and timely information being provided by the Premont Joint Venture Operator, Progas Services Inc.

The Operator of record for the Garcia #3 well, Kidd Production, has deferred all enquiries to Progas Services Inc and Dan Polk regarding the continued delays for the start date of the Garcia #3 well.

Continued requests for a commitment to a start date by the Company of the Operator, Progas Services Inc, have been met with un-satisfactory results to date.

The Company has taken the position that in order to proceed with the development of the Premont Joint Venture or any other developments in the Companies future, the Operatorship must be vested within the Companies control.

The Company is considering all of its options at this time to determine the most expeditious course of action to achieve the development of the Garcia #3 well and the Premont Joint Venture.

Grid Petroleum Corp. is a development stage company focused on the acquisition