news DENVER, CO, July 30, 2013 - (eTeligis via
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DENVER, CO, July 30, 2013 - (eTeligis via Accesswire) - Grid Petroleum Corp. (OTCQB: GRPR): The Company is pleased to announce that Grid Petroleum has entered into a letter of intent for the acquisition of a 25% working interest and a 16.5% net revenue interest of 516 acres of the Jacalitos Prospect.
The Jacalitos Prospect is located in the San Joaquin Basin, south of Coalinga, east and south East of the 22,000,000 bbl Jacalitos Nose oil field.
This area has been the subject of renewed activity for exploration and development with indications that the Temblor Sandstone oil reservoir at target depths between 3,500 and 4,500 ft.
The Prospect also has the potential for deeper fractured shale reservoirs.
"The company is now focusing its energies on the California area assets currently in place with the intent of expanding its operations in the central California landscape," stated company President James Powell. "The opportunities that the current and future leases represent make the exploration and development of these assets a necessity."
The company is diligently pursuing the development and control of all of its future exploration and drilling business.
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.
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