DENVER, CO- ACCESSWIRE- 8/5/2013- Grid Petroleum Corp. ( GRPR ) ( GRPR ) (the "Company"), is pleased to announce that Grid Petroleum has completed the purchase of a 25% working Interest and a 14.0% Net Revenue Interest of 516 acres of the Jacalitos Prospect.
On July 31, 2013, Grid Petroleum Corp. entered into a Project Purchase Agreement (the "Purchase Agreement") with Xploration, Inc., a Nevada corporation ("Xploration") to acquire a twenty five percent (25%) working interest (WI) and a fourteen percent (14%) net royalty interest ("NRI") in five hundred sixteen (516) acres in the Coalinga California area identified as the Jacolitos Project. Xploration will keep a 2% NRI.
Pursuant to the terms and conditions of the Purchase Agreement, the Company, shall acquire the Jacolitos Project Property through a purchase agreement that reserves an net royalty interest of 2% for Xploration, for a total purchase price of One Hundred Thousand Dollars ($100,000) (the "Purchase Price"). The Purchase Price for the 25% WI and the 14% NRI in the Jacolitos Project is one preferred share of preferred stock having a value of $100,000 converting at par value, 0.001, per common share (the "Preferred Share"). The Xploration will be able to vote the underlying common stock without conversion. Xploration will not be able to convert more than 9.9% of the Company's issued and outstanding shares. The Preferred Share will be issued upon the demand of Xploration.
August 2, 2013 the company increased the authorized share capital of the company from One billion five hundred thousand shares authorized to Two billion five hundred thousand shares authorized, Par value $.001.
The purpose for the increase in authorized capital is to allow the company to enter into the afore mentioned acquisition agreement and to seek further financing in the near future. The company currently has issued 702,730,835 shares as of July 18, 2013.
Due to contractual obligations from previous financings the company’s transfer agent is required to maintain a common share reserve of 800,000,000 shares and required an increase in the authorized share capital of the company in order to contractually comply.
There company is continuing to seek financing in compliance with Rule 144, Regulation D, without immediate dilution of the common share capital of Company.
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
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.
Legal Notice Regarding Forward-Looking Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined, and assumptions of management. Forward looking statements are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions or that events or conditions "will", "would", "may", "can", "could" or "should" occur. Information concerning oil or natural gas reserve estimates may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed.
Actual results may differ materially from those currently anticipated due to a number of factors beyond the reasonable control of the Company. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include misinterpretation of data, inaccurate estimates of oil and natural gas reserves, the uncertainty of the requirements demanded by environmental agencies, the Company's ability to raise financing for operations, breach by parties with whom we have contracted, inability to maintain qualified employees or consultants because of compensation or other issues, competition for equipment, inability to obtain drilling permits, potential delays or obstacles in drilling operations and interpreting data, the likelihood that no commercial quantities of oil or gas are found or recoverable, and our ability to participate in the exploration of, and successful completion of development programs on all aforementioned prospects and leases. Additional information on risks for the Company can be found in the Company's periodic filings filed from time to time with US Securities and Exchange Commission at http://www.sec.gov./
This press release does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "Securities Act"). They may not be offered or sold in the United States (as defined in Regulation S under the Securities Act), except pursuant to an exemption from the registration requirements of the Securities Act.
Cautionary Note to U.S. Investors - The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms such as estimates of a mean of undiscovered natural gas and estimates of a mean of undiscovered oil that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 10-K and other periodic reports filed by us from time to time with the SEC, available from us at http://www.sec.gov/ . You can also obtain this form from the SEC by calling 1-800-SEC-0330 begin_of_the_skype_highlighting 
1-800-SEC-0330 FREE end_of_the_skype_highlighting .
CONTACT:
http://www.gridpetroleum.com/
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