DENVER, CO--(Marketwire -09/20/11)- Grid Petroleum Corp. (OTC.BB: GRPR.OB - News) ("The Company") announces the development of the Kreyenhagen Trend acreage continues to progress through its Joint Venture Partner and property operator, Australian Stock Exchange listed Solimar Energy Limited.
Solimar Energy is the "Operator" of the 4,000 acre Kreyenhagen Trend leases and as such determines the overall timing of the development plan and work schedule for the Kreyenhagen Trend acreage.
It is anticipated that an initial technical study and drill site selection will begin as early as October of 2011. Permitting will take place upon completion of drill site selection.
Grid Petroleum continues to benefit by the data collection and further development of Solimar's other holdings in the San Joaquin Basin of central California, in particular the nearby 10,000 acre Kreyenhagen Ranch property
The Company notes the following activity for the San Joaquin Basin Area as reported in the Oil and Gas Journal:
California rig count is up 10% for the week with increased activity targeting the San Joaquin Basin.
Several exploratory wells are drilling or about to spud seeking unconventional and heavy oil resources in and around established California oil fields.
On September 2 a well designed to test the Monterey formation in the San Joaquin basin in a southern extension of Kettleman North Dome field, spudded and is planned for a total depth of 7,630 ft.
On Sept. 10 a well designed to test a possible eastern extension of giant San Ardo heavy oil field in the Salinas basin in Monterey County.
Late September a well is scheduled to spud at Deadman's Gulch, a moderate risk oil prospect 6 km east of Neon's North San Ardo field.
A 15,500-ft geological wildcat well is scheduled to spud in the western part of giant Paloma oil and gas field in Kern County. Seven target sandstone and shale zones in the Miocene are expected beginning at 10,000 ft.
An Upper Kreyenhagen zone drilled to 16,950 ft in August, coring showed a total Kreyenhagen thickness of over 800 ft. Visual examination of the core confirms the presence of oil stained fractures.
A wildcat well drilled to 15,240 ft confirmed the evidence of the Cretaceous Moreno formation, a major source rock in the area, according to the US Geological Survey. Petrophysical log and core analysis confirm prospective targets in the Upper Kreyenhagen and lower Kreyenhagen formations.
The Company previously announced the following estimated Oil In Place Potential of the Kreyenhagen Trend leases as determined by the Company's geologists: "Initial estimates indicate that there exists 82,000,000 BOOIP. Eighty-Two Million Barrels Oil in Place."
The Company currently holds a 50% Working Interest in the 4,000 acres, Solimar Energy Limited holds the other 50% providing an estimated 41,000,000 BOOIP to Grid Petroleum's Interest.
MINE .0013 this stock hit .0009 and traded and closed with volume at .0013 we should see a nice rally here as the stock has been showing promise with two 8k filings in last month and FORM 4 should see news soon
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