LONDON, June 30, 2010 (GLOBE NEWSWIRE) -- Grid Petroleum Corp. (OTCBB:GRPR) is happy to announce the receipt of several detailed proposals to implement the first phase of the work program devised by its Chief Geological and Geophysical Advisor Robert Murphy.
Robert Murphy, accompanied by Grid Petroleum's Chief Petrochemical Engineering Advisor Maarten Middelburg, and CEO Paul Watts held meetings on the 26th and 27th of May with several leading geological consulting companies.
Resulting from these meetings, a detailed proposal to implement the first six elements of the work program, (detailed in the Jonah Technical Review and available on our website www.gridpetroleum.com), was secured by Grid Petroleum. Conversations are ongoing with other consulting groups leading to an additional proposal being now in hand and a third being waited on.
A number of Grid Petroleum's needs were absorbed in these proposals which are now under active consideration by the company. Within the proposals, fleshing out all the required components for a successful program, a provisional start date of the second week in July would result in the completion of the first phase by the first week in September. A successful conclusion to this agenda will pave the way to implementing the second and exploratory phase of the scoping of work, incorporating the physical aspect of test well drilling.
Having arrived at this stepping stone to its future exploration and development objectives, Grid Petroleum has the satisfaction of reviewing the progress and growth of the company made since the appointment of Paul Watts as CEO was announced on the 1st of March.
The month of March involved a number of key aspects being secured by Grid Petroleum.
The company's receipt of $500,000 from a European institutional investor, as initial working capital, enabled the finalization of the acquisition of approximately 4,000 acres in the SE and W Jonah Field, an area of premium natural gas reserves within the Greater Green River Basin in the Rocky Mountains area of Wyoming.
Shortly to follow was the receipt of a report by world leader in Oilfield Services, Schlumberger, evaluating Grid Petroleum's SE Jonah Prospect in Sublette County, Wyoming and the activation of Grid Petroleum's website detailing news releases, management details and general industry news and share pricing.
Moving through April, Grid Petroleum received the completed financial report by premier research company, Cohen Independent Research Inc., concluding with a Price Index Target of $2.26. Subsequent to this was the securing of a financial agreement of up to USD5,000,000.00 with an option of a further USD2,500,000 enabling Grid Petroleum to draw a potential total of USD7,500,000. Following in this agreement's wake was the initiation of research coverage by leading independent research company, SISM Research and Investment Services of Zurich, Switzerland, available on the company's website, providing an 18-24 month target price of $2.20, detailing a potential upside price of $9.69.
The month of May continued at pace with Robert Murphy, a seasoned industry veteran, joining the company's Advisory Board as Chief Geological & Geophysical Advisor. He subsequently produced an in depth analysis of the Schlumberger report combined with detailed research on related literature and data on the Jonah Prospect, determining the work program currently in discussion.
An initial drawdown of USD200,000.00 against the financial agreement was implemented as an initial provision to encompass all aspects of the envisaged scope of work required.
Maarten Middelburg was appointed to the company's Advisory Board in the capacity of Chief Petroleum Engineering Advisor, providing extensive insight knowledge and experience to this area of expertise.
The unveiling of the 'Initial Technical Review', compiled by the company's Chief Geological and Geophysical Advisor Robert Murphy has brought Grid Petroleum to the point now of considering the proposal by a leading geological consultancy group to conclude the first phase of the work program, which will propel the company further along the road in its exploration and development aspirations.
Throughout June, Grid Petroleum's Board of Advisors Maarten Middelburg and Robert Murphy have conducted an intensive program in collecting and collating all the necessary data to facilitate the most efficient conditions for the July commencement of the first phase of the work program.
Looking to a positive outcome of further research and development, Grid Petroleum has been looking to the future of development by entering into discussions with leading drilling operators covering all aspects of technical costs and the range of environmental issues prevalent in the U.S. State of Wyoming.
Paul Watts, CEO of Grid Petroleum, said: "The securing of detailed and finite proposals for Phase 1 of Robert Murphy's work program from leading consultancy groups is another exciting juncture in the progress of Grid Petroleum, giving the company a definitive and detailed timeframe to open the door to the physical exploration of its acquired assets.
"Having reached this milestone, it is deeply satisfying to review the past months, and appreciate the work and accumulated professional expertise that has provided the guidance to progress the company in its vision and objectives."
About Grid Petroleum
Grid Petroleum Corp. (OTCBB:GRPR) is a London, UK based Independent Oil and Gas Exploration Company, with an operational office in Denver Colorado. Grid has recently secured assets in Wyoming, neighboring the prolific Jonah Gas Field. For more information, please visit www.gridpetroleum.com.
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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 gold or other mineral reserve estimates may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present if and when 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 gold or mineral deposits, 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 gold or minerals 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 filings on Edgar of other junior mineral exploration companies with the U.S. Securities and Exchange Commission. This announcement may also contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.