: GRPR had some fresh news out this morning. It has been on my bottom scan, and the stock, like many other stocks that fall dramatically, shot higher today... much higher. GRPR closed today at session highs $.033 up 233%!
Not only was this stock on my bottoms scan, I also tweeted it this morning: GRPR $.0115 news out this morning, has been on my bottom scan, looks poised for a move higher.
Congratulations to all that profited off this stock. It's just another example of how sharply stocks can rally after they have fallen substantially. Today's GRPR news is pasted below for your reading pleasure:
DENVER, CO, Sep 20, 2011 (MARKETWIRE via COMTEX) -- Grid Petroleum Corp. (OTCBB: GRPR) ("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.
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 is 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 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 www.sec.gov. You can also obtain this form from the SEC by calling 1-800-SEC-0330.
Contact:
Parkside Communications Inc.
Phone: 1-877-798-4165
Email Contact
www.ParksideCommunications.com
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