LONDON, May 18, 2010 (GLOBE NEWSWIRE) -- Grid Petroleum Corp. (OTCBB:GRPR) is delighted to unveil the complete and final 'Initial Technical Review', compiled by the company's Chief Geological and Geophysical Advisor, Robert Murphy. The report is posted on its website, www.gridpetroleum.com.
The comprehensive and in depth report was constructed by a detailed analysis of the Schlumberger Report provided to Grid Petroleum on the South East Jonah Prospect, part of the company's holding of approximately 4,000 acres of high impact oil and gas properties in the prolific Jonah Field area of Wyoming. It was further enhanced by integrating wide-ranging research on both available data, and relevant literature on the Jonah Prospect, in addition to material relating to the Jonah Field in general.
Through this in depth analysis, Robert was able provide recommendations in an overview of operations deemed to be essential. He distilled this into an eleven point scoping of work program, detailing desktop data collection and moving to initial exploration procedures.
The work program can be viewed in two segments encompassing eleven elements in total, the outline of which was published in our press release of the 6th of May. Further refinements have provided the basis for detailed discussions between leading consultancy groups, and Grid Petroleum's Board of Advisors, Robert Murphy and Maarten Middelburg accompanied by Chief Executive Officer, Paul Watts scheduled for the 26th to 28th of May.
The technical report continues that, with a successful completion of the first six sectors of the plan of action, the focus would move on through to the drilling and exploration orientated final phase of five assessment sectors. These sections cover the Construct of a Static Cellular Model, Well Test Interpretation moving to Production Data Review, Construct a Dynamic Cellular Model and finally Conceptual Facility design. Robert Murphy has estimated that, working with several elements in tandem, the time span for the second phase would total approximately four weeks.
The second part of the scoping work program would entail utilising detailed local knowledge of the Jonah Prospect, and in depth experience in the exploration and development history of the complete Jonah field area. To access this expertise, dialogues with several consultancy groups and individual consultants have been entered into, with a view to coordinate their potential input into the strategy of the Technical Review work program.
Paul Watts, CEO of Grid Petroleum, said: "I am delighted to publish the 'Initial technical Review' on our website, exhibiting the consummate expertise applied by our Chief Geological and Geophysical Advisor Robert Murphy in producing the report. It displays the company's meticulous application in ensuring the most efficient and progressive method of advancing Grid Petroleum's ambitions and objectives, in securing our goals in all aspects of oil and gas exploration and production."
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 US 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.