SOURCE: Grid Petroleum

March 15, 2011 09:45 ET

Grid Petroleum Announces Change in Management

DENVER, CO--(Marketwire - March 15, 2011) - Grid Petroleum Corp. (OTCBB: GRPR) (hereafter "Grid," "The Company") announced today a change in management and members of the board of directors.

On January 6, 2011, Mr. James Powell was appointed as the President of the Company. He comes to Grid Petroleum after an extensive career in commercial and residential real estate, specializing in valuations and investment properties. From September 2006 to the present, Mr. Powell has been the owner and operator of JP Commercial, a commercial real estate company located in San Diego, California, and which specializes in the sale and acquisition of investment properties. Properties included multi-family, retail, and commercial office buildings. From June 2002 through September 2006, Mr. Powell worked for CB Richard Ellis, Inc. in San Diego, California.

The Company also saw the appointment of Mr. Robert Hoar as the head of Exploration and Development of Resource Properties, a new division of the Company. From 2009 to the present, Mr. Hoar has been Exploration Manager for Solimar Energy, LLC and is responsible for the technical evaluation and development of five production and exploration assets in California. Mr. Hoar was Chief Geoscientist for Nations Petroleum from 2004 to 2009 and, as such, responsible for evaluation and ranking of exploration properties in California's San Joaquin and Sacramento basins. Mr. Hoar has a B.A. in Geology from Hamilton College and an M.S. in Geology from the University of Vermont.

Mr. Tim DeHerrera has been appointed as Chairman and as a member of the Company's Board of Directors. Mr. DeHerrera is currently the President and a director of an oil and gas exploration company. Prior to that, Mr. DeHerrera was President and Chairman of the Board of Directors of Future Quest Incorporated, an oil and gas exploration company. Mr. DeHerrera's extensive experience and knowledge of the oil and gas industry will steer Grid Petroleum's corporate endeavors towards creating further shareholder value through the exploration and development of key oil-focused properties.

"Grid Petroleum is at a major inflection point in development, with a new management team, streamlined focus on oil properties, and a new opportunity for success," says Mr. Powell, president of Grid Petroleum. "We are excited about our prospects for the New Year and are so pleased to add gentlemen of Mr. Hoar and Mr. DeHerrera's caliber to the team."

Further, the Company has engaged John Kinross-Kennedy, CPA as its principal accountant effective January 17, 2011. The decision to change accountants was approved by the Company's board of directors.

Legal Notice Regarding Forward-Looking Statements
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 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.

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