SOURCE: Grid Petroleum Corp.

March 23, 2011 09:15 ET

Grid Petroleum Provides Update on San Joaquin Basin Area Potential

DENVER, CO--(Marketwire - March 23, 2011) - Grid Petroleum Corp. (OTCBB: GRPR) (hereafter "Grid," "The Company") is pleased to provide further details on its most recent acquisition of Joaquin Basin Resources Inc. 

Effective January 20, 2011, Grid Petroleum acquired Joaquin Basin Resources and its mineral leasehold rights to approximately 4,000 acres of oil and gas property in the prolific central California San Joaquin Basin. This newly acquired property will complement its existing Jonah Field assets, and further asserts Management's strategy of focusing on onshore oil assets in California, which the Company believes is highly prospective. 

The San Joaquin Basin is a world class oil and gas region, and is home to five of the top twelve oil fields in the continental United States. More than 35 billion barrels of oil have been recovered in the San Joaquin Basin by major oil producers such as Texaco, Chevron and Occidental Petroleum and many geologists believe there are still large, undiscovered resources in multiple reservoirs in both the conventional sand and unconventional sand zones. 

The company is currently reviewing its options for the development of the property and the assessment of its full potential of estimated reserves and their valuations.

The Company has also retained Parkside Communications Inc., to manage investor relations and corporate communications services. Parkside Communications is a full-service, outsourced investor relations firm serving emerging to mid-cap public companies trading on North American stock exchanges. They execute all the elements in the corporate communications process, providing constant communication between investors and corporations. Parkside Communications is based in New York City. 

Legal Notice Regarding Forward-Looking Statements

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 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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