SOURCE: GRIT International, Inc.

GRIT International, Inc.

October 06, 2010 03:00 ET

GRIT International Inc. - Announces to "IPO" Oil and Gas Subsidiary on the Frankfurt Exchange

GRANDE PRAIRIE, AB--(Marketwire - October 6, 2010) -  GRIT International Inc., "GRIT" (FRANKFURT: 3GR1) (PINKSHEETS: GRIG) announces that its Canadian based oil and gas subsidiary GRIT PETROLEUM INCORPORATED, will be spinning out a newly listed public division called GRIT PETROLEUM TEXAS, which will be listed on the Frankfurt Stock Exchange. This company is being created in order to take advantage of the consolidation opportunities now present in the Texas oil and gas industry. The company has been negotiating the purchase of a large well package which has published proven developed and proven undeveloped oil reserves of 10,000,000 barrels which represents based on current oil prices of US$82 per barrel a minimum value of $820 Million (theoretically = US$10.25 per share of GRIT International) -- only based on this one purchase with several more such petroleum transactions in the company's pipeline. GRIT PETROLEUM TEXAS sees an opportunity to consolidate smaller operators to create a portfolio of over 1000 producing wells by early 2012. The company plans to utilize both bank and equity financing to complete this acquisition.

ABOUT
GRIT INTERNATIONAL INC
GRIT International is a Canadian based company registered in the State of Nevada, US; -Diversified Industrial Services Company, offering Support Services, Utilities, Oil & Gas and Mineral holdings. The businesses that make up GRIT INTL - Integrate amongst each other providing a present revenue from the energy industry and also seeks out Environmentally Sustainable solutions in nuclear energy, renewable resources in bio-waste and other alternative fuels available at present time. GRIT foresees expanding its divisions from an international to that of a Global services provider. For more information please visit the company's website at www.gritintl.com

Safe Harbor Statement; under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company's control with respect to market acceptance of new technologies or products, delays in testing and evaluation of products, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. 

Contact Information

  • Contact:
    GRIT International Inc.,
    Investors Relations
    Website: www.gritintl.com;
    E-mail: grit-admin@gritintl.com
    P : 780.513.1125
    F : 780.814.5584
    A : Suite 201, 9914 - 109th Avenue, Grande Prairie, AB, T8V 1R7