DENVER, Oct. 1, 2012 /PRNewswire/ -- Grid Petroleum Corp. (OTCBB: GRPR): The Board of Directors is pleased to announce that Grid Petroleum has received a preliminary report of the initial flow testing of the Bardo Sand, the deepest potential pay zone of the Garcia #3 well.
Bardo Sand (3' Potential Gas Pay; 13' Potential Oil Pay): The top of this sand was encountered at 3520' drill depth in the "Garcia" #3 well where it is present in the form of 2 lobes. The top lobe is 10' thick and has very good Rwa log response. A core in the top of this zone at 3522' analyzed gas. A core at 3523' was transitional between gas and oil and the remaining cores in this lobe analyzed oil. The permeability's in this lobe analyzed between 51 and 115 millidarcies and the porosities ranged between 25.8%-27.8%. The second lobe is 6' thick and shows good Rwa response on the triple-combo log. Cores in this zone analyzed oil with permeability's ranging from 140-265 millidarcies and porosities from 28.8%-30%.
Work over unit was moved onto the Garcia #3, tubing was run to bottom ensuring total depth of well bore. The Rig then ran a Baker packer in the hole on 2 3/8 inch tubing, packer was set just above the top of the Bardo Sand zone.
Wireline services were then brought onto location to run a cement bond log, utilizing the Gama Ray tool to detect cement bonding on both the casing and outside formation, which proved to be in excellent condition.
Wireline services then ran into the hole through the 2 3/8 inch tubing a perforating gun to shoot the top 4 feet of the Bardo Sand, perforating the casing.
After Wireline services completed perforating the initial test zone, the work over rig began to swab the tubing to take the hydrostatic head off of the Bardo Sand formation to allow hydrocarbons to the surface. After the fifth swab run the well began to flow gas to the surface on its own. The gas flowing pressure grew to 200 PSI with a shut in pressure of 750 PSI.
The well will be allowed to flow to ensure that the gas has cleaned up any down hole drilling fluids before any performance flow testing can be completed.
The Company expects that flow results will be finalized in the near future. The completion process is near completion and the Company is awaiting confirmation of flow numbers from the Joint Venture Operator, Progas Services Inc.
The following link provided below to the oil and gas blog on twitter for a short video of the initial gas and oil shows.
GRPR Oil & Gas shows from Garcia #3 Play Media.
The completion process can take several weeks before reliable production numbers can be disseminated.
The company will provide progress updates as they become available regarding the Garcia #3 and other anticipated drilling activity in the near future.
Grid Petroleum Corp. is a development stage company focused on the acquisition and development of low cost high reward oil and gas prospects with infield drilling for proven potential reserves in the United States and Canada.
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.
SOURCE Grid Petroleum Corp.