The Board of Directors announce that Grid Petroleum has received Notification from the Premont Joint Venture Operator, Progas Services Inc, that the Scorpion Number 1 is continuing to drill the Garcia #3 well of the Northwest Premont field without delay.
The Scorpion drilling rig #1 has been on location drilling for five days and has reached a depth of over 2800 feet, with no adverse drilling issues to date.
The daily progress has slowed as expected as the drill bit passes through the various different geological formations.
The Garcia # 3 will be drilled to a total depth of approximately 4,000 feet or upon reaching target zones identified in the area.
The Company will monitor situation on a daily basis and report progress in the drilling as it develops.
In a continued effort to expand its business as an Operator, the Company's subsidiary Grid Petroleum Production Inc, and its contracted lease acquisition consultants have identified an area of interest for development of a geological structure know as the West Texas Overthrust. Utilizing new technological analysis, this prolific geological formation has provided new interpretations of traditional data.
West Texas Overthrust: Vital new frontier.
Recent integrated geophysical investigations into potential exploration plays in West Texas have revealed compelling evidence which suggests an entirely different structural history for the San Marcos platform than has traditionally been accepted.
The company is diligently pursuing the development and control of all of its future exploration and drilling business.
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