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 has reached the wells total depth of 3850 feet.
The Scorpion drilling rig #1 has been on location drilling for nine days and has reached a depth of over 3850 feet, with no adverse drilling issues to date.
The well is in the process of being Gamma Ray logged by the onsite geologist analyzing and interpreting the logs to determine the commercial viability of the Garcia #3 well.
Target geological zones have been identified and cored for further analysis to determine porosity and permeability.
"Grid Petroleum has been informed that there are significant Oil shows during the later stages of the drilling when the target formations were encountered," states Grid Petroleum Corp president James Powell. "The indications we have received so far are very positive to date, however an accurate determination of the commercial viability of the Garcia #3 well will be made upon the completion of the analysis of the well logs and core data."
The Company will monitor situation and report progress regarding the well log interpretation and core data as it develops.