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| | Business Summary: Grid Petroleum Corp., a development-stage company, engages in the development, exploration and production of oil and gas in North America. The company holds a 100% working interest in four separate oil and gas leases located near the Jonah Field region in Wyoming. | | | Address
33 Cavendish Square
London
, England W14 0RA
Phone: 44-207-182-4205
Website: http://www.gridpetroleum.com
| | Auditor |
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SCHUMACHER & ASSOCIATES, INC
| | Transfer Agent |
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Island Stock Transfer
| | ShareHolders: 67 | Founded: 2006
Domicile: Nevada | | | |
| | Grid Petroleum Corp., in the development stage as of Mar. 31, 2010, engages in the development, exploration and production of oil and gas in North America. The company holds a 100% working interest in four separate oil and gas leases located near the Jonah Field region, which encompasses an area of natural gas reserves within the Greater Green River Basin in the Rocky Mountain area of Wyoming.
The company refers to its four leases as the SE Jonah Prospect. The SE Jonah Prospect is spread over 3,744.57 acres and is located six miles southeast of the Jonah Field.
Schlumberger Data and Consulting Services has prepared a technical report on the SE Jonah Prospect for analysis and development appraisal of the property. The report concluded that further study was needed to proceed with any drilling operations. The report did not evaluate a portion of land in the southwestern area of the SE Jonah Prospect that covers roughly 1,300 acres.
The report also concluded that there was a good possibility of productive hydrocarbons being encountered in the prospect and the surrounding area. While the geological, petrophysical, and engineering conditions are similar to the Jonah Field, the one difference is the lower pressure gradient in the prospect area, which will result in lower production rates.
Additionally, Schlumberger's report recommended that additional seismic data should be acquired over the SE Jonah Prospect allowing for more subsurface control and better positioning of drilling locations and additional seismic should be acquired over the prospect either by purchase or shooting.
Subsequent to this report, the company's chief geological and geophysicist advisor completed an analysis of the report devising a work program to encompass the necessary additional study.
Concluding that the SE Jonah acreage can be considered as exploration rather than development/production acreage, the work program consists of 11 elements divided into two phases. The first phase comprises six elements requiring data accumulation and study. The completion of phase one will provide information as to the prospects of finding producible gas and, if so, the predicted range of gas quantity in place. The second phase, which is contingent on positive results from the first phase, includes well test interpretation and investigating development drilling scenarios and production forecasting.
On this basis, as of July 2010 Grid Petroleum was in discussions with consulting groups to implement the first phase of the devised work program. | | History: INCORPORATED in Nevada Nov. 15, 2006, as Sunberta Resources Inc.; name changed to Grid Petroleum Corp. Nov. 18, 2009. | | | | Subsidiaries: |
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Sunberta Alberta
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Management
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| Officers | Position |
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| Paul Watts | President, Chief Financial Officer & Chief Executive Officer | | Andrew Barwicki | Investor Relations Contact |
| | Directors |
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| Paul Watts | | | |
| | | | Capitalization as of 03/31/2010: | | | | | Authorized Shares | Outstanding Shares |
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| Common $0.001 par | 1,500,000,000 | 65,290,000 |
| | | | LONG TERM DEBT: None. | | | | Common $0.001 par | | | |
Stockholders:
06/10/2010,
67.
| | PRINCIPAL STOCKHOLDERS: June 10, 2010, Premier Global Corp. owned 39.9% of the Common, and Paul Watts 9.2%. | | | |
Transfer Agent: Island Stock Transfer
St. Petersburg
, FL | | | | OTC Bulletin Board( Primary): GRPR | | | | Exchange | Year | High | Low |
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| OTC Bulletin Board | 2009 | 0.6500 | 0.5500 |
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| | | | DIVIDENDS: Common $0.001 par: No cash.
Common split 20-for-1, ex-Jan. 16, 2008. | | | | | |
| | Annual Report |
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| | | Income Statement | |
| 2010 | 2009 |
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| Cost & exps. | 116 | 49 | | Depr. & amort. | Nil | 1 | | Interest exp. | 8 | 5 | | Inc. fr. contng. opers. | (124) | (55) | | Discontd. opers. | - | (5) | | Net income | (124) | (60) | | Share earns. fr. contng. opers. basic & diluted | Nil | Nil | | Net income per share basic & diluted | Nil | Nil | | Avge. com. shs. (Thou.) | 81,427 | 82,042 |
| | | | Balance Sheet | |
| 2010 | 2009 |
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| Assets: |
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| | Cash & equiv. | 128 | 1 | | Prepaid expenses and deposits | 6 | - | | Tot. curr. assets | 134 | 1 | | Net property | 1 |
| | Oil & gas props. | 80 | - | | Total assets | 215 | 1 | | Liabilities: |
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| | Loans pay. | 61 | 55 | | Accts. pay. | 6 | 11 | | Accruals | 31 | 15 | | Tot. curr. liabs. | 98 | 81 | | STOCKHOLDERS' EQUITY: |
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| | Com. stk. p.$0.001 | 65 | 74 | | Paid-in cap. | 345 | 14 | | Accumulated other comprehensive income | 4 | 5 | | Retained earns. | (297) | (173) | | Total liabs. | 215 | 1 | | Common Shares (Thou.) | 65,290 | 82,042 |
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| | Interim Report
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| | | Data Not Available | | | | | | | | | |
| | Pro Forma Report
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| | | Data Not Available | | | | | | | | | |
| | Quarterly Report Information
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| | | Quarterly Revenue, US$ |
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| Year | Quarter | Revenue | | 2009 |
Full Year
| 0 |
| | | | | | Quarterly Net Income, US$ |
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| Year | Quarter | Revenue | | 2009 |
4 | (100,000) | | 2009 |
Full Year
| (60,000) | | 2008 |
Full Year
| (80,000) | | 2007 |
Full Year
| (60,000) |
| | | | | | Quarterly EPS, US$ |
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| Year | Quarter | Revenue | | 2010 |
1 | Nil | | 2010 |
2 | Nil | | 2010 |
3 | Nil | | 2010 |
4 | Nil | | 2010 |
Full Year
| Nil | | 2009 |
1 | Nil | | 2009 |
2 | Nil | | 2009 |
3 | Nil | | 2009 |
Full Year
| Nil | | 2008 |
1 | Nil | | 2008 |
2 | Nil | | 2008 |
3 | Nil | | 2008 |
4 | Nil | | 2008 |
Full Year
| Nil | | 2007 |
3 | Nil | | 2007 |
Full Year
| Nil |
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