Grid Petroleum Corp. (OTCBB: GRPR) has provided further details on its most recent acquisition of Joaquin Basin Resources Inc.
The acquisition of Joaquin Basin Resources and its mineral leasehold rights to approximately 4,000 acres of oil and gas property in the prolific central California San Joaquin Basin will complement Grid’s existing Jonah Field assets. The acquisition also confirms the company’s strategy of focusing on onshore oil assets in California, which the Grid believes is highly prospective.
The San Joaquin Basin is a world class oil and gas region, and is home to five of the top twelve oil fields in the continental United States. More than 35 billion barrels of oil have been recovered in the San Joaquin Basin by major oil producers such as Texaco, Chevron and Occidental Petroleum and many geologists believe there are still large, undiscovered resources in multiple reservoirs in both the conventional sand and unconventional sand zones.
The company is currently reviewing its options for the development of the property and the assessment of its full potential of estimated reserves and their valuations.
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