Grid Petroleum Corp. engages in the acquisition, exploration and development of oil and gas properties in North America. The company was formally known as Sunberta Resources Inc., and changed its name to Grid Petroleum in November 2009.
The company today provided further details on its most recent acquisition – the purchase of San Joaquin Basin Resources Inc. Effective January 20, 2011, Grid Petroleum acquired the company and its mineral leasehold rights to approximately 4,000 acres of oil and gas property in the prolific central California San Joaquin Basin.
This area is a world class oil and gas region and home to five of the top twelve oil fields in the continental US. More than 35 billion barrels of oil have been recovered in the San Joaquin Basin by major oil producers such as Chevron and Occidental Petroleum. Many geologists believe there are still large, undiscovered resources in multiple reservoirs waiting to be uncovered by both large firms and small firms like Grid Petroleum.
This newly acquired property will compliment Grid Petroleum’s existing Jonah Field assets and further asserts the company’s strategy of focusing on onshore oil assets in California. The company is currently reviewing its options for the development of the property and the assessment of the full potential of estimated reserves and their valuations.