The Board of Directors report that Grid Petroleum has received a drilling timeline for the first well to be drilled, of Phase One, of the Joint Venture Development Agreement the company recently announced.

The Joint Venture Agreement is for the development of a Mutual Area of Interest in the Northwest Premont Field in Jim Wells County, Texas. The Field covers 4,500 acres and is part of the Gulf Coast Trend in South Texas.

The first well to be drilled, the Guerra #3, has been permitted for drilling down to a total depth of 5,000 feet with the Frio Sands identified as the targeted formations.

Drill site access roads and the initial drill pad are under construction, anticipating the arrival of the drill rig to commence the initial well. It is anticipated that the Guerra #3 will begin drilling on or before March 15. The field operator has indicated that the drilling and rig contract has been negotiated for an initial 20 well drilling program, which is Classified as Phase One for the field development.

Drilling, completion and testing the well prior to initial production will take approximately 30 days, subject to mechanical failures or acts of God. As soon as the Guerra #3 has been completed, the drilling contractor will move the rig onto the next drill pad currently under construction, to begin the drilling of the second well. This well is currently being permitted. The operator will continue this ongoing process until all the planned 20 wells have been drilled and completed.

Tags: Grid Petroleum