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Grid Petroleum Corp. Receive Schlumberger Technical Report on Jonah Field Assets

The report in its objectives of the evaluation set out to- review existing seismic data over the prospect in order to make recommendations on possible purchase; review available maps, wells and seismic data to evaluate the and feasibility of the Prospect; undertake a data audit of available public data; provide an evaluation of industry activity in and around the Prospect; review production from surrounding fields in the Lance formation to determine potential production rates; original gas-in-place (OGIP) and estimated ultimate recoveries (EUR); assess possible drilling locations based on geological, petrophysical and engineering data and to provide recommendations for additional data purchase and acquisition, including seismic.

Based on the available geological and engineering data, the report states –"good possibility of productive hydrocarbons being encountered in the prospect and the surrounding area."

The Schlumberger report continues advising a SW-NE aligned anticlinal nose which plunges to the NE, and trends almost directly through the middle of the Teakettle unit at the top of the Fort Union Coal Zone and Lance Formations. The report continues-This feature is noted to be most prominent in the Sublette Flat #1 well and Sagebrush Federal #3-8 well; both located within the north-eastern part of the unit and on the (Grid Petroleum) acreage. Additionally the report advises Gross sand in the Lance Formation, which is the primary reservoir interval, exceeds 1,000 feet in (Grid Petroleums SE Jonah) Prospect and that a similar fluvial environment of channel sandstones with interbedded floodplain shales, which occurs at Jonah Field, is expected in the prospect.

Additionally Schlumberger's report recommends that additional seismic data should be acquired over the SE Jonah Prospect allowing for more subsurface control and better positioning of drilling locations.

In completing the evaluation the report cites a base case EUR estimate of 292.4 Billion standard cubic feet (Bscf) and a high case estimate of EUR 1280.8 Bscf. and has recommended the acquisition of additional seismic data over the prospect to allow for greater subsurface control and better positioning of drilling locations.

The OGIP and EUR on a "per well basis" were also calculated by varying the gross sand thickness and recovery for the prospect and included low, base and high cases (P10, P50, P90) by varying the net sand thickness and recovery factor. The report continues advising- the values used for the recovery factor were conservative as gas reservoirs with no or low liquid production can commonly have recovery factors in excess of 80%.

Paul Watts, CEO of Grid Petroleum said: "We are delighted to have this report in place from Schlumberger. As one of the most respected names in the industry, this adds real credibility to what Grid aspire to explore and prove. The upside potential which is approaching 1.3 TCF (Trillion Cubic Feet) would be a major discovery to any oil company, and presents an immense opportunity for our company.

The full Schlumberger report can now be viewed on our website: www.gridpetroleum.com.

About Schlumberger

Schlumberger Limited (NYSE:SLB) is the world's leading oilfield services company supplying technology, information solutions and integrated project management that optimize reservoir performance for customers working in the oil and gas industry. Founded in 1926, today the company employs more than 79,000 people of over 140 nationalities working in approximately 80 countries.

The company comprises two business segments:

Schlumberger Oilfield Services supplies a wide range of products and services from formation evaluation through directional drilling, well cementing and stimulation, well completions and productivity to consulting, software, information management and IT infrastructure services that support core industry operational processes.

WesternGeco is the world's largest seismic company and provides advanced acquisition and data processing services. Schlumberger has principal offices in Houston, Paris and The Hague. Revenue was $27.16 billion in 2008. Schlumberger stock is listed on the New York Stock Exchange, ticker symbol SLB, on the Euronext Paris, Euronext Amsterdam, London and the SWX Swiss stock exchanges.

About Grid Petroleum

Grid Petroleum Corp (NASD OTC BB: GRPR) is a London, UK based Independent Oil and Gas Exploration Company, with an operational office in Denver Colorado. Grid has recently secured assets in Wyoming, neighbouring the prolific Jonah Gas Field. For more information, please visit www.gridpetroleum.com.

Legal Notice Regarding Forward-Looking Statements

Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined, and assumptions of management. Forward looking statements are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions or that events or conditions "will", "would", "may", "can", "could" or "should" occur. Information concerning gold or other mineral reserve estimates may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present if and when a project is actually developed.

Actual results may differ materially from those currently anticipated due to a number of factors beyond the reasonable control of the Company. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include misinterpretation of data, inaccurate estimates of gold or mineral deposits, the uncertainty of the requirements demanded by environmental agencies, the Company's ability to raise financing for operations, breach by parties with whom we have contracted, inability to maintain qualified employees or consultants because of compensation or other issues, competition for equipment, inability to obtain drilling permits, potential delays or obstacles in drilling operations and interpreting data, the likelihood that no commercial quantities of gold or minerals are found or recoverable, and our ability to participate in the exploration of, and successful completion of development programs on all aforementioned prospects and leases. Additional information on risks for the Company can be found in filings on Edgar of other junior mineral exploration companies with the US Securities and Exchange Commission. This announcement may also contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.

Grid Petroleum Corp.
Paul Watts, 1-888-851-6086
President
www.gridpetroleum.com