GRID Rimini April2011

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    GRID PETROLEUM CORP.

    GRPR.OB

    UPDATED REPORT

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    RIMINI INVESTMENTS

    RIMINI INVESTMENTS is an employee-owned, boutique service, research and consulting firm. We arenot investment dealers or advisors. Our researchers are retained on a contract basis, allowing us to hire

    the cream of the crop for our services. We are therefore, international in scope with researchers

    working from Canada, the USA, China, Mexico, India and Europe.

    TREND MANAGEMENT

    Rimini Investments provides its clients with top quality research and world-wide trend identification

    through our various contacts throughout the world. We tend to focus on sectors in-play.

    NIMBLE INVESTMENT

    Our researchers have a combined 120 years of experience in all types of markets. With a focus on the

    development of long term, mutually rewarding relationships with clients, our greatest strengths are

    innovative investment ideas that make money for our clients.

    GROWTH COMPANIES

    Rimini Investments is a specialist in growth investing, ranging from natural resource companies,technology companies to alternative company investments. Our investments are in companies, both

    private and public, in North America and throughout the world. We believe that money has no borders.

    We provide distribution, advice, financing capability, and a superior knowledge of the growth company

    market sector to institutional investors, private clients, and corporations. We understand how to

    present a growth company to market.

    We also understand the importance of the entrepreneur in economic innovation, wealth creation and

    societal upliftment. Our principals are proud to have underwritten, sponsored and managed financings

    for many growth companies. Riminis capital raising activities can assist companies in all stages of thebusiness cycle utilizing private placements, IPOs and/or follow-on and secondary financings.

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    Stock Symbol: GRPR.OB

    AFFORDABLE DOMESTIC ENERGY

    BOUNCE PLAY

    April 14, 2011

    Symbol GRPR.OB 52 Week High $1.68 Avg Trading Volume 160,817Current Recommendation SPEC BUY 52 Week Low $0.05 Shares Outstanding (000's) 135,091

    Current Price $0.072 Daily High Price $0.09 Market Capitalization (000's) $9,726

    Fiscal Year End Mar 31 Daily Low Price $0.07 Float (000's) (approx.) 37,900

    Dividend Yield (TTM) N/A Previous Close $0.0755 % Float Outstanding 28%

    RIMINI PPSE Target $1.77

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    INVESTMENT THESIS AND RECOMMENDATIONS

    Grid Petroleum Corp. ( the Company) has acquired natural gas rights in the Upper Green RiverValley in the State of Wyoming, USA. Specifically, Grids prospect is located at the giant JonahField.

    Despite only having discovered the technology to extract the gas from the regions uniquegeology in 1993, the Green River Valley has become the second largest on shore natural gasproducing area in the United States.

    Since 1993, over 15 companies, many of them majors have become active participants in thearea. Grid Petroleum is one of the few juniors with a substantial prospect covering over 2,400

    acres.

    Recent data indicate a high percentage of success in drilling wells in the area.

    A rebound in natural gas prices coupled with the high rate of success in the area, make theprospect a highly desirable one.

    Natural gas is widely regarded as cleaner than both coal and oil. And it occurs in abundance inthe United States. Because it is clean, domestic and widely available, natural gas has foundproponents across the board in consumer groups, government and industry.

    Natural gas is also looked at as an in-between-step, weaning us off fossil fuels while we developour green or renewable energy technologies.

    However, oil isnt going anywhere anytime soon. So Grid has recently acquired valuable oilacreage (about 4,000 acres) in the highly sought after San Joaquin Valley, where its propertycontains both the Monterey and Kreyenhagen Shale zones. Its proximity to the largest oil fieldsin the lower 48 states of the continental United States bodes well. As recently as 2009,Occidental Petroleum discovered a mammoth field estimated to contain up to 1 Billion Barrel ofOil Equivalent.

    Grid Petroleum, a junior exploration company, has already succeeded in attracting experienced

    and talented management along with substantial shareholder funding to begin drilling oncetargets are identified.

    In order to begin the procedure to identify viable targets, a leading oil field services company hasbeen retained to outline the viability and potential of both prospects.

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    EXECUTIVE SUMMARY

    Grid Petroleum Corp. (the Company) was incorporated in the state of Nevada, United States ofAmerica on November 15, 2006..

    On March 15, 2010, Grid Petroleum executed a Purchase and Sale Agreement with MurrayfieldLimited to acquire the assets of the Jonah Field, in the Greater Green River Basin of the RockyMountains area in Wyoming, USA referenced in the Letter of Intent dated January 12, 2010. TheCompany paid $300,000USD for the assets and assumed all liabilities and obligations ofMurrayfield Limited.

    Management immediately hired Schlumberger, a leading oil and gas services company with aworld class reputation to prepare a report to evaluate the prospect with favorable results.

    On April 23, 2010, Grid Petroleum announced that a major shareholder had entered into afunding agreement with the Company to provide up to $5,000,000USD in funding. Theagreement contained a provision for a further $2,500,000USD should Grid Petroleum require it.

    The Company has since drawn down on the financing facility twice. Once for $200,000 in returnfor issuing 134,420 shares of common stock and a two year warrant to purchase 89,613 shares ofcommon stock at an exercise price of $2.2318 per share. The second draw was for $200,000 inreturn for issuing 266,667 shares of common stock and a warrant to purchase 266,667 shares ofcommon stock at an exercise price of $1.125 per share.

    The Jonah Field has been called one of the most important natural gas discoveries on thecontinent believed to contain up to 10TCF.

    There are over 15 operators active in the Jonah Field, all of whom have begun operations after1993.

    Recent statistics indicate that the success rate of drilling a gas well in the Northern Green RiverValley (where the Jonah Field is located) is 97.9%.

    The gas field is unlike traditional reservoirs in that it is not uniform. The Jonah Fields gasreserves are stored in independent lenses, rather than one giant reservoir pool.

    Natural gas prices, recently depressed are making a recovery due to the historic relationshipbetween the price of oil and natural gas. In addition, the recovery of the economy in the UnitedStates, the demand for cleaner burning fuels and the Obama Administrations green initiativeshave increased demand for natural gas.

    Industry is also taking notice having found an unlikely, self proclaimed spokesman in the form ofT. Boone Pickens who champions clean, on-shore domestic energy sources.

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    Effective January 20, 2011, Grid Petroleum entered into a Shared Exchange Agreement withJoaquin Basin Resources Inc., a Nevada corporation, and acquired the Kreyenhagen Trend

    Acreage.

    The property contains two prolific zones called the Kreyenhagen Shale and the Monterey Shale.Significantly, these two shale formations have been credited with much of the San JoaquinBasins 20 billion barrels of proven oil reserves and contain thick (many hundreds of feet)sections of rick, mature oil shale. The USGS estimates that the source rocks have generated anestimated 160 billion barrels of oil, with less than 30% of the resource discovered to date.

    As recently as 2009, Occidental Petroleum (NYSE:OXY) discovered the largest oil discovery inCalifornia in the past 35 years in the San Joaquin valley.

    Since light oil in the adjacent Kettleman Dome oil fields have proven productive, it is worthwhile testing the upper Kreyenhagen oil shale zone.

    Riminis valuation model takes into account risks against finding an economically viablediscovery, along with risks associated with an exploration stage company listed on the OTCBB,with limited resources and finances.

    The Rimini Projected Price Per Share Estimate: $1.77.

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    HISTORY AND BACKGROUND

    Grid Petroleum Corp. (the Company) was incorporated in the state of Nevada, United States of

    America on November 15, 2006. The Company was an exploration stage company until March2009, and was formed for the purpose of acquiring exploration and development stage mineralproperties. The Companys year-end is March 31.

    On November 18, 2009, the Company changed its name to Grid Petroleum Corp. in order toreflect the current focus of the Corporation.

    On January 12, 2010, the Company, entered into a letter of intent to acquire a 100% workinginterest in four separate oil and gas prospects within Jonah Field region in Wyoming, USA.

    On March 8, 2010, Kelly Sundberg, CEO announced his resignation and Paul Watts was

    appointed the new CEO and President. Mr. Watts was also elected to the Board of Directors.The change in management was undertaken as Mr. Watts has considerable experience in the oiland gas sector the focus of the Companys operations.

    On March 10, 2010, GRPR received an initial funding from a European Institutional Investor inthe amount of $500,000.