Gravis Oil Corporation (GRAVD) issued an operational and financial update on the company’s oil and gas operations in the United States. The company is active in several projects in Kentucky, Missouri, Kansas, and Montana.
Gravis Oil Corporation started steam injection operations at its heavy oil play at the Grassy Creek project in Missouri in May 2011. The project has one injection well and six producing wells.
Gravis Oil Corporation has installed surface and downhole oil and gas equipment at the project site to lower costs, increase production and reduce maintenance down time. The company expects to continue to use advanced technology in the future at this project and others in its portfolio.
In July 2011, Gravis Oil Corporation raised $1.76 million in capital utilizing investment rights associated with the Series B Convertible Preferred stock and warrants originally issued in 2009. The company will use the funds for working capital purposes and capital expenditures.
Gravis Oil Corporation is an exploration and production company focused on the development of heavy oil projects in the United States. The company has 73,241 gross acres of prospective heavy oil acreage in various projects under lease.
For more information on the company, go to http://www.gravisoil.com/
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