2.4.0.8000070 - Disclosure - 3. Oil and Gas Propertiestruefalsefalse1false falsefalseY13Q2http://www.sec.gov/CIK0001399306duration2013-04-01T00:00:002013-06-30T00:00:001true 1us-gaap_DisclosureTextBlockAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Notes2false 2us-gaap_OilAndGasPropertiesTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse003. OIL AND GAS PROPERTIES   The Company has oil and gas properties in California.   On January 20, 2011, the Company purchased, through its subsidiary Joaquin Basin Resources Inc., a 50% working interest (37% net revenue interest) in a mineral lease on 4,000 acres in Kings and Fresno counties in California. The lease was initially recorded at the cost of issuing 62,000,000 common shares. On January 20, 2012, 2,076,000 shares of convertible preferred stock were issued in concluding the Joaquin Basin purchase agreement. The cost of the issue, $4,152,000, was based on the value of preferred stock as if converted to common stock. The total cost, $7,026,666, was supported bya volumetric analysis. <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;text-align:justify;line-height:normal'>  The Company received a reserve report from an independent petroleum geologist as of March 31, 2013, which utilized the following assumptions:20% working interest (14% net revenue) supported by a P10 factor,  a 10% recovery rate,  value for oil of $50 per barrel, resulting in an approximate value to the Company of $8,200,000, an amount in excess of the $7,112,000 recorded on the accompanying balance sheets.   On November 21, 2011, a portion of the interest in the lease was swapped for a future carry of exploration costs and administration of the lease. Grids 50% working interest (37.5% net revenue interest) was reduced to 30% and 14% respectively. The co-lessee, is the obligor under the agreement. Future exploration costs include the operating carry costs of the lease and drilling costs of the first well, named First Farmin Well. The exploration costs were valued based on the percentage reduction in net revenue interest. A reduction of $4,825,334 in the value of the Joaquin Basin property was recorded.   Impairment of the California properties from their recorded acquisition values was considered at June 30, 2013 and 2012. Management considered that there were no changes in circumstances that would warrant impairment from the estimated values indicated by independently prepared geological reports.   The Company has oil and gas properties in Wyoming which it does not wish to develop and, accordingly, has recorded an impairment in the amount of $85,334 at March 31, 2013.   In connection with an Amendment to an Asset Purchase Agreement dated November 21, 2011, the Company recorded rights to future exploration costs in the amount of $4,825,334 on its balance sheet as of March 31, 2012. The Company recorded a full impairment as of March 31, 2013.   Oil and gas properties are summarized as follow as at June 30, 2013: <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="70%" style='line-height:115%;width:70.0%;border-collapse:collapse'> <tr align="left"> <td valign="bottom" style='padding:0'>   </td> <td valign="bottom" style='padding:0in 0in 1.0pt 0in'>   </td> <td colspan="3" valign="bottom" style='padding:0'></td> </tr> <tr align="left"> <td valign="bottom" style='background:white;padding:0in 0in 1.0pt 5.4pt'>   </td> <td valign="bottom" style='background:white;padding:0in 0in 1.0pt 0in'>   </td> <td valign="bottom" style='border:none;border-bottom:solid black 1.0pt;background:white;padding:0'>   </td> <td valign="bottom" style='border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> Proved </td> <td valign="bottom" style='background:white;padding:0in 0in 1.0pt 0in'>   </td> </tr> <tr align="left"> <td valign="bottom" style='background:white;padding:0in 0in 1.0pt 5.4pt'> Unconventional Acreage </td> <td valign="bottom" style='border:none;border-bottom:double windowtext 1.5pt;background:white;padding:0in 0in 1.0pt 0in'>   </td> <td valign="bottom" style='border:none;border-bottom:double windowtext 1.5pt;background:white;padding:0'> $ </td> <td valign="bottom" style='border:none;border-bottom:double windowtext 1.5pt;background:white;padding:0'> 7,026,666 </td> <td valign="bottom" style='background:white;padding:0in 0in 1.0pt 0in'>   </td> </tr> </table> </div> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.3in;margin-bottom:.0001pt;text-align:justify;line-height:normal'>   falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for properties used in normal conduct of oil and gas exploration and producing operations. This disclosure may include property accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives.No definition available.false03. Oil and Gas Propertiesfalse3. Oil and Gas PropertiesUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.gridpetroleum.com/20130630/role/idr_Disclosure3OilAndGasProperties12