GRIT International Inc.
GRIT International Inc.: GRIT INTERNATIONAL SUBSIDIARY TEXAS PETROLEUM PLANS FOR OIL AND GAS ACQUISITIONS
GRIT International Inc. / Key word(s): Mergers & Acquisitions/Strategic Company Decision 12.11.2010 11:41 --------------------------------------------------------------------------- GRANDE PRAIRIE, AB, Friday November 12th, 2010: GRIT International Inc., 'GRIT' (FRANKFURT: 3GR1) is pleased to announce that GRIT's oil and gas division has tabled an offer to purchase a significant oil and gas project operating in East Texas. Discussions have gone very well and it is expected that the offer will be accepted in writing within 7 days. This has been a work in progress over the last 60 days, the purchase price and contract requirements have been finalized and Texas Petroleum is now looking forward to executing the deal and completing its listing on the Frankfurt Stock Exchange. Texas Petroleum is now looking to acquire additional well packages nearby as it seeks to implement its strategy of consolidating smaller players in the area. This strategy is appropriate, as demand for domestic oil is expected to see some possible supply issues in the not too distant future as exemplified in a recent news brief presented by CNNMoney.com and as quoted below. Power house countries such as China are expected to see demand soar over the next few decades, affecting both price and supply. NEW YORK (CNNMoney.com) -- China will continue to lead the charge as the No. 1 energy consumer over the next quarter-century, and oil will remain the dominant fuel despite huge investment in alternatives, according to an International Energy Agency report released Tuesday.The agency forecasts that China's demand will soar by 75% between 2008 and 2035, compared to an overall surge of 36% in international energy use. While Americans still lead the world in per capita energy use, China overtook the United States last year as the primary energy user.' 'As a result, oil demand is forecast to rise to 99 million barrels per day in 2035, compared to 84 million barrels per day in 2009, the report said. As a result, the price of oil is expected to increase to $113 per barrel in 2035.' ABOUT GRIT INTERNATIONAL INC. GRIT International is a Canadian based company registered in the State of Nevada, US; -Diversified Industrial Services Company, offering Support Services, Utilities, Oil & Gas and Mineral holdings. The businesses that make up GRIT INTL - Integrate amongst each other providing a present revenue from the energy industry and also seeks out Environmentally Sustainable solutions in nuclear energy, renewable resources in bio-waste and other alternative fuels available at present time. GRIT foresees expanding its divisions from an international to that of a Global services provider. Safe Harbor Statement; under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward- looking statements, including, but not limited to, certain delays beyond the company's control with respect to market acceptance of new technologies or products, delays in testing and evaluation of products, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. Contact: GRIT International Inc. Investor Relations Website: www.gritintl.com; E-mail: grit-admin@gritintl.com P : 780.513.1125 F : 780.814.5584 A : Suite 201, 9914 - 109th Avenue, Grande Prairie, AB, T8V 1R7 Investor Relations - German Mr. James Stewart P: +49 (0) 2161 49694870 E: jstewart@gritintl.com 12.11.2010 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de ---------------------------------------------------------------------------
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