UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

[X]	Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
	For the quarterly period ended June 30, 2011
[   ]	Transition Report pursuant to 13 or 15(d) of the Securities Exchange Act of 1934
	For the transition period from to__________
	Commission File Number: 000-53276

Grid Petroleum Corp.

(Exact name of registrant as specified in its charter)

Nevada	30-0690324
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)

999 18^th Street, Suite 3000, Denver, CO 80202

(Address of principal executive offices)

303-952-7658

(Registrant’s telephone number)

_______________________________________________________________

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days [X] Yes [ ] No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). [ ] Yes [X] No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

[ ] Large accelerated filer Accelerated filer	[ ] Non-accelerated filer
[X] Smaller reporting company

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). [ ] Yes [X] No

State the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 135,241,087 shares as of August 8, 2011

1

	TABLE OF CONTENTS	Page
PART I – FINANCIAL INFORMATION
Item 1:	Financial Statements	3
Item 2:	Management’s Discussion and Analysis of Financial Condition and Results of Operations	4
Item 3:	Quantitative and Qualitative Disclosures About Market Risk	7
Item 4:	Controls and Procedures	7
PART II – OTHER INFORMATION
Item 1:	Legal Proceedings	8
Item 1A:	Risk Factors	8
Item 2:	Unregistered Sales of Equity Securities and Use of Proceeds	8
Item 3:	Defaults Upon Senior Securities	8
Item 4:	Removed and Reserved	8
Item 5:	Other Information	8
Item 6:	Exhibits	8

2

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

Our financial statements included in this Form 10-Q are as follows:
F-1	Consolidated Balance Sheet as of June 30, 2011 and March 31, 2010 (unaudited);
F-2	Consolidated Statements of Operations for the three months ended June 30, 2011 and period from March 31, 2009 (Inception) to June 30, 2011 (unaudited);
F-3	Statements of Stockholders’ Equity (Deficit) for period from March 31, 2009 (Inception) to June 30, 2011 (unaudited);
F-4	Statements of Cash Flows for the three months ended June 30, 2011 and period from March 31, 2009 (Inception) to June 30, 2011 (unaudited);
F-5	Notes to Financial Statements;

These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the SEC instructions to Form 10-Q. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operating results for the interim period ended June 30, 2011 are not necessarily indicative of the results that can be expected for the full year.

3

GRID PETROLEUM CORP.

(formerly SUNBERTA RESOURCES INC.)

(An Exploration Stage Company)

Consolidated Balance Sheet

as at June 30, 2011 and March 31, 2011

Unaudited - Prepared by Management

	June 30,			March 31,
	2011			2011
ASSETS
Current Assets
Cash and Cash Equivalents	$	8,990		$	15,010
Property & Equipment  (Note 3)		303			526
Oil & Gas Properties (Note 4)		7,785,334			7,785,334
Total Assets	$	7,794,627		$	7,800,870
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts Payable	$	314,600		$	294,000
Accrued Liabilities		3,568			3,568
Note Payable:  Asher Enterprises Inc.		122,000			65,000
Stockholder Loans		25,875			48,475
Total Liabilities		466,043			411,043
Stockholders' Equity
Common Stock, $0.001 par value; authorized 1,500,000,000 shares; issued and outstanding: 135,241,087 shares as of March 31, 2011; 135,241,087 shares as of June 30, 2011	$	135,241			135,241
Additional Paid-In Capital		8,381,837			8,381,837
Accumulated (Deficit)		(173,275	)		(173,275	)
Accumulated (Deficit) During Development and Exploration Stage		(1,019,140	)		(958,120	)
Accumulated Other Comprehensive Income		3,921			4,144
Total Stockholders' Equity		7,328,584			7,389,827
Total Liabilities and Stockholders' Equity	$	7,794,627		$	7,800,870

F-1

GRID PETROLEUM CORP.

(formerly SUNBERTA RESOURCES INC.)

(An Exploration Stage Company)

Consolidated Statement of Operations

Unaudited - Prepared by Management

							Cumulative
							from inception
							March
							31, 2009
	For the Three months ended						through
	June 30,						June 30,
	2011			2010			2011
Revenue
Produce Sales	$	—		$	—		$	—
Operating Income		—			—			—
General and Administrative Expenses:
Interest Expense		—			1,538			11,832
Investor Relations, Promotion and Entertainment		2,200			68,304			109,524
Depreciation					63			232
Professional Fees		13,673			104,921			150,994
Consulting		22,900						414,330
Salaries and Benefits		—			31,410			42,014
Other Administrative Expenses		22,247			12,858			290,214
Total Expenses		61,020			219,094			1,019,140
Net Loss from Operations		(61,020	)		(219,094	)		(1,019,140	)
Other Comprehensive Income and (Loss)
Foreign Currency Translation		(223	)		(2	)		3,698
Net Loss		(61,243	)		(219,096	)		(1,015,442	)
Loss Per Common Share: Basic and Diluted	$	(0.00	)	$	(0.00	)
Weighted Average Shares Outstanding, Basic and Diluted:		135,241,087			65,374,197

F-2

GRID PETROLEUM CORP.

(formerly SUNBERTA RESOURCES INC.)

(An Exploration Stage Company)

Consolidated Statement of Stockholders' Equity

Unaudited - Prepared by Management

															Deficit
															Accumulated
							Accumulated								during the
							Other			Additional					Development			Total
	Common Stock						Comprehensive			Paid-In		Accumulated			& Exploration			Shareholders'
		Shares			Amount		Income (Loss)				Capital		(Deficit)			Stages			Equity
Beginning balance September 19, 2006		52,000,000		$	26,000		$	—		$	—	$	—		$	—		$	26,000
Shares issued pursuant to subscriptions Nov. 15, 2006 at $0.0005		25,500,000			25,500														25,500
Shares issued for acquisition of subsidiary at $0.05		2,000			107														107
Shares issued pursuant to subscriptions Mar. 30, 2007 at $0.005		4,540,000			22,700														22,700
Non-cash use of premises contributed by a director											2,250								2,250
Net (loss) for the period								(857	)				(31,138	)					(31,995	)
Balance March 31, 2007		82,042,000		$	74,307		$	(857	)	$	2,250	$	(31,138	)	$	—		$	44,562
Non-cash use of premises contributed by a director											6,000								6,000
Net income (loss)								5,152					(82,075	)					(76,923	)
Balance March 31, 2008		82,042,000		$	74,307		$	4,295		$	8,250	$	(113,213	)	$	—		$	(26,361	)
Non-cash use of premises contributed by a director											6,000								6,000
Net income (loss)								504					(60,062	)					(59,558	)
Balance March 31, 2009		82,042,000		$	74,307		$	4,799		$	14,250	$	(173,275	)	$	—		$	(79,919	)
Non-cash use of premises contributed by a director											5,000								5,000
Forgiveness of shareholders' loan											27,500								27,500
Forgiveness of fees payable to a consultant											3,813								3,813
Legal fees paid by a shareholder											3,569								3,569
Shares issued pursuant to subscriptions March 9, 2010 at $0.40		1,250,000			1,250						498,750								500,000
Excess of price paid to related party for oil & gas properties over related party's cost					(220,000	)							(220,000	)
Stock cancelled March 17, 2010		(18,002,000	)		(10,267	)					10,267								—
Imputed interest on shareholders' loan											2,318								2,318
Net (loss)								(655	)							(123,849	)		(124,504	)
Balance March 31, 2010		65,290,000		$	65,290		$	4,144		$	345,467	$	(173,275	)	$	(123,849	)	$	117,777
Shares issued pursuant to agreement May 14, 2010 at $1.48;		134,420			134						199,866								200,000
Sep. 28, 2010 at $0.75		266,667			267						199,733								200,000
Shares issued for consulting, June 30, 2010 at $0.82		50,000			50						40,900								40,950
Shares issued for consulting, Oct. 18, 2010 at $0.39		50,000			50						19,450								19,500
Shares issued for consulting Nov. 15, 2010 at $0.39		150,000			150						58,350								58,500
Shares issued to retire debt Feb. 1, 2011 at $0.05		1,300,000			1,300						62,171								63,471
Shares issued for services Jan 3, 2011 at $0.02		6,000,000			6,000						87,000								93,000
Shares issued: acquisition of subsidiary February 1, 2011 at $0.12		62,000,000			62,000						7,368,900								7,430,900
Net (loss)								—								(834,271	)		(834,271	)
Balance March 31, 2011		135,241,087		$	135,241		$	4,144		$	8,381,837	$	(173,275	)	$	(958,120	)	$	7,389,827
Net (loss)								(223	)							(61,020	)		(61,243	)
Balance June 30, 2011		135,241,087		$	135,241		$	3,921		$	8,381,837	$	(173,275	)	$	(1,019,140	)	$	7,328,584

F-3

GRID PETROLEUM CORP.

(formerly SUNBERTA RESOURCES INC.)

(An Exploration Stage Company)

Consolidated Statement of Cash Flows

(expressed in US Dollars)

Unaudited - Prepared by Management

							Cumulative
							from
							inception of
							Development
							Stage
	For the Three Months Ended						March 31, 2009
	June 30,						to June 30,
	2011			2010			2011
Cash flows from operating activities:
Net (loss) in the development stage	$	(61,020	)		(123,849	)	$	(1,019,140	)
Net (loss) in the pre-development stage							$	(173,275	)
Adjustments to reconcile net loss to net cash used by operating activities:
Donated Expenses, retirement of debt								33,544
Donated Services					5,000			19,250
Depreciation		223			42			455
Imputed interest on stockholders' loan					2,318
Change in operating assets and liabilities:
Pre-paid deposits					(6,373	)		—
Interest payable on demand loan					5,784
Accounts payable		20,600			2,151			314,600
Accrued liabilities					16,585			3,568
Net cash (used by) operating activities		(40,197	)		(98,342	)		(820,998	)
Cash flows from investing activities
Purchase of fixed assets		—			(758	)		(758	)
Purchase of oil & gas properties					(300,000	)
(Impairment)/disposal of oil & gas properties
Stock issued for investment in subsidiaries								(7,785,334	)
Net cash (used by) investing activities		—			(300,758	)		(7,786,092	)
Cash flows from financing activities:
Proceeds (repayment) of stockholders' loan		(22,600	)		27,500			25,875
Common stock issued for cash					500,000			948,200
Proceeds of Notes Payable		57,000						122,000
Non-cash issue of stock to finance purchase of acquisition of oil and gas properties		7,430,900
Non-cash excess of purchase over cost								(220,000	)
Non-cash issue of stock to retire debt								63,471
Common stock issued to finance services								241,713
Net cash provided by financing activities
		34,400			527,500			8,612,159
Effect of exchange rates on cash		(223	)		(655	)		3,921
Net increase (decrease) in cash		(5,797	)		127,745			8,990
Cash, beginning of the period		15,010			486			—
Cash, end of the period	$	8,990		$	128,231		$	8,990
Supplemental disclosure of non-cash investing and financing activities
Forgiveness of accounts payable-related parties	$	7,382		$	—		$	7,382
Forgiveness of shareholder's loan	$	27,500		$	—		$	27,500

F-4

GRID PETROLEUM CORP.

 (An Exploration Stage Company)

Notes to Consolidated Financial Statements

June 30, 2011

(Expressed in US Dollars)

(Unaudited)

1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

These unaudited interim financial statements as of and for the three months ended June 30, 2011 reflect all adjustments which, in the opinion of management, are necessary to fairly state the Company’s financial position and the results of its operations for the periods presented, in accordance with the accounting principles generally accepted in the United States of America. All adjustments are of a normal recurring nature.

These unaudited interim financial statements should be read in conjunction with the Company’s financial statements and notes thereto included in the Company’s fiscal year end March 31, 2010 report. The Company assumes that the users of the interim financial information herein have read, or have access to, the audited financial statements for the preceding period, and that the adequacy of additional disclosure needed for a fair presentation may be determined in that context. The results of operations for the three month period ended June 30, 2011 are not necessarily indicative of results for the entire year ending March 31, 2012.

Organization and Description of Business

Grid Petroleum Corp. (the “Company”) was incorporated in the State of Nevada with the name Sunberta Resources Inc. on November 15, 2006. The Company was, until March 31, 2009, an exploration stage company which had as its principal business the acquisition and exploration of mineral claims.

On November 16, 2006 the Company acquired all the issued and outstanding shares of Sunberta Resources Inc. (“Sunberta Alberta”), an inactive corporation incorporated in the province of Alberta, Canada on September 19, 2006. Sunberta Alberta was registered as an extraprovincial company in British Columbia, Canada on November 15, 2006. The consideration for the acquisition of Sunberta Alberta was 2,000 shares (on a post-split basis) of the Company.

In January, 2007 Sunberta Alberta acquired seven placer claim tenures on southern Vancouver Island, British Columbia, Canada. During the year ended March 31, 2009, the Company abandoned three of the placer claim tenures and decided to abandon the remaining four properties. Between May 31, 2009 and June 14, 2009, the remaining four placer claim tenures expired.  The carrying cost of the properties was written off and the operations associated with the properties were treated in the financial statements as discontinued operations in the year ended March 31, 2009. The Company entered the development stage on March 31, 2009 to seek other opportunities. See also note 2.

On November 18, 2009 the Company changed its name to Grid Petroleum Corp.

The Company’s activities to December 31, 2009 were carried on in Alberta and British Columbia, Canada. In February, 2010 operations were carried on in England. In mid-2010 the Company began to focus on its mineral properties in the United States, and activities of the Company thenceforth were controlled from the United States.

F-5

 GRID PETROLEUM CORP.

 (An Exploration Stage Company)

Notes to Consolidated Financial Statements

June 30, 2011

(Expressed in US Dollars)

(Unaudited)

On March 17, 2010, the Company acquired oil and gas leases in Wyoming for consideration of $300,000.00 cash. See also note 4. The Company intends to explore for oil and gas on these properties. The Company entered an exploration stage on March 31, 2010.

On January 20, 2011, the Company entered into a Share Exchange Agreement (the “Agreement”) with a Nevada corporation, Joaquin Basin Resources Inc.,( “Seller”), and its stockholders,( “Selling Shareholders”). Pursuant to the provisions of the Agreement, the Company issued to the Selling Shareholders (i) 62,000,000 shares of Company common stock and (ii) 2,076,324 shares of convertible preferred stock, in exchange for the transfer and delivery to the Company by the Selling Shareholders of the 62,000,000 shares of common stock issued by the Seller, which were all of the issued and outstanding securities of the Seller. As a result of the related transaction on February 1, 2011, the Seller became a wholly owned subsidiary of the Company. The issue of preferred stock has been delayed. None of the parties to the Agreement is a related person.

Principles of Consolidation

The consolidated financial statements include accounts of the Company and its wholly-owned subsidiaries, Sunberta Alberta and Joaquin Basin Resources, Inc.  All significant inter-company balances and transactions have been eliminated.

Cash equivalents comprise certain highly liquid instruments with a maturity of three months or less when purchased.  As at June 30, 2011, the Company did not have any cash equivalents.

Mineral Properties and Exploration Expenses

Mineral properties purchased are capitalized and carried at cost.  Exploration and development costs are charged to operations as incurred until such time that proven or probable ore reserves are discovered.  From that time forward, the Company will capitalize all costs to the extent that future cash flow from reserves equals or exceeds the costs deferred.  The deferred costs will be amortized using the unit-of-production method when a property reaches commercial production. At June 30, 2011, the Company is no longer in the mineral exploration business.

Oil and Gas Properties and Exploration Expenses

Oil and gas property acquisition costs are capitalized and carried at cost. Exploration and development costs are accounted for on the successful-efforts method, whereby the costs related to successful projects are capitalized and all costs incurred as a result of unsuccessful projects are expensed when it is determined that the exploration efforts on that property are unsuccessful. At June 30, 2011, the Company has not incurred any exploration or development costs on its oil and gas properties.

F-6

GRID PETROLEUM CORP.

 (An Exploration Stage Company)

Notes to Consolidated Financial Statements

June 30, 2011

(Expressed in US Dollars)

(Unaudited)

Advertising Expenses

Advertising costs are expensed as incurred. The Company has not incurred any advertising costs in the three months ended June 30, 2011.

Asset Retirement Obligations

The Company has adopted FASB Accounting Standards Codification Topic (“ASC”) No. 410, Asset Retirement and Environmental Obligations which requires that the fair value of a liability for an asset retirement obligation be recognized in the period in which it is incurred.   ASC No. 410 requires a liability to be recorded for the present value of the estimated site restoration costs with corresponding increase to the carrying amount of the related long-lived asset.  The liability will be accreted and the asset will be depreciated over the life of the related assets.  Adjustments for changes resulting from the passage of time and changes to either the timing or amount of the original present value estimate underlying the obligation will be made. The Company has not incurred any asset retirement obligations as at June 30, 2011.

Fixed Assets

Fixed assets are carried at cost less a provision for depreciation on a straight-line basis over their estimated useful lives as follows:

Computer equipment   3yrs

Foreign Currency

The functional currency is the US Dollar. Transactions in foreign currencies other than the functional currency, if any, are re-measured into the functional currency at the rate in effect at the time of the transaction. Re-measurement gains and losses that arise from exchange rate fluctuations are included in income or loss from operations. Monetary assets and liabilities denominated in the functional currency are translated into US Dollars at the rate in effect at the balance sheet date.  Revenue and expenses denominated in the functional currency are translated at the average exchange rate.  Other comprehensive income includes the foreign exchange gains and losses that arise from translating from the functional currency into US Dollars.

Use of Estimates

The preparation of the Company’s consolidated financial statements in conformity with generally accepted accounting principles of United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses

during the reporting period.  Management makes its best estimate of the ultimate outcome for these items based on historical trends and other information available when the financial statements are prepared. Actual results could differ from those estimates.

F-7

GRID PETROLEUM CORP.

 (An Exploration Stage Company)

Notes to Consolidated Financial Statements

June 30, 2011

(Expressed in US Dollars)

(Unaudited)

Loss Per Share

Net loss per share is calculated in accordance with FASB ASC 260, Earnings Per Share, for the period presented. Basic net loss per share is based upon the weighted average number of common shares outstanding. Diluted net loss per share is based on the assumption that all dilative convertible shares and stock options were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, options and warrants are assumed exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period.

The Company had no potentially dilutive securities outstanding as of June 30, 2011.

Fair Value of Financial Instruments

The carrying value of cash, demand loan, accounts payable and accrued liabilities at June 30, 2011  reflected in these financial statements approximates their fair value due to the short-term maturity of the instruments.

Comprehensive Income

The Company has adopted ASC No. 220, Comprehensive Income.  Comprehensive income includes net income and all changes in equity during a period that arises from non-owner sources, such as foreign currency items and unrealized gains and losses on certain investments in equity securities.

Income taxes

The Company utilizes FASB ACS 740, “Income Taxes,” which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the tax basis of assets and liabilities and their financial reporting amounts based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. A valuation allowance is recorded when it is “more likely-than-not” that a deferred tax asset will not be realized. The Company generated a deferred tax credit through net operating loss carryforward. A valuation allowance of 100% has been established.

Interest and penalties on tax deficiencies recognized in accordance with ACS accounting standards are classified as income taxes in accordance with ASC Topic 740-10-50-19.

Exploration Stage

The Company entered the exploration stage upon its inception. The Company exited the exploration stage and entered the development stage on March 31, 2009 when the Company’s mineral claims tenures in British Columbia were abandoned and the Company started seeking new businesses. The Company exited the development stage and entered a new exploration stage on March 31, 2010 after the Company had acquired oil and gas properties in Wyoming and started planning to explore the properties.

F-8

GRID PETROLEUM CORP.

 (An Exploration Stage Company)

Notes to Consolidated Financial Statements

June 30, 2011

(Expressed in US Dollars)

(Unaudited)

Impairment of Long-Lived Assets

The Company periodically analyzes its long-lived assets for potential impairment, assessing the appropriateness of lives and recoverability of unamortized balances through measurement of undiscounted operation cash flows in accordance with ASC No. 144, Property, Plant and Equipment.  If impairment is deemed to exist, the asset will be written down to its fair value.  Fair value is generally determined using a discounted cash flow analysis.  As at June 30, 2011, the Company does not believe any adjustment for impairment is required.

The Company will periodically analyze exploration efforts, once exploration on its oil and gas properties has commenced, to determine which projects have been unsuccessful in establishing proved reserves. The costs of unsuccessful projects will be expensed.

New Accounting Pronouncements

On December 1, 2010 we adopted guidance issued by the FASB ASU 2010-15 on the consolidation of variable entities. The new guidance requires revised valuations of whether entities represent variable interest entities, ongoing assessments of control over such entities and additional disclosures for variable interests. Adoption of the new guidance did not have a material impact on our financial statements.

The Company has reviewed issued accounting pronouncements and plans to adopt those that are applicable to it. The Company does not expect the adoption of any other pronouncements to have an impact on its results of operations or financial position.

2. BASIS OF PRESENTATION – GOING CONCERN

These consolidated financial statements have been prepared on a going-concern basis which assumes the Company will be able to realize assets and discharge liabilities in the normal course of business for the foreseeable future.

The Company has experienced losses since its inception:

a.$173,275 in the exploration stage to March 31, 2009

b.$123,849 in the development stage in the year ended March 31, 2010

c.$834,271 in the exploration stage in the year ended March 31, 2011

d.$ 61,020 in the exploration stage in the quarter ended June 30, 2011

Total losses: $1,192,415

The Company also has limited business operations, which raises substantial doubt about the Company's ability to continue as a going concern.  The ability of the Company to meet its commitments as they become payable, including the completion of acquisitions, exploration and development of oil and gas properties and projects, is dependent on the ability of the Company to obtain necessary financing or achieving a profitable level of operations.  There are no assurances the Company will be successful in achieving these goals.

F-9

GRID PETROLEUM CORP.

(An Exploration Stage Company)

Notes to Consolidated Financial Statements

June 30, 2011

(Expressed in US Dollars)

(Unaudited)

The Company does not have sufficient cash to fund its desired exploration for the next twelve months. The Company has arranged financing as described in note 7 and intends to draw upon this financing arrangement to fund administration and exploration. This financing may be insufficient to fund expenditures or other cash requirements required to find, develop and exploit oil and gas reserves to the point of profitable operations. There can be no assurance the Company will be successful in finding oil and gas reserves. The Company plans to seek additional financing if necessary in a private or public equity offering to secure future funding for operations. There can be no assurance the Company will be successful in raising additional funding. If the Company is not able to secure additional funding, the implementation of the Company’s business plan will be impaired. There can be no assurance that such additional financing will be available to the Company on acceptable terms or at all.

These financial statements do not give effect to adjustments to the amounts and classifications to assets and liabilities that would be necessary should the Company be unable to continue as a going concern.

3. FIXED ASSETS

Fixed assets consist of the following:

	June 30, 2011		Dec. 31, 2010
Computer equipment	$	758	$	758
Less: Accumulated depreciation		455		232
	$	303	$	526

4. OIL AND GAS PROPERTIES

The Company has oil and gas properties in Wyoming and California.

Wyoming. Oil and gas properties consist of four leases issued by the United States Department of the Interior Bureau of Land Management,  #WYW158664 and #WYW158665 dated August 1, 2004, #WYW159734 and #159737 dated February 1, 2004. The leases cover 3,744.57 acres in the Jonah Prospect, South of the Jonah Field in the Greater Green River Basin, Wyoming. The leases are subject to a 12.5% royalty retained by the lessor and a 5% overriding royalty retained by the seller. The leases were acquired by the Company March 17, 2010 for $300,000 cash from a related party. The related party had paid $80,000 to acquire the leases. Accordingly, the Company has capitalized $80,000 as the cost of the leases and has reduced additional paid-in capital by the remaining $220,000.

F-10

GRID PETROLEUM CORP.

 (An Exploration Stage Company)

Notes to Consolidated Financial Statements

June 30, 2011

(Expressed in US Dollars)

(Unaudited)

No exploration work has been conducted by the Company on the properties to June 30, 2011. The Company made a payment of $5,334 in respect of lease payments to the Bureau of Land Management on August 26, 2010.

Lease # WYW158664 covers property legally described as All Township 28N Range 110 West 6th Meridian Sublette County, Wyoming Section 6 – Lots 1-7; S2NE; SENW; E2SW; N2SE Section 7 Lots 1 – 4; E2W2 Section 17 N2 Section 19 Lots 3 & 4; E2SW Section 30 Lots 1 – 4; E2W2; SE. The annual rent on this property is $3,296 and was paid by the seller up to August 1, 2011.

Lease # WYW158665 covers property legally described as All Township 28N Range 110 West 6th Meridian Sublette County, Wyoming Section 28 SW Section 29 S2 Section 31 Lots 1 - 4; S2NE; E2W2; SE. The annual rent on this property is $2,038 and was paid by the seller up to August 1, 2011.

Lease # WYW159734 covers property legally described as All Township 27N Range 107 West 6th Meridian Sublette County, Wyoming Section 5 Lotsl-4; S2N2; 52. The annual rent on this property is $6,390 and was paid by the seller up to February 1, 2011.

Lease # WYW159737 covers property legally described as All Township 27N Range 107 West 6th Meridian Sublette County, Wyoming Section 8 N2; N2SE; SESE. The annual rent on this property is $4,400 and was paid by the seller up to February 1, 2011.

On August 23, 2010, $14,663 was advanced to SunCal Energy Inc to take the opportunity to reacquire an additional lease comprising 1,399 acres in the Jonah Prospects. The advance covered outstandings due to the Bureau of Land Management to register the lease due to be completed within November 2010. SunCal Energy Inc has undertaken to effect the assignment of this lease to Grid Petroleum Corp at no charge once re-instated. The reinstated lease will increase our holdings in the SE Jonah Prospect from 3,744.57 to 5,143.57 acres.

California. The Company owns, through its subsidiary Joaquin Basin Resources Inc., a 50% working interest (79% net revenue interest) in a mineral lease on 4,000 acres in Kings and Fresno counties in California.

Volumetric calculations of the 50% lease were conducted by a geologist and valuation determined using a “P10” factor, i.e. a 10% recovery rate, at a conservative value for oil of $50 per barrel, which equated to approximately $20,000,000, (net revenue $15,800,000). The P factor was further reduced by management by approximately 50%, based on company estimates of recoverability, resulting in an approximate value of $7,700,000.

Contribution Value:

	Proved		Unproved		Total
Shallow Oil Field Acreage						Unconventional
Combined	$	7,700,000	$	85,334	$	7,785,334

F-11

GRID PETROLEUM CORP.

 (An Exploration Stage Company)

Notes to Consolidated Financial Statements

June 30, 2011

(Expressed in US Dollars)

(Unaudited)

Impairment of the properties from their recorded acquisition values was considered at June 30, 2011. Management considered that there were no changes in circumstances that would warrant impairment from the estimated values indicated by geological reports.

5. NOTE PAYABLE

June 30,	March 31,
2011	2010
$122,000	$65,000

On February 24, 2011 the Company entered into a Securities Purchase Agreement with an accredited investor for the sale of a Convertible Promissory Note in the aggregate principal amount of $65,000. The proceeds of the note are to be used for general working capital purposes. The note bears interest at 8% per annum and matures November 28, 2011. The note is convertible into shares of common stock beginning 180 days from the date of the note at a conversion price of 61% of the average of the lowest three trading prices of Company common stock during the ten trading days of the OTCBB preceding the conversion date. The number of shares issuable upon conversion is proportionately adjusted to reflect any stock dividend, split or similar event. A further $57,000 was advanced under the same terms during the quarter ended June 30, 2011.

6. RELATED PARTY TRANSACTIONS

There were no related party transactions in the three months ended June 30, 2011.

7. COMMON STOCK

On April 23, 2010, the Company entered into an agreement with one investor whereby the investor committed to purchase up to $5,000,000 of units, consisting of shares of the Company’s common stock and share purchase warrants, until April 22, 2013. The Company may draw on the facility from time to time, as and when it determines appropriate in accordance with the terms and conditions of the Agreement. Each advance shall be in an aggregate amount of not more than $1,000,000 and in integral multiples of $100,000. The Company will use the advances to fund operating expenses, acquisitions, exploration and general corporate activities. The investor also has an option to subscribe up to a further $2,500,000.

Each unit shall consist of one share of the Company’s common stock and one share purchase warrant. The unit price will be the price equal to the higher of either: (a) $0.75; or (b) 90% of the volume weighted average of the closing price of common stock, for the five (5) banking days immediately preceding the date of the notice of advance. Each warrant shall entitle the investor to purchase one additional share of common stock at an exercise price equal to 150% of the unit price at which the unit containing the warrant being exercised was issued, for a period of two (2) years from the date such warrant is issued. On May 10, 2010 the Company issued a notice requesting an advance of $200,000. On May 14, 2010 the Company drew $200,000 and issued 134,420 units priced at $1.4879 per unit under this agreement.

F-12

GRID PETROLEUM CORP.

 (An Exploration Stage Company)

Notes to Consolidated Financial Statements

June 30, 2011

(Expressed in US Dollars)

(Unaudited)

On September 15, 2010 the Company drew a further $200,000 and issues 266,667 units priced at 0.75 per unit under this agreement.

The Company allotted 50,000 shares of common stock for issue on October 18, 2010, pursuant to agreements dated March 31, 2010 to issue 25,000 shares of restricted common stock at the end of each quarter to each of two advisors (see also Note 9).

There was no stock issued in the three months ended June 30, 2011.

8. INCOME TAXES

The Company is subject to United States income taxes and Canadian income taxes (to the extent of its operations in Canada).  The Company had no income tax expense during the reported period due to net operating losses.

A reconciliation of income tax expense to the amount computed at the statutory rates is as follows:

	June 30
	2011			2010
Loss for the 3  months ended June 30	$	(61,020	)	$	(219,094	)
Average statutory tax rate		35	%		35	%
Expected income tax provision	$	(21,357	)	$	(76,683	)
Unrecognized tax losses		21,357			76,683
Income tax expense	$	—		$	—

Significant components of deferred income tax assets are as follows:

	June 30
	2011			2010
Net operating losses carried forward	$	417,200		$	180,677
Valuation allowance		(417,200	)		(180,677	)
Net deferred income tax assets	$	—		$	—

F-13

GRID PETROLEUM CORP.

 (An Exploration Stage Company)

Notes to Consolidated Financial Statements

June 30, 2011

(Expressed in US Dollars)

(Unaudited)

The increase in the valuation allowance of $21,357 for the three months ended June 30, 2011 was because there is no assurance the Company will be able to utilize the losses carried forward.

The Company has net operating losses carried forward of approximately $1,192,000 for tax purposes which will expire in 2027 through 2030 if not utilized.

The years ended March 31, 2010, 2009, 2008 and 2007 are open for audit.

9. COMMITMENTS

Effective March 31, 2010, the Company was committed to payments of 100,000 shares per year to each of two advisors, payable in quarterly payments of 25,000 shares at the end of each quarter. The payments were made through the year ended March 31, 2011. The advisors will also be paid $1,000 per day for attending meetings of the Company’s board of advisors and $1,000 per day for services to be provided as needed. Each of the agreements with the advisors may be terminated by either party without notice. See also note 7.

F-14

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

Certain statements, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives, and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements generally are identified by the words “believes,” “project,” “expects,” “anticipates,” “estimates,” “intends,” “strategy,” “plan,” “may,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. We intend such forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and are including this statement for purposes of complying with those safe-harbor provisions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse affect on our operations and future prospects on a consolidated basis include, but are not limited to: changes in economic conditions, legislative/regulatory changes, availability of capital, interest rates, competition, and generally accepted accounting principles. These risks and uncertainties should also be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Further information concerning our business, including additional factors that could materially affect our financial results, is included herein and in our other filings with the SEC.

Company Overview

We are focused on the development, exploration and production of oil and gas in North America. Our primary focus is on oil and gas properties with proven undeveloped reserves that are economically attractive but are underserved by major independent oil and gas companies. We have a 100% working interest in the four separate oil and gas leases located near the Jonah Field region, which encompasses an area of premium natural gas reserves within the Greater Green River Basin in the Rocky Mountains area of Wyoming. We are in discussion with consulting groups to implement the first phase of the devised work program on our leases. We also have a 50% working interest (39% net revenue interest) to explore and develop 4,000 leased acres covering extensions of the Coalinga California oil and gas field in California labeled as the Kreyenhagen Trend acreage. On this property, we have plans to drill out 4 wells for evaluation and testing.

Results of operations for the three months ended June 30, 2011, and for the period from Inception (March 31, 2009) to June 30, 2011

We entered the exploration stage upon inception. We exited the exploration stage and entered the development stage on March 31, 2009. We exited the development stage and entered a new exploration stage on March 31, 2010.

We have not earned any revenues either during the first exploration stage or the development stage through the period ending March 31, 2010, or the exploration stage for the period through June 30, 2011. We will not be able to earn revenue unless we are able to locate oil and gas potential on our leases and exploit any reserves we may find. There is no assurance that we will be able to accomplish our business plan to produce oil and gas from our leases.

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We incurred operating expenses in the amount of $61,020 for the three months ended June 30, 2011, compared with operating expenses of $219,094 for the three months ended June 30, 2010. The decrease was primarily due to the decrease of investor relations, professional fees expense and salaries and benefits expense. Investor relations, promotion and entertainment expense decreased from $68,304 in 2010 to $2,200 in 2011 primarily due to purchases of a commercial advertising report and research analyst coverage to gain investment market exposure for the Company beginning in March 2010 and due to costs of issuing announcements of all the changes that occurred with Company in 2010. Salaries and benefits expense decreased from $31,410 in 2010 to zero in 2011 due to payment for services for management change in 2010. Other administrative expense increased from $12,858 in 2010 to $22,247 in 2011 due primarily to costs changing and bringing on new management, setting up new offices and design of a new website for the Company. Professional fees have decreased from $104,921 in 2010 to $13,673 in 2011 primarily due to decreased fees associated with changes to the Company’s business from 2009 to 2010. Consulting fees increased from zero in 2010 to $22,900 due to payments made to management as consulting fees.

We incurred a net loss in the amount of $61,020 for year three months ended June 30, 2011, compared with $219,094 for the three months ended June 30, 2010.

We incurred a net loss in the amount of $1,019,140 for the period from commencement of the exploration stage on March 31, 2010 to June 30, 2011.

Liquidity and Capital Resources

We had cash of $8,990 as of June 30, 2011 and total current assets in the amount of $8,990. We had current liabilities of $466,043 as of June 30, 2011. We had working capital of $(457,053) as of June 30, 2011. We used net cash of $40,197 in operating activities for the three months ended June 30, 2011.

We received $400,000 in cash from a private placement of 401,067 shares pursuant to a financing agreement entered into April 23, 2010 (as further described below).

We also entered into a Securities Purchase Agreement with an accredited investor for the sale of a Convertible Promissory Note in the aggregate principal amount of $65,000 for working capital. The note bears interest at 8% per annum and matures November 28, 2011. The note is convertible into shares of common stock beginning 180 days from the date of the note at a conversion price of 61% of the average of the lowest three trading prices of our common stock during the ten trading days of the OTCBB preceding the conversion date. The number of shares issuable upon conversion shall be proportionately adjusted to reflect any stock dividend, split or similar event.

During the current reporting period, we entered into a Securities Purchase Agreement with an accredited investor for the sale of a convertible promissory note in the aggregate principal amount of $60,000 for working capital. The note bears interest of 8% and matures February 17, 2012. The note is convertible into common stock beginning 180 days from the date of the note at a conversion price of 61% of the average of the lowest three trading prices of common stock during the ten trading days on the OTCBB preceding the conversion date. The number of shares issuable upon conversion shall be proportionately adjusted to reflect any stock dividend, split or similar event.

We anticipate our cash requirements to increase over the course of this year as we will be more active and will incur costs for management and exploration of our oil and gas properties.

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We anticipate that we will be dependent, for the immediate future, upon additional investment capital to fund operating expenses. We estimate that we will require additional financing to operate and carry out planned exploration activities over the next twelve months. To this end, on April 23, 2010, we entered into an agreement with one investor whereby the investor committed to purchase up to $5,000,000 of units, consisting of shares of our common stock and share purchase warrants, until April 22, 2013. We may draw on the facility from time to time, as and when we determine appropriate in accordance with the terms and conditions of the Agreement. Each advance shall be in an aggregate amount of not more than $1,000,000 and in integral multiples of $100,000. We will use the advances to fund operating expenses, acquisitions, working capital and general corporate activities. The investor also has an option to subscribe up to a further $2,500,000. Each unit shall consist of one share of our common stock and one share purchase warrant. The unit price will be the price equal to the higher of either: (a) $0.75; or (b) 90% of the volume weighted average of the closing price of common stock, for the five (5) banking days immediately preceding the date of the notice of advance. Each warrant shall entitle the investor to purchase one additional share of common stock at an exercise price equal to 150% of the unit price at which the unit containing the warrant being exercised was issued, for a period of two (2) years from the date such warrant is issued. For the three months ended December 31, 2010, we drew $200,000 under this Agreement. There is no assurance that we will be able to achieve profitable operations before spending this capital or obtain further funds required for our continued working capital requirements.

In addition to the issues set out above regarding our ability to raise capital, global economies are currently undergoing a period of economic uncertainty related to the tightening of credit markets worldwide. This has resulted in numerous adverse effects, including unprecedented volatility in financial markets and stock prices, slower economic activity, decreased consumer confidence and commodity prices, reduced corporate profits and capital spending, increased unemployment, liquidity concerns and volatile but generally declining energy prices. We anticipate that the current economic conditions and the credit shortage will adversely impact our ability to raise financing.

Off Balance Sheet Arrangements

As of June 30, 2011, there were no off balance sheet arrangements.

Going Concern

The Company has limited business operations, which raises substantial doubt about the Company's ability to continue as a going concern.  The ability of the Company to meet its commitments as they become payable, including the completion of acquisitions, exploration and development of oil and gas properties and projects, is dependent on the ability of the Company to obtain necessary financing or achieving a profitable level of operations.  There are no assurances the Company will be successful in achieving these goals.

The Company does not have sufficient cash to fund its desired exploration for the next twelve months. The Company has arranged financing as described in note 7 of the Notes to the Financial Statements and intends to draw upon this financing arrangement to fund administration and exploration. This financing may be insufficient to fund expenditures or other cash requirements required to find, develop and exploit oil and gas reserves to the point of profitable operations. There can be no assurance the Company will be successful in finding oil and gas reserves. The Company plans to seek additional financing if necessary in a private or public equity offering to secure future funding for operations. There can be no assurance the Company will be successful in raising additional funding. If the Company is not able to secure additional funding, the implementation of the Company’s business plan will be impaired. There can be no assurance that such additional financing will be available to the Company on acceptable terms or at all.

The financial statements do not give effect to adjustments to the amounts and classifications to assets and liabilities that would be necessary should the Company be unable to continue as a going concern.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

A smaller reporting company is not required to provide the information required by this Item.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

We carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of June 30, 2011. This evaluation was carried out under the supervision and with the participation of our Chief Executive Officer and our Chief Financial Officer, James Powell. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of June 30, 2011, our disclosure controls and procedures were not effective due to the presence of material weaknesses in internal control over financial reporting.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis. Management has identified the following material weaknesses which have caused management to conclude that, as of June 30, 2011, our disclosure controls and procedures were not effective: (i) inadequate segregation of duties and effective risk assessment; and (ii) insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of both US GAAP and SEC guidelines.

Remediation Plan to Address the Material Weaknesses in Internal Control over Financial Reporting

Our company plans to take steps to enhance and improve the design of our internal controls over financial reporting. During the period covered by this quarterly report on Form 10-Q, we have not been able to remediate the material weaknesses identified above. To remediate such weaknesses, we plan to implement the following changes during our fiscal year ending March 31, 2012: (i) appoint additional qualified personnel to address inadequate segregation of duties and ineffective risk management; and (ii) adopt sufficient written policies and procedures for accounting and financial reporting. The remediation efforts set out are largely dependent upon our securing additional financing to cover the costs of implementing the changes required. If we are unsuccessful in securing such funds, remediation efforts may be adversely affected in a material manner.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting during the three months ended June 30, 2011 that have materially affected, or are reasonable likely to materially affect, our internal control over financial reporting.

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PART II – OTHER INFORMATION

Item 1. Legal Proceedings

We are not a party to any pending legal proceeding. We are not aware of any pending legal proceeding to which any of our officers, directors, or any beneficial holders of 5% or more of our voting securities are adverse to us or have a material interest adverse to us.

Item 1A:Risk Factors

A smaller reporting company is not required to provide the information required by this Item.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None

Item 3. Defaults upon Senior Securities

None

Item 4. Removed and Reserved

Item 5. Other Information

None

Item 6. Exhibits

Exhibit Number	Description of Exhibit
31.1	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

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SIGNATURES

In accordance with the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Grid Petroleum Corp.
Date:	August 3, 2011
By:	/s/ James Powell
	James Powell
Title:	Chief Executive Officer and Director

9