GPI Spuds Second Well in Wildmere and Purchases PNG Leases |
Newswire.ca - Feb 10, 2011 |
GPI Spuds Second Well in Wildmere and Purchases PNG Leases
VANCOUVER, Feb. 10 /CNW/ - Great Pacific International Inc. ("GPI") (TSX.V: GPI) is pleased to announce that it has agreed to participate in a second well in Wildmere. Drilling of the first well has been completed and GPI will provide updates regarding perforation and subsequent tests as they are received. The operator, AMCO, spudded the second well on February 8, 2011. The target depth of the well is approximately 2,100 feet. GPI will have earned a 70% working interest upon completion of the well and payment of 100% of the costs.
GPI is also pleased to announce that it has successfully purchased an additional 4.25 sections (2,720 acres) of Petroleum and Natural Gas leases in Northern Alberta where the company is directing its' exploration and development activities. The company has a 100% working interest in these properties with full PNG rights. Our total holdings have now increased to over 30,280 gross acres (over 28,780 net acres) in Alberta, Canada. The company plans to continue to pursue acquisitions, adding to its land base for further exploration and development.
For further information on GPI's Petroleum and Natural Gas Leases please see map available at http://www.gpicanada.net/operation.
About Great Pacific International
Great Pacific International is a public company actively engaged in the exploration, and development of natural gas and crude oil. The company's strategy is focused on creating value for shareholders by acquiring and developing petroleum and natural gas leases primarily in western Canada. Great Pacific's shares are listed on the TSX Venture Exchange under the symbol GPI.
On behalf of the Board,
"Thal S. Poonian"
Thal S. Poonian President
Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information:
For more information, contact Thal S. Poonian, President, at 604-940-9190, toll free 1-877-942-8765 or by email tpoonian@telus.net.
Read Full Article from Newswire.ca
- Posted: 2011-02-10 07:37:34
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