Business
Drilling of initial test well to commence on Midland Basin prospect area
LADNER, BC, Aug. 26 /CNW/ - GREAT PACIFIC INTERNATIONAL INC. ("Great Pacific", the "Company") is ...
About this update from Wescan Energy Corp.
[{"type":"text","content":"\n\n\n\nLADNER, BC, Aug. 26 /CNW/ - GREAT PACIFIC INTERNATIONAL INC. ("Great\nPacific", the "Company") is pleased to announce that the Company's 100%-owned\nsubsidiary, GPI Petroleum Inc., has been notified by the operator of our\n"Midland Basin prospect area" interest that drilling the initial Strawn\nformation test will commence next week.\n\n\nDrilling to planned total depth of 2,350 metres is expected to take 25\ndays from spud date. The Company will provide a further update when the well\nhas been spudded, and subsequently when logging results and drill stem tests\nare available.\n\n\nAs disclosed in our press release dated 26 May, 2008 (available on\nwww.Sedar.com), GPI Petroleum Inc. is participating in the 8.25 square mile\nMidland Basin prospect area to a 13% working interest (9.75% net revenue\ninterest). GPI Petroleum Inc. will fund 17.3% of the costs of the initial well\nto casing point and 13% thereafter (should the well be completed).\n\n\nThe Company believes there are four to six additional structural targets\nindicated by 3-D seismic on this prospect area, which we will retain the right\nto participate in by our participation in this initial well.\n\n\nThe TSX Venture Exchange has in no way passed upon the merits of these\ntransactions, and has neither approved nor disapproved the contents of\nthis press release.\n\n\nCertain statements in this press release constitute "forward-looking\nstatements" which involve known and unknown risks, uncertainties, and other\nfactors that may cause actual results to be materially different from any\nfuture results, performance, outcomes, or achievements expressed or implied by\nsuch statements. Words such as "expects", "anticipates", "intends", "plans",\n"will", "believes", "seeks", "estimates", "should", "may", "could" and\nvariations of such words and similar expressions are intended to identify such\nforward-looking statements. These statements are based on management's current\nexpectations, beliefs and plans, and actual events or results may differ\nmaterially. Forward-looking statements are based on current expectations, and\nthe Company assumes no obligation to update such information to reflect later\nevents or developme...