Business
Great Pacific Farms out Property in Exchange for 3D Seismic
Great Pacific Farms out Property in Exchange for 3D Seismic
About this update from Wescan Energy Corp.
[{"type":"text","content":"\n\n\n\n Nov. 24, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nVANCOUVER, Nov. 24 /CNW/ - Great Pacific International Inc. ("GPI")\n (TSX.V: GPI) has signed a letter of intent for a farm out agreement\n with a major participant in the oil and gas industry.  Upon finalizing\n this agreement, the farmee will complete a 3D Seismic survey of the\n Corporation's property located in the Red Earth area of northern\n Alberta, in exchange for which they will earn a 50% working interest in\n the petroleum and natural gas rights of the property.  Upon earning its\n interest, they will be designated as the operator of the property.  The\n technical information gained from the seismic survey will identify\n zones that may be targeted for horizontal drilling.     \n\n\nThe property in this agreement is located in the Red Earth area where\n GPI has a number of 100% owned oil and gas leases.  This area is known\n to produce crude oil from the Slave Point, Keg River, and Granite Wash\n formations. \n\n\nAbout Great Pacific International\n\n\nGreat Pacific International is a public company actively engaged in the\n exploration, and development of crude oil and natural gas.  GPI\n currently owns over 25,000 gross acres of P&NG leases (over 23,500 net\n acres) in the Western Canadian Sedimentary Basin.  The company's\n strategy is focused on creating value for shareholders by acquiring and\n developing petroleum and natural g...