Business
Great Pacific International Inc. - Press release
LADNER, BC, June 26 /CNW/ - Great Pacific International Inc. ("Great Pacific") is pleased to prov...
About this update from Wescan Energy Corp.
[{"type":"text","content":"\n\n\n\nLADNER, BC, June 26 /CNW/ - Great Pacific International Inc. ("Great\nPacific") is pleased to provide the following corporate update:\n\n\nAlberta land acquisition\n\n\n------------------------\n\n\nGreat Pacific has significantly expanded its portfolio of petroleum\nleases with the acquisition of over 4,450 acres of petroleum and natural gas\nleases in northern Alberta. These leases are primarily in the areas of Otter\nLake, Hay River Twp 107, and the Athabasca-Thornhild areas. The acquisition of\nthese leases expands Great Pacific's land interests in Alberta to over\n7,120 acres net (10,930 gross). These leaseheld petroleum rights are in\naddition to our option rights to over 3,710 net acres of petroleum leases\n(please see our January 11, 2008 press release available on www.Sedar.com).\nThe Company's Canadian land portfolio also includes approximately 1,850 acres\nnet of petroleum rights in Manitoba (2,200 acres gross).\n\n\nManagement is commencing a program of trade seismic acquisition on these\nnewly acquired lands. Great Pacific intends to continue expanding its land\nportfolio in western Canada throughout the coming months.\n\n\nScurry County, Texas prospect - drilling to commence in July, 2008\n\n\n------------------------------------------------------------------\n\n\nAs announced in our May 26, 2008 press release, GPI Petroleum Inc., a\nwholly owned subsidiary of Great Pacific, is participating to a 13% working\ninterest (9.75% net revenue interest) in an 8.25 square mile prospect area in\nScurry County, Texas ("the Midland Basin prospect"). Our geological and\ngeophysical consultants have identified five to seven structural targets\nindicated by 3-D seismic on the Midland Basin Prospect.\n\n\nLicensing on the first test well on that project has been obtained, and\nwe expect that the drilling of the first test well will commence near the end\nof July, 2008.\n\n\nOur Midland Basin Prospect is targeting new pools within a productive oil\nand gas area adjacent to a prolific field in Scurry County, Texas.\n\n\nOther opportunities\n\n\n-------------------\n\n\nGreat Pacific has identified certain high risk, high impact, overseas\npetroleum exploration opportunities and is currently in negotiations in\nrespect of acquiring certain international oil and gas exploration rights.\nGreat Pacific will ...