LADNER, BC, Sept. 15 /CNW/ - Great Pacific International Inc. ("Great Pacific", the "Company") is pleased to announce the acquisition, pursuant to a farm-out agreement, of earn-in rights to three sections of petroleum and natural gas rights adjoining our existing Haro East project. These sections acquired are prospective for Bluesky-zone natural gas.
Pursuant to this farm-out agreement, Great Pacific has the right to drill the initial test well on or before January 4, 2009, subject to access. Drilling the initial well to the depth of the Banff formation will earn us the right to drill up to two additional sections immediately following rig release of the initial test well.
The Company will earn a 100% working interest in each well drilled, subject to a convertible 15% royalty reserved to the farmor.
As described in our press release dated January 11, 2008, our Haro East project is located in the Peace River area of Alberta, near Township 103. Great Pacific believes that the opportunity to expand the Haro East project through the acquisition of these adjacent targets will improve the economics of our operations in this area.
On behalf of the Board, "Thal S. Poonian" Thal S. Poonian, President The TSX Venture Exchange has in no way passed upon the merits of these transactions, and has neither approved nor disapproved the contents of this press release.
Certain statements in this press release constitute "forward-looking statements" which involve known and unknown risks, uncertainties, and other factors that may cause actual results to be materially different from any future results, performance, outcomes, or achievements expressed or implied by such statements. Words such as "expects", "anticipates", "intends", "plans", "will", "believes", "seeks", "estimates", "should", "may", "could" and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are based on management's current expectations, beliefs and plans, and actual events or results may differ materially. Forward-looking statements are based on current expectations, and the Company assumes no obligation to update such information to reflect later events or developments, except as required by law.