LADNER, BC, June 26 /CNW/ - Great Pacific International Inc. ("Great Pacific") is pleased to provide the following corporate update:
Alberta land acquisition
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Great Pacific has significantly expanded its portfolio of petroleum leases with the acquisition of over 4,450 acres of petroleum and natural gas leases in northern Alberta. These leases are primarily in the areas of Otter Lake, Hay River Twp 107, and the Athabasca-Thornhild areas. The acquisition of these leases expands Great Pacific's land interests in Alberta to over 7,120 acres net (10,930 gross). These leaseheld petroleum rights are in addition to our option rights to over 3,710 net acres of petroleum leases (please see our January 11, 2008 press release available on www.Sedar.com). The Company's Canadian land portfolio also includes approximately 1,850 acres net of petroleum rights in Manitoba (2,200 acres gross).
Management is commencing a program of trade seismic acquisition on these newly acquired lands. Great Pacific intends to continue expanding its land portfolio in western Canada throughout the coming months.
Scurry County, Texas prospect - drilling to commence in July, 2008
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As announced in our May 26, 2008 press release, GPI Petroleum Inc., a wholly owned subsidiary of Great Pacific, is participating to a 13% working interest (9.75% net revenue interest) in an 8.25 square mile prospect area in Scurry County, Texas ("the Midland Basin prospect"). Our geological and geophysical consultants have identified five to seven structural targets indicated by 3-D seismic on the Midland Basin Prospect.
Licensing on the first test well on that project has been obtained, and we expect that the drilling of the first test well will commence near the end of July, 2008.
Our Midland Basin Prospect is targeting new pools within a productive oil and gas area adjacent to a prolific field in Scurry County, Texas.
Other opportunities
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Great Pacific has identified certain high risk, high impact, overseas petroleum exploration opportunities and is currently in negotiations in respect of acquiring certain international oil and gas exploration rights. Great Pacific will provide further updates in respect of these negotiations as they progress.
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.