LADNER, B.C., Sept. 10 /CNW/ - Great Pacific International Inc. (the "Company") is pleased to announce that, further to our press release dated August 26, 2008 (available on www.Sedar.com), drilling of the initial test well on our Midland Basin prospect area has commenced. This well will test one of five to seven Strawn-formation targets indicated on 3-D seismic within this prospect area.
GPI Petroleum Inc., a wholly-owned subsidiary of Great Pacific International Inc., holds the participation rights to this prospect area. These prospect area rights consist of non-operated participation rights to a 13% working interest (9.75% net revenue interest) in certain leaseholds within an approximately 8.25 square mile (gross) prospect area in Scurry County, Texas.
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.