Great Pacific International Inc. Announces Name Change, Share Consolidation, New Management Group and Reorganization

/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

TSX Venture Exchange
Trading Symbol: GPI

DELTA, BC, Sept. 20, 2012 /CNW/ - Great Pacific International Inc. ("GPI" or the "Company") announces that pursuant to the resolutions passed by shareholders at the special meeting held August 10, 2012, the shareholders voted in favor of a consolidation of the Company's shares and a change to the Company name. The board of directors have resolved and affirmed that the share consolidation will be on a 1:20 basis where 1 new share will be issued for every 20 old shares currently issued and outstanding. The Company's name will change to, WESCAN ENERGY CORP. ("WCE"). These changes are subject to all regulatory approvals including approval of the TSX Venture Exchange (the "TSXV").

The Company is also pleased to announce certain changes to the board of directors, the appointment of a new management group (the "New Management Group") and the reinstatement of trading.

New Management Group and Board Changes

The Company has accepted the resignations of Ron Bobowski as director and John (Jack) Cruise, chief financial officer. The Board would like to thank both Mr. Bobowski and Mr. Cruise for their services with the Company and wish them well in their future endeavours. In a previous news release issued by the Company, (August 8, 2012), Thal. S. Poonian resigned as director, president and chief executive officer effective August 3, 2012. Thal Poonian is no longer associated with the Company. Mr. Robichaud and Mr. Cu will remain as directors of the Company.

The New Management Group will be led by Greg T. Busby as president and chief executive officer (CEO), Dwight Fieseler, vice president, finance and chief financial officer, (CFO), William (Bill) Bailey, vice president, Engineering and Perry Miller, manager, field operations and production. The board of directors of the Company will now be comprised of Rick Orman, as Chairman of the Board, Greg T. Busby, Mike Robichaud and Alfredo, (Fred) Cu.

The New Management Group has a solid track record of creating value in the junior oil and gas industry. Greg Busby is a professional landman with 23 years of experience and extensive knowledge in structuring and negotiating transactions, mergers and acquisitions, joint ventures and venture capital financings and corporate finance. He has held senior executive leadership positions and directorship roles with a number of public and private oil and gas companies. Most recently, Mr. Busby was the president and CEO of CanRock Energy Corp., a junior public oil & gas company he co-founded and grew from zero production to approximately 500 boe/d. in the Provost area of east-central, Alberta. Prior thereto, Mr. Busby was president & CEO of Sable Energy Ltd. and Sable Energy (UK) Ltd., a private international North Sea focused E&P company. Mr. Busby was the former president, CEO, Interim CFO and director of Tuscany Energy Ltd. a Calgary-based public oil and gas company. He was instrumental in the restructuring and refinancing of the company that provided exponential growth in production and record earnings during his tenure. Mr. Busby is an active member of the Canadian Association of Petroleum Landmen (CAPL) and is a graduate (BA) of the University of Calgary.

Dwight Fieseler is a Certified General Accountant, (CGA) brings over 22 years of experience in the oil and gas industry. Most recently, he was CFO at CanRock Energy Corp. until its merger with Alston Energy Inc. in July 2012. Previously, Mr. Fieseler was vice president, finance & CFO at Petro Uno Resources Ltd., a Calgary-based public oil & gas exploration company. He has also held a number of other senior finance positions with major international and intermediate E&P companies including Bonus Energy, Defiant Energy, Centurion Energy, Compton Petroleum, and Wainoco Oil. Mr. Fieseler holds a Bachelor of Administration from the University of Regina.

Bill Bailey is a Professional Engineer with over 35 years of extensive experience in Western Canada oil and gas reservoir engineering. Most recently, Mr. Bailey was co-founder and vice president, engineering of CanRock Energy Corp. His previous work experience involved working with a wide range of junior to major international E&P organizations including Encana, Gulf Canada Resources, (ConocoPhillips Canada), Dephi Energy Corp., and Player Petroleum Corp. He holds a Bachelor of Science in Mechanical Engineering and is a member of APEGGA.

Perry Miller has over 28 years of field operations experience and plays a key role in cost-effective day-to-day field operations, maintenance and production. Mr. Miller's technical and field management expertise includes managing well cost-controls while providing technical down-hole knowledge to improve over-all well performance and reliability. He has worked with a variety of mid to large size organizations and has owned and operated, PM Contracting LTD. since 1995.

Rick Orman has 15 years experience serving as an officer and director of a number of privately held and publically traded companies. Most notably, he served as a director of NovAtel Inc. (NASDAQ) from 1996 until its takeover in 2007.  He is former director and lead director of Daylight Energy Ltd. (TSX) until its takeover in 2011. He currently serves as a director of Sinopec Daylight Ltd. From 1986-1993 Rick was elected to the Alberta Legislative Assembly and served as Minister of Employment, Minister of Labour and Minister of Energy. He is an active member of the CAPL.

Mike Robichaud has been an Investment Banker for the last 7 years advising Western Canadian public and private companies on, corporate financings, business dispositions, merger & acquisitions and   management buyouts transactions. Previously, Mr. Robichaud was an entrepreneur for over 20 years, founding three different companies. His most successful ventures had partnerships with the Royal Bank, MBNA Bank, AOL, Canadian Airlines and American Airlines. His business experience also includes corporate finance, new business development, sales and marketing management.

Mr. Cu has 25 years of industry experience with various oil and gas exploration and production companies including Pan Canadian (EnCana), Anderson Exploration, APF Energy, Paramount Resources, ConocoPhillips Canada, Talisman Energy and Mobil Oil Canada. Mr. Cu is also the founding director of Varcada Venture Corp., a venture capital firm that has invested in a number of oil and gas projects, including Sunshine Oilsands Ltd.

Leigh Stewart has been appointed as Corporate Secretary. Mr. Stewart is Counsel at the Calgary office of Davis LLP. Mr. Stewart has practiced corporate securities law for over 20 years with extensive experience in corporate finance, venture capital financings, mergers and acquisitions. Mr. Stewart was seconded to a law firm in Kuwait City providing advice in connection with industrial construction projects and general international business law. Mr. Stewart has served as corporate secretary and as a board member on various TSXV listed companies.

Reinstatement to Trading

As a result of these reorganizational efforts, the Company is pleased to announce that it will be reinstated to trade at the market opening on September 24, 2012.

Corporate Office Move

The company will be relocating its corporate office to Calgary, Alberta. The new office location and telephone number is:

Suite #1510, 777 - 8th Avenue S.W.       
Calgary, Alberta, Canada          
T2P 3R5           
Tel:  403. 540.0312          
Fax.  403. 246.1291

Corporate Strategy

The New Management group believes that current volatilities in the global markets have presented a risk environment that will continue well into 2013. As WTI oil prices remain above $90 per barrel, the trend is expected continue through the balance of 2012 as demand for oil continues to be strong throughout North America. With the reorganization now completed, the Company is a full-cycle exploration and production company with the technical credibility to capitalize on internally generated prospects and strategic acquisitions. The Company now represents an experienced management team with a proven track record of creating shareholder value on a cost-effective per share basis. The New Management group believes that a strategic imperative exists to aggressively advance the company to a size that, when combined with a strong balance sheet and high-net-back production, the Company will be well positioned to profit from the current environment and distinguish us from our peer-group competitors.

The Company will continue to review and evaluate accretive asset and corporate acquisition opportunities that will effectively increase reserves, production and cash flow with a focus of benefitting our shareholders with attractive returns on their investment.

About the Company

The Company is a publicly traded junior oil and gas company engaged in the development and exploration of crude oil and natural gas in Western Canada. The Company is focused on creating value for its shareholders by targeting oil-based opportunities in Alberta and Saskatchewan through strategic acquisitions, exploitation and development of internally generated prospects and exploring for incremental production and reserves. It owns in excess of 32,000 gross acres of land (over 30,000 net) in north-central Alberta. There are currently 47,478,432 common shares outstanding and listed on the TSXV under the symbol, "GPI".

* Boe Presentation: The term BOE may be misleading, particularly if used in isolation. A BOE (barrel of oil equivalent) conversion of 6 million cubic feet (Mcf): 1 barrel (bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

ON BEHALF OF THE BOARD

FOR FURTHER INFORMATION, PLEASE CONTACT:

Greg T. Busby, President & CEO                                           
GREAT PACIFIC INTERNATIONAL INC.
or
Dwight Fieseler, Chief Financial Officer
GREAT PACIFIC INTERNATIONAL INC.

Tel: (403) 540-9312
Fax: (403) 246-1291

Forward-Looking Statements:  This news release contains certain forward-looking statements, including but not limited to, the anticipated timing of the spudding of a well, management's assessment of future plans and operations, and the related expected success from drilling operations, expectations regarding future levels of production, revenues and drilling inventory, capital expenditures and the timing thereof and expected timing and results from operations, all of which involve substantial known and unknown risks, uncertainties and assumptions, certain of which are beyond the Company's control. Such risks, uncertainties and assumptions include, without limitation, oil and gas exploration, development, exploitation, production, marketing, processing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive there from. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the Company's operations and financial results are included in reports, including the Company's annual information form for the financial year ended December 31, 2009, on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).  All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. 

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILTY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

SOURCE: Great Pacific International Inc.

For further information:

Greg T. Busby, President & CEO                                            
GREAT PACIFIC INTERNATIONAL INC.
or 
Dwight Fieseler, Chief Financial Officer
GREAT PACIFIC INTERNATIONAL INC.

Tel: (403) 540-9312
Fax: (403) 246-1291

Profil de l'entreprise

Great Pacific International Inc.

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