DELTA, BC, Feb. 13, 2012 /CNW/ - Great Pacific International Inc. ("GPI") (TSXV: GPI) is pleased to report that recent activity has seen major producers
drilling horizontal wells into the Slave Point formation on lands
adjacent to GPI land holdings.
Initial production rates of 380 BOP/day and 445 BOP/day have been
reported on two horizontal wells at 16-35-91-13W5 and 01-26-91-13W5
respectively. These properties are located approximately 8 km NW of
GPI's Sawn Lake property (31-90-12W5) which is subject to a 50/50 joint
venture with Penn West Exploration.
Penn West has also permitted a well which is located approximately one
km from our joint venture property. 3-d seismic was completed on our
joint property in 2011 and the company anticipates that drilling on our
property will take place in 2012 or early 2013.
In addition to the above leasehold interest, GPI has four other sections
(2,560 acres) of 100% owned leasehold interests in the area.
There are over 15 vertical and horizontal wells licensed or drilled
since the beginning of 2011 in the Sawn Lake area. A number of these
wells have been horizontal wells with multi stage hydraulic fracturing
methods being utilized. The oil is a light (39o API) sweet oil, in a
thick pay zone of up to 60 feet. Horizontal drilling and multi
fracturing methods can increase initial flow rates and has proven to be
more effective than conventional vertical drilling. Some of the
exploration companies active in the area are: NAL Energy, Guide
Exploration, Pinecrest Energy, Mancal Energy, & Penn West Exploration.
The company plans to permit and drill its remaining leases on its own or
through Joint Venture arrangements. There is no assurance that wells
will be drilled on the company's properties or that they will be
successful or produce results comparable to those on other properties
in the area.
For further information visit the company's website http://www.gpicanada.net/operation
About Great Pacific International
Great Pacific International is a public company actively engaged in the
exploration and development of crude oil and natural gas. GPI currently
owns over 33,000 gross acres of P&NG leases (over 30,000 net acres) in
the Western Canadian Sedimentary Basin. The Company's strategy is
focused on creating value for shareholders by acquiring and developing
petroleum and natural gas leases primarily in western Canada. Great
Pacific currently has 47,478,432 shares outstanding which are listed on
the TSX Venture Exchange under the symbol GPI.
A Note Regarding Forward Looking Information
Some of the statements in this press release are forward-looking
statements and are based on current expectations, assumptions, and
estimates. Words and phrases such as "believes", "expect, anticipate",
are intended to identify forward-looking statements. The
forward-looking statements and information in this press release are
based on certain key expectations and assumptions made by Great Pacific
International including among other things: future capital expenditure
levels; future oil and natural gas production levels; the ability to
obtain financing on acceptable terms; and ability to add production and
reserves through exploration, development and exploitation activities.
Since forward-looking statements and information address future events
and conditions, by their very nature they involve inherent risks and
uncertainties. There is a significant risk that actual material results
will vary from projected results. No information provided in this press
release should be construed as a representation or indication in any
manner whatsoever of the present or future value of the Company or its
common stock. More specifically, in this release the results of
analogous wells can not be considered indicative of what may be
expected on the company's properties. The Company disclaims any
responsibility to update forward-looking statements made herein.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this press
release, which has been prepared by management.
SOURCE Great Pacific International Inc.
For further information:
Thalbinder (Thal) S. Poonian at toll free 1-877-942-8765, or 604-940-9190, or by email firstname.lastname@example.org.