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.
For further information:
For further information: Thal S. Poonian, President and CEO, at (604)
940-9190, toll-free at 1-877-942-8765, or by e-mail at email@example.com