LADNER, BC, June 26 /CNW/ - Great Pacific International Inc. ("Great
Pacific") is pleased to provide the following corporate update:
Alberta land acquisition
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
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.
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
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