VANCOUVER, Jan. 12 /CNW/ - Great Pacific International Inc. ("GPI")
(TSX.V: GPI) has entered into a farm out agreement with Penn West
Petroleum Ltd. ("Penn West"). Upon finalizing of this agreement, Penn
West has the right to complete a 3D Seismic survey of GPI's property
located at Section 31, Township 90, Range 12, West of the Fifth
Meridian (the "Property"), in exchange for which Penn West shall earn a
50% working interest in all petroleum and natural gas rights in the
Property. Upon earning its interest, Penn West will be designated as
the operator of the Property. The technical information gained from the
seismic survey will identify zones that may be targeted for horizontal
In accordance with this agreement Penn West has until January 31, 2011
to complete the 3-D Seismic survey.
The Property is located in the Red Earth area (see map at http://www.gpicanada.net/operation) where GPI has a number of 100% owned oil and gas leases. This area is
known to produce crude oil from the Slave Point, Keg River, and Granite
Thal S. Poonian, president of GPI commented that: "We are very excited
about this opportunity to work with Penn West in developing this
property and we see this move as a stepping stone to the development of
our neighboring properties in the Red Earth area."
Should GPI elect not to participate in the drilling of a well on the
Property, its working interest will be converted to a 5 to 10% sliding
About Great Pacific International
Great Pacific International is a public company actively engaged in the
exploration, and development of natural gas and crude oil. 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's shares are listed on the TSX Venture
Exchange under the symbol GPI.
On behalf of the Board,
"Thal S. Poonian"
Thal S. Poonian President
Neither TSX Venture Exchange nor its Regulation Service Provided (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Trading on TSX - Symbol GPI
SOURCE Great Pacific International Inc.
For further information:
Thal S. Poonian, President, at 604-940-9190, toll free 1-877-942-8765 or by email email@example.com