Great Pacific International Inc. Farms Out Property to Penn West Petroleum Ltd.

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 drilling.

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 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 Wash formations.

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 scale royalty.

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

Profil de l'entreprise

Great Pacific International Inc.

Renseignements sur cet organisme


Jetez un coup d’œil sur nos forfaits personnalisés ou créez le vôtre selon vos besoins de communication particuliers.

Commencez dès aujourd'hui .


Remplissez un formulaire d'adhésion à CNW ou communiquez avec nous au 1-877-269-7890.


Demandez plus d'informations sur les produits et services de CNW ou communiquez avec nous au 1‑877-269-7890.