LADNER, BC, Aug. 26 /CNW/ - GREAT PACIFIC INTERNATIONAL INC. ("Great
Pacific", the "Company") is pleased to announce that the Company's 100%-owned
subsidiary, GPI Petroleum Inc., has been notified by the operator of our
"Midland Basin prospect area" interest that drilling the initial Strawn
formation test will commence next week.
Drilling to planned total depth of 2,350 metres is expected to take 25
days from spud date. The Company will provide a further update when the well
has been spudded, and subsequently when logging results and drill stem tests
As disclosed in our press release dated 26 May, 2008 (available on
www.Sedar.com), GPI Petroleum Inc. is participating in the 8.25 square mile
Midland Basin prospect area to a 13% working interest (9.75% net revenue
interest). GPI Petroleum Inc. will fund 17.3% of the costs of the initial well
to casing point and 13% thereafter (should the well be completed).
The Company believes there are four to six additional structural targets
indicated by 3-D seismic on this prospect area, which we will retain the right
to participate in by our participation in this initial well.
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 firstname.lastname@example.org