VANCOUVER, Jan. 31 /CNW/ - Great Pacific International Inc. ("GPI")
(TSX.V: GPI) has proceeded with the Letter of Intent announced in our
news release dated January 28, 2011, and we have now signed a Joint
Operating Agreement ("JOA") with Amco Energy Ltd. ("AMCO").
Under the terms of the JOA, GPI will farm into the first development
well in the Wildmere area of Alberta. The first two wells in the JOA
have been permitted for drilling. Upon completion of the drilling of
the first well, GPI shall have earned a 70% net Working Interest in the
well and GPI will have the right to participate in the second well upon
AMCO providing an Authority of Expenditure ("AFE") for the second well.
GPI can elect to participate or not within 24 hours of notice. AMCO
will be designated as the operator of the Property.
Furthermore, while GPI will be earning a working interest in the well
and production from the well, it will not earn rights to the Petroleum
and Natural Gas lease as anticipated in our news release dated January
28, 2011, but it will have the right to participate in all future wells
on the property.
The operator, AMCO, has informed us that the first well in the Wildmere
area, Alberta was spudded on January 28, 2011. The target depth of the
well is approximately 2,100 feet. GPI will have earned a 70% Working
Interest upon completion of the well and payment of 100% of the costs.
GPI will continue to release our Company updates as they become
About Great Pacific International Inc.
Great Pacific International Inc. is a public company actively engaged in
the exploration, and development of natural gas and crude oil. GPI has
over 27,560 gross acres (over 26,060 net acres) of Petroleum and
Natural Gas leases in Alberta, Canada. 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
On behalf of the Board,
"Thal S. Poonian"
Thal S. Poonian President
Neither TSX Venture Exchange nor its Regulation Service Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
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 firstname.lastname@example.org