VANCOUVER, Jan. 28 /CNW/ - Great Pacific International Inc. ("GPI")
(TSX.V: GPI) has signed a Letter of Intent with Amco Energy Ltd.
("AMCO") to buy into up to two development wells in the Wildmere area
of Alberta. Under the agreement, GPI will earn a 70% interest in the
first well upon paying 100% of the costs to drill and complete the
well, with an option to participate in a second planned development
well. Upon participating in the second well, GPI will have earned a 70%
interest in the Petroleum and Natural Gas rights on the property. The
wells have been permitted and drilling is expected to commence shortly.
Amco will be designated as the operator of the Property. The
drilling and completion costs on the first well are estimated to be
GPI and AMCO are to enter into a formal Joint Venture Operation
Agreement on mutually acceptable terms.
Thal S. Poonian, president of GPI commented that: "We are very excited
about this opportunity! We look forward to working with AMCO to
increase our oil and gas production in Alberta".
GPI also wishes to announce the grant of 1,600,000 stock options
("Options") to directors, senior officers, employees and consultants.
The Options will be exercisable for five years at an exercise price of
$0.15 per option
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 Provider (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:
contact Thal S. Poonian, President, at 604-940-9190, toll free 1-877-942-8765 or by email email@example.com.