DELTA, BC, Feb. 13, 2012 /CNW/ - Great Pacific International Inc. ("GPI") (TSX.V: GPI) is pleased to report that recent activity has seen major producers drilling horizontal wells into the Slave Point formation on lands adjacent to GPI land holdings.
Initial production rates of 380 BOP/day and 445 BOP/day have been reported on two horizontal wells at 16-35-91-13W5 and 01-26-91-13W5 respectively. These properties are located approximately 8 km NW of GPI's Sawn Lake property (31-90-12W5) which is subject to a 50/50 joint venture with Penn West Exploration.
Penn West has also permitted a well which is located approximately one km from our joint venture property. 3-d seismic was completed on our joint property in 2011 and the company anticipates that drilling on our property will take place in 2012 or early 2013.
In addition to the above leasehold interest, GPI has four other sections (2,560 acres) of 100% owned leasehold interests in the area.
There are over 15 vertical and horizontal wells licensed or drilled since the beginning of 2011 in the Sawn Lake area. A number of these wells have been horizontal wells with multi stage hydraulic fracturing methods being utilized. The oil is a light (39o API) sweet oil, in a thick pay zone of up to 60 feet. Horizontal drilling and multi fracturing methods can increase initial flow rates and has proven to be more effective than conventional vertical drilling. Some of the exploration companies active in the area are: NAL Energy, Guide Exploration, Pinecrest Energy, Mancal Energy, & Penn West Exploration.
The company plans to permit and drill its remaining leases on its own or through Joint Venture arrangements. There is no assurance that wells will be drilled on the company's properties or that they will be successful or produce results comparable to those on other properties in the area.
For further information visit the company's website http://www.gpicanada.net/operation
For further information:
For more information, contact Thalbinder (Thal) S. Poonian at toll free 1-877-942-8765, or 604-940-9190, or by email [email protected].