DELTA, BC, Nov. 19 /CNW/ - Great Pacific International Inc. ("Great Pacific", the "Corporation") is pleased to announce the following information in respect of its four-sections of petroleum and natural gas leases located near Manning, Alberta.
Great Pacific recently commissioned a "Heavy Oil in Place Determination Report" from Chapman Petroleum Engineering Ltd. ("Chapman") on four sections of petroleum and natural gas leases held by Great Pacific International near Manning Alberta. These leases are prospective for in-situ heavy oil from the Mississippian Elkton and Debolt formations.
Total heavy oil in place assessed by Chapman on the Corporation's lands for the two most significant potential carbonate reservoir zones in the area, the Elkton and Lower Debolt formations, amounted to 206 million barrels of petroleum initially in place. This was based on volumetric calculations using Chapman's detailed net oil reservoir mapping of both zones. Planimetering these maps resulted in an estimated average heavy oil reservoir thickness of 15.5 metres in the Elkton and 9.8 metres in the Lower Debolt.
Other reservoir parameters were determined from petrophysical analysis of an abandoned well located on GPI's property. A log analysis of the heavy oil saturated Debolt to Elkton interval clearly identified two major heavy oil reservoirs, the Elkton and Lower Debolt formations.
The reader is cautioned that assessed petroleum initially in place amounts are not "reserves" or "resources" as defined by National Instrument 51-101, and there is no certainty that assessed oil in place is economically or technically recoverable. The Corporation is proceeding to an initial engineering assessment to determine whether the recovery of heavy oil in place may be economically feasible.
The Chapman report in its entirety is available at www.gpicanada.net.
Chapman Petroleum Engineering Ltd. is a firm of independent petroleum engineers located in Calgary, AB.
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SOURCE Great Pacific International Inc.
For further information: For further information: Thal S. Poonian, President at (604) 940-9190 or firstname.lastname@example.org