DELTA, BC, Feb. 13, 2012 /CNW/ - Great Pacific International Inc. ("GPI") (TSXV: 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
About Great Pacific International
Great Pacific International is a public company actively engaged in the exploration and development of crude oil and natural gas. GPI currently owns over 33,000 gross acres of P&NG leases (over 30,000 net acres) in the Western Canadian Sedimentary Basin. 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 currently has 47,478,432 shares outstanding which are listed on the TSX Venture Exchange under the symbol GPI.
A Note Regarding Forward Looking Information
Some of the statements in this press release are forward-looking statements and are based on current expectations, assumptions, and estimates. Words and phrases such as "believes", "expect, anticipate", are intended to identify forward-looking statements. The forward-looking statements and information in this press release are based on certain key expectations and assumptions made by Great Pacific International including among other things: future capital expenditure levels; future oil and natural gas production levels; the ability to obtain financing on acceptable terms; and ability to add production and reserves through exploration, development and exploitation activities.
Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. There is a significant risk that actual material results will vary from projected results. No information provided in this press release should be construed as a representation or indication in any manner whatsoever of the present or future value of the Company or its common stock. More specifically, in this release the results of analogous wells can not be considered indicative of what may be expected on the company's properties. The Company disclaims any responsibility to update forward-looking statements made herein.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.
For further information:
Thalbinder (Thal) S. Poonian at toll free 1-877-942-8765, or 604-940-9190, or by email [email protected].