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GPI Signs a Joint Operating Agreement and Spuds a Well in Wildmere

newswire.ca - Jan 31, 2011

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 available.

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 symbol GPI.

On behalf of the Board,


"Thal S. Poonian"
_____________________
Thal S. Poonian President

Read Full Article from newswire.ca

- Posted: 2011-01-31 13:05:58


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