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Drilling of initial test well to commence on Midland Basin prospect area
LADNER, B.C. – GREAT PACIFIC INTERNATIONAL INC. (“Great Pacific”, the “Company”) is pleased to announce that the Company’s 100%-owned subsidiary, GPI Petroleum Inc., has been notified by the operator of our “Midland Basin prospect area” interest that drilling the initial Strawn formation test will commence next week.
Drilling to planned total depth of 2,350 metres is expected to take 25 days from spud date. The Company will provide a further update when the well has been spudded, and subsequently when logging results and drill stem tests are available.
As disclosed in our press release dated 26 May, 2008 (available on www.Sedar.com), GPI Petroleum Inc. is participating in the 8.25 square mile Midland Basin prospect area to a 13% working interest (9.75% net revenue interest). GPI Petroleum Inc. will fund 17.3% of the costs of the initial well to casing point and 13% thereafter (should the well be completed).
The Company believes there are four to six additional structural targets indicated by 3-D seismic on this prospect area, which we will retain the right to participate in by our participation in this initial well.
For more information, please contact Thal S. Poonian, President and CEO, at 604-940-9190, toll-free at 1-877-942-8765, or by e-mail at tpoonian@telus.net
The TSX Venture Exchange has in no way passed upon the merits of these transactions, and has neither approved nor disapproved the contents of this press release. Certain statements in this press release constitute “forward-looking statements” which involve known and unknown risks, uncertainties, and other factors that may cause actual results to be materially different from any future results, performance, outcomes, or achievements expressed or implied by such statements. Words such as “expects”, “anticipates”, “intends”, “plans”, “will”, “believes”, “seeks”, “estimates”, “should”, “may”, “could” and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are based on management’s current expectations, beliefs and plans, and actual events or results may differ materially. Forward-looking statements are based on current expectations, and the Company assumes no obligation to update such information to reflect later events or developments, except as required by law.
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