This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Great Pacific International Subsidiary Signs A Letter Of Intent With Independent Operator

VANCOUVER, Feb. 21, 2012 /PRNewswire/ - Great Pacific International Inc. ("GPI") (TSXV: GPI) is pleased to report that GPI Oil & Gas Inc., a 100% owned subsidiary of the Company, has reached an agreement with an independent operator to farm in on a leasehold interest held by the Company in North Central Alberta.

The Independent Operator will earn a 60% interest in the lease by re-entering an existing well. The Independent Operator will pay 100% of the costs to re-enter this well. Great Pacific has agreed that the Operator will have 100% interest in the re-entered well and will have a 60% interest in any additional wells.  GPI will retain a gross overriding sliding scale royalty interest of 5% to 15% on the re-entered well.

Should the Independent Operator issue a notice that they intend to drill another well, GPI will have the option of participating to our 40% interest or converting our interest to a 5% to 15% gross overriding royalty.

Historically, the well subject to re-entry had produced just over 30,000 Bbls of oil over its operating period, while other similar wells in the area had produced in excess of 100,000 Bbls. Based upon it's evaluation of nearby wells and geophysical data, the Independent Operator believes that oil is likely present in the formation that it is targeting.  The historical results of these wells can not be considered indicative of what may be expected from the re-work of this well.

Our farm-in partner, an independent operator has over 40 years of experience in the oil and gas industry in Alberta.

We seek safe harbor.

Thal S. Poonian, President, at 604-940-9190, toll free 1-877-942-8765 or by email

SOURCE Great Pacific International Inc.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.99 0.00%
FB $102.01 0.00%
GOOG $682.40 0.00%
TSLA $151.04 0.00%
YHOO $27.04 0.00%


Chart of I:DJI
DOW 15,973.84 +313.66 2.00%
S&P 500 1,864.78 +35.70 1.95%
NASDAQ 4,337.5120 +70.6750 1.66%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs