NEWS signs with AMCOGreat Pacific signs joint operating deal with Amco
Ticker Symbol: C:GPI
Great Pacific signs joint operating deal with Amco
Great Pacific International Inc(C:GPI)
Shares Issued 47,411,432
Last Close1/28/2011
.165
Monday January 31 2011 - News Release
Mr. Thal Poonian reports
GPI SIGNS A JOINT OPERATING AGREEMENT AND SPUDS A WELL IN WILDMERE
GreatPacific International Inc. has proceeded with the letter of intentreported in Stockwatch dated January 28, 2011, and the company has nowsigned a jointoperating agreement (JOA) with Amco Energy Ltd.
Under the terms of the JOA, GPI will farm into the first developmentwell in the Wildmere area of Alberta. The first two wells in the JOAhave been permitted for drilling. Upon completion of the drilling ofthe first well, GPI shall have earned a 70-per-cent net working interest in thewell, and GPI will have the right to participate in the second well uponAmco providing an authority of expenditure (AFE) for the second well.GPI can elect to participate or not within 24 hours of notice. Amcowill be designated as the operator of the property.
Furthermore, while GPI will be earning a working interest in the welland production from the well, it will not earn rights to the petroleumand natural gas lease as anticipated in its news release in Stockwatchdated Jan. 28, 2011, but it will have the right to participate in allfuture wellson the property.
The operator, Amco, has informed the company that the first well in the Wildmerearea, Alberta, was spudded on Jan. 28, 2011. The target depth of thewell is approximately 2,100 feet. GPI will have earned a 70-per-cent workinginterest upon completion of the well and payment of 100 per cent of the costs.
GPI will continue to release its company updates as they becomeavailable.
? 2011 Canjex Publishing Ltd.