Do you like small cap oil producers?I usually dont cross post and I do own and trade EDE-V, but for those of you that are looking for the next upcoming small cap oil producer please look at this one. I own GPI-V at 0.16 and its still trading there. News today is that the just spuded their second well. Should be producer over a thousand barrels a day by year end. JV with Penn West. Only 47 million shares outstanding. Very interesting deal.
Cheers
please do your due diligence.
Great Pacific spuds second Wildmere well
Ticker Symbol: C:GPI
Great Pacific spuds second Wildmere well
Great Pacific International Inc(C:GPI)
Shares Issued 47,411,432
Last Close2/9/2011
.165
Thursday February 10 2011 - News Release
Mr. Thal Poonian reports
GPI SPUDS SECOND WELL IN WILDMERE AND PURCHASES PNG LEASES
Great Pacific International Inc. has agreed to participatein a second well in Wildmere. Drilling of the first well has beencompleted and GPI will provide updates regarding perforation andsubsequent tests as they are received. The operator, AMCO, spudded thesecond well on Feb. 8, 2011. The target depth of the well isapproximately 2,100 feet. GPI will have earned a 70-per-cent working interestupon completion of the well and payment of 100 per cent of the costs.
GPI is also pleased to announce that it has successfully purchased anadditional 4.25 sections (2,720 acres) of petroleum and natural gasleases in Northern Alberta where the company is directing itsexploration and development activities. The company has a 100-per-cent workinginterest in these properties with full PNG rights. The company's total holdingshave now increased to over 30,280 gross acres (over 28,780 net acres)in Alberta, Canada. The company plans to continue to pursueacquisitions, adding to its land base for further exploration anddevelopment.
? 2011 Canjex Publishing Ltd.