2012-02-13 09:32 ET - News Release
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Mr. Thalbinder Poonian reports
SAWN LAKE (RED EARTH AREA) ACTIVITY
Recent activity has seen major producers drilling horizontal wells into the Slave Point formation on lands adjacent to Great Pacific International Inc. landholdings.
Initial production rates of 380 BOP/day and 445 BOP/day have been reported on two horizontal wells at 16-35-91-13W5 and 01-26-91-13W5 respectively. These properties are located approximately 8 km NW of GPI's Sawn Lake property (31-90-12W5) which is subject to a 50/50 joint venture with Penn West Exploration.
Penn West has also permitted a well which is located approximately one km from our joint venture property. 3-d seismic was completed on our joint property in 2011 and the company anticipates that drilling on our property will take place in 2012 or early 2013.
In addition to the above leasehold interest, GPI has four other sections (2,560 acres) of 100% owned leasehold interests in the area.
40 Prod/Expl Wells Near GPI Property
GPI has a great Operational Partner
Great Pacific International is partnered with Penn West Petroleum Ltd. (PWT.T). Penn west currently trades over $22 a share, Penn West is engaged in the business of acquiring, exploring, developing, exploiting and holding interests in petroleum and natural gas properties and related assets
With the Penn West Petroleum 50/50 property there are over 40 producing wells and exploration wells next to the property. ( see map attached, the green block is the 50/50 property)