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The Craven Files

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The Craven Files > Group's Default Discussion > GPI does deal with Pen West..... View modes: 
  • GPI does deal with Pen West.....

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    Great Pacific farms out property to Penn West
    Ticker Symbol: C:GPI

    Great Pacific farms out property to Penn West

    Great Pacific International Inc(C:GPI)
    Shares Issued 47,411,432
    Last Close1/7/2011
    Tuesday January 11 2011 - News Release

    Mr. Thal Poonian reports


    Great Pacific International Inc. has entered into a farmout agreement withPenn West Petroleum Ltd. Upon finalizing of this agreement, Penn West hasthe right to complete a 3D Seismic survey of GPI's property located at Section 31, Township 90,Range 12, West of the Fifth Meridian (the "Property"), in exchange for which Penn West shallearn a 50% working interest in all petroleum and natural gas rights in the Property. Uponearning its interest, Penn West will be designated as the operator of the Property. The technicalinformation gained from the seismic survey will identify zones that may be targeted forhorizontal drilling.

    In accordance with this agreement Penn West has until January 31, 2011 to complete the 3-DSeismic survey.The Property is located in the Red Earth area (see map at GPI has a number of 100% owned oil and gas leases. This area is known to producecrude oil from the Slave Point, Keg River, and Granite Wash formations.

    Thal S. Poonian, president of GPI commented that: "We are very excited about this opportunityto work with Penn West in developing this property and we see this move as a stepping stone tothe development of our neighboring properties in the Red Earth area".

    Should GPI elect not to participate in the drilling of a well on the Property, its working interestwill be converted to a 5 to 10% sliding scale royalty.

    ? 2011 Canjex Publishing Ltd.

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