VANCOUVER, Jan. 12 /PRNewswire/ - Great Pacific International Inc. ("GPI") (TSX.V: GPI) has entered into a farm out agreement with Penn West Petroleum Ltd. ("Penn West"). Upon finalizing of this agreement, Penn West has the 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 shall earn a 50% working interest in all petroleum and natural gas rights in the Property. Upon earning its interest, Penn West will be designated as the operator of the Property. The technical information gained from the seismic survey will identify zones that may be targeted for horizontal drilling.
In accordance with this agreement Penn West has until January 31, 2011 to complete the 3-D Seismic survey.
The Property is located in the Red Earth area (see map at http://www.gpicanada.net/operation) where GPI has a number of 100% owned oil and gas leases. This area is known to produce crude oil from the Slave Point, Keg River, and Granite Wash formations.
Slave Point lienee tässä keskiössä. Toinen tuolla päin maata omistava(1,200 eekkeriä) mikrokappi(MA <$5 miljoonaa) Border Petroleum on ollut haltissa viime perjantaista lähtien. Olen pilkkinut yhtiötä ajoittain ja täytyy myöntää että muuta kirosana irtosi perjantaina.
No comments:
Post a Comment