UPDATE: Great Pacific International Provides Sawn Lake Update; Shares Continue to Climb, Now Up 29%
Great Pacific International Inc. (GPI.V) reported today that recent activity has seen major producers drilling horizontal wells into the Slave Point formation on lands adjacent to GPI land holdings.
Initial production rates of 380 BOP per day and 445 BOP per 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.
There are over 15 vertical and horizontal wells licensed or drilled since the beginning of 2011 in the Sawn Lake area. A number of these wells have been horizontal wells with multi stage hydraulic fracturing methods being utilized. The oil is a light (39o API) sweet oil, in a thick pay zone of up to 60 feet. Horizontal drilling and multi fracturing methods can increase initial flow rates and has proven to be more effective than conventional vertical drilling.
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