GPI Petroleum Inc., a wholly owned subsidiary of Great Pacific, is participating to a 13% working interest (9.75% net revenue interest) in an 8.25 square mile prospect area in Scurry County, Texas.
The Company’s geological and geophysical consultants have identified five to seven structural targets indicated by 3-D seismic on the Midland Basin Prospect.
Licensing on the first test well on that project has been obtained, and the Company expects that the drilling of the first test well will commence near the end of July, 2008. The Company’s Midland Basin Prospect is targeting new pools within a productive oil and gas area adjacent to a prolific field in Scurry County, Texas.
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