Great Pacific Farms out Property in Exchange for 3D Seismic

VANCOUVER, Nov. 24 /CNW/ - Great Pacific International Inc. ("GPI") (TSX.V: GPI) has signed a letter of intent for a farm out agreement with a major participant in the oil and gas industry.  Upon finalizing this agreement, the farmee will complete a 3D Seismic survey of the Corporation's property located in the Red Earth area of northern Alberta, in exchange for which they will earn a 50% working interest in the petroleum and natural gas rights of the property.  Upon earning its interest, they 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.     

The property in this agreement is located in the Red Earth area 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. 

About Great Pacific International

Great Pacific International is a public company actively engaged in the exploration, and development of crude oil and natural gas.  GPI currently owns over 25,000 gross acres of P&NG leases (over 23,500 net acres) in the Western Canadian Sedimentary Basin.  The company's strategy is focused on creating value for shareholders by acquiring and developing petroleum and natural gas leases primarily in western Canada. Great Pacific's shares are listed on the TSX Venture Exchange under the symbol GPI.

Neither TSX Venture Exchange nor its Regulation Service Provided (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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Trading on TSX.V   -  Symbol GPI

For further information:

Thal S. Poonian, President and CEO, at 604-940-9190, toll free 1-877-942-8765 or by email [email protected].