Great Pacific International Inc.
TSX VENTURE : GPI

Great Pacific International Inc.

April 27, 2007 09:15 ET

GPI Partners With Devon ARL, Paramount and Rocky Layman and Welcomes New Director

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 27, 2007) - Great Pacific International Inc. (GPI) (TSX VENTURE:GPI) announces that OG International Inc. has assigned to GPI its agreement with Devon ARL Corporation (NYSE:DVN) and Paramount Resources Ltd. (TSX:POU) on properties in Alberta, Canada. Also GPI has entered into a farm-out agreement with Rocky Layman Energy Inc. to develop properties in North Western Alberta, Canada. Details of the transactions follow below.

GPI has acquired an interest in certain oil and gas leases located in the Peerless Lake area in Northwest Alberta, near where GPI already has property interests. GPI will acquire a 37.5% before payout and 18.75% after payout interest in three quarter sections by reimbursing 37.5% of the costs of drilling a test well on the property, which amounts to approximately $300,000, and paying its proportionate share of equipping costs. These interests were assigned by OG International Inc., an arm's length party to GPI.

In addition, GPI has been given the option to earn 75% before payout / 25% after payout interest in up to 5 additional sections of land by drilling an additional two test wells. The parties in the Pooled Lands for the Wabaska Formation will be: Mistahiya Resources Ltd. 34.375%, Devon ARL Corporation 18.75%, Paramount Resources Ltd. 18.75% and GPI 28.125%. For all other zones, the interests of the parties in the Pooled Lands will be: GPI 75% before payout and 37.5% after payout, Mistahiya 25% before payout and 12.5% after payout, Devon ARL Corporation convertible GORR before payout and 25% after payout and Paramount Resources Ltd. convertible GORR before payout and 25% after payout. Subject to available funding, GPI anticipates drilling of both of these test wells before the end of this year.

GPI has entered into a farm-out agreement with Rocky Layman Energy Inc. to earn an 80% before payout and 52% after payout interest in an oil and gas lease covering 8 sections of land in the Red Earth area of Alberta, by drilling and completing a test well on the property. After completing the first test well GPI will have the option to earn a 100% before payout and 50% after payout in an additional 2 sections of land by drilling and completing a further test well. It is estimated that each test well will cost approximately $1,250,000 to drill and complete. GPI intends to proceed with the first test well, subject to completing its recently announced private placement financing. The decision to proceed with the additional option well will be dependent on the results of the first well and the availability of funds. Rocky Layman Energy Inc. is an arms-length party to GPI.

GPI announced on April 18, 2007 that it proposes to carry out a private placement of flow through and non-flow through units to fund possible exploration activities.

Great Pacific International Inc. is pleased to announce that Mr. John R. Garden P. Eng. will join its Board of Directors immediately, pending exchange approval. Mr. Garden holds a B.Sc. Chemical Engineering from the University of Calgary. Mr. Garden is the President, CEO and Founder (1993) of Deadeye Engineering Inc., a petroleum-engineering firm conducting drilling and completion operations in Western Canada. Deadeye's drilling and completion budget for 2006 was over three hundred million ($300,000,000) which included a total of 596 wells drilled (206 horizontal) from Northeast British Columbia to Southwest Manitoba.

Mr. Garden is a current member of APEGGA (Association of Professional Engineers, Geologists and Geophysicists of Alberta), APEGS (Association of Professional Engineers and Geologists of Saskatchewan), SPE and CIM.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

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