Legal Notice – Great Pacific International Inc. External Website
This website is owned and operated by Great Pacific International Inc. (“GPI”). This website and the material on it may be changed or updated from time to time without notice. By using this site, you agree to the following terms and conditions and agree to release GPI and its affiliates from all claims, expenses, damages, costs or any loss of any kind arising out of using this website or any material contained in or obtained through this website.
References to GPI
For convenience, the terms “GPI,” “Company,” “us,” “we” and similar references are used in this website to refer collectively to Great Pacific International Inc., its direct and indirect subsidiaries and partnership interests held by Great Pacific International Inc. and its subsidiaries, unless the context indicates otherwise.
Website is Provided as a Service Only
The material contained in this website is for informational purposes only and is not intended as a solicitation or offering of securities in any jurisdiction. Material available in or through this website is not intended to modify, qualify, supplement or amend information disclosed under corporate and securities legislation of any jurisdiction applicable to GPI and should not be used for the purpose of making investment decisions concerning GPI securities. Information contained in this website does not constitute a solicitation or an offering of securities in any jurisdiction. You may obtain printed copies of the official versions of public disclosure documents either from applicable securities regulators or from the Corporate and Investor Communications Department at GPI.
Website Protected by Copyright and Trade-mark
All material on this website belongs to GPI or third parties, and is protected under the copyright laws and trade-mark laws of Canada and of other applicable jurisdictions. Any unauthorized use of this material including re-publication, unauthorized downloading, copying or modification of the information on this website may violate copyright, trade-mark and other intellectual property laws and may result in legal action.
The trade-marks, service marks, logos, icons, designs, names and trade names displayed on this website belong to GPI and, where specifically noted, third parties, and may not be used for any purpose whatsoever without written permission from either GPI or the relevant third party. To add clarity, no license to use any GPI or third party trade-marks or other names is granted on this website.
GPI Not Responsible for Linked Websites
GPI provides links to third party websites for your convenience only. GPI does not control the linked websites and does not monitor or investigate them, or verify or endorse the accuracy, reliability, integrity, quality or completeness of any data, information or other material on these websites. GPI accepts no responsibility for such linked websites or the content thereof. Any use of these websites and their content is at your sole risk.
GPI Not Responsible for Internet Software or Computer Viruses
Due to technical difficulties inherent in the Internet, Internet software or transmission problems could produce inaccurate or incomplete copies of material contained on this website when displayed or downloaded onto your computer. Computer viruses or other destructive programs may also be inadvertently downloaded from the website. GPI recommends that you install appropriate anti-virus or other protective software.
Disclaimer and Limitation of Liability
The materials on this website are provided “as is”. GPI disclaims all representations, warranties and conditions of any kind, either express or implied, including, without limitation, any implied warranties or conditions of merchantability, fitness for a particular purpose, latent defects, and non-infringement. No representations or warranties are made concerning the accuracy, completeness, timeliness or reliability of the materials contained on this website. GPI does not represent or warrant that access to this website will be uninterrupted, that this website will operate error-free, that errors on this website will be corrected, that you will receive alerts if you sign up for Email Alerts or Career Alerts or that this website or the materials available are free of computer viruses or other harmful components.
Access to this website is done at your own risk. Except as otherwise provided by law, in no event shall GPI, its directors, officers, employees or agents be liable to you or any third party for any direct, indirect, incidental, special or consequential damages hatsoever, including, without limitation, damages for lost revenue, lost or damaged data, costs or other commercial or economic loss, whether based in contract (including fundamental breach), tort (including negligence) or any other theory of liability, arising out of your
(1) access to, use of, reliance on, inability to use or misuse of this website or
any material on the website,
(2) any use or inability to use any materials, software,
content, goods or services located at or made available at any website linked to or from
this website, or any consequences flowing therefrom,
(3) sign up for Email Alerts or
Career Alerts, including without limitation, the non-receipt of alerts. The foregoing
limitation shall apply even if GPI has been advised or should have known of the
possibility of such damage.
Except as otherwise provided by law, GPI expressly disclaims any and all liability for the acts, omissions or conduct of any third-party user of this website. Under no circumstances shall GPI and its officers, directors, employees and agents be liable for any injury, loss, damage (including special, indirect, incidental or consequential damages) or expense arising in any manner whatsoever from the acts, omissions or conduct of any third-party user.
Internet E-Mail
Please feel free to e-mail GPI at ir@gpicanada.net. GPI cannot guarantee the security of any communication to or from this website. GPI is not liable for any damages related to communications (personal, confidential or otherwise) to or from this website. All information sent to GPI by e-mail is considered to be nonconfidential. By sending GPI any information via e-mail you grant GPI a perpetual, unrestricted, irrevocable license to use, copy, display, modify, transmit and distribute such information or material. Further, you agree that GPI may at its sole discretion use any know-how, ideas, concepts and techniques that you e-mail to GPI for any purpose. GPI will, however, treat your personal information in accordance with the provisions below related to privacy.
By sending an e-mail to GPI you warrant and represent that you own or otherwise control all rights in the information. GPI accepts no responsibility for the content of the information transmitted to GPI.
General
- The material contained in this website is deemed to be provided in Alberta and is subject to Alberta law.
- All monetary amounts mentioned on this website are in Canadian dollars unless otherwise stated.
Privacy Statement
At GPI, we respect the privacy of visitors to our website and are committed to protecting your personal information. Personal information includes any factual or subjective information about an identifiable individual with the exception of business contact information. We do not indirectly collect any personal information of individuals accessing this website. Except as otherwise provided in this Legal Notice, we collect and maintain personal information of visitors only when it is submitted voluntarily, and we use this information only for the purpose of communicating GPI information that has been requested.
When a visitor to our website subscribes for electronic delivery of press releases, personal information is forwarded to our news wire service, CCNMatthews, to enable them to distribute GPI information on our behalf. Also, when a visitor subscribes for email alerts, personal information is forwarded to GPI Corporate Communications. None of GPI, or CCNMatthews provide this submitted personal information to any other parties for any reason except where required by law.
Through this website, GPI does automatically collect information about Internet service networks used to access our site. This data does not contain any personal information about individual visitors to the site but does include your Internet Protocol Address and domain name used, the type of browser and operating system, the date and time of the visit and the webpages or services accessed. The information collected is used for purposes that include assessing system performance, improving web services and website management as well as tracking the number of visitors to the site.
The GPI website contains links to other websites, some of which GPI administers and other which are unrelated to GPI. We provide these links solely for your information and convenience. This privacy statement and information handling practices no longer apply once you have linked to a website that is external to GPI. Each website should be checked for the privacy statement applicable to it. GPI does not control these linked websites and is not responsible for the privacy practices in place on linked websites that GPI does not control. See also: GPI’s Canadian Privacy Statement. Forward-looking Statements
This website contains statements that constitute “forward-looking statements” or “forward-looking information” (collectively, “forward-looking statements”) within the meaning of the applicable securities legislation. These statements include, among others, estimates of production and operations or financial performance; estimates and prices of future sales; business plans for drilling, exploration and development; the estimated amounts and timing of capital expenditures; the estimated timing and results of production, including new production; estimates of unit operating costs; business strategy and plans or budgets; the anticipated schedule for commissioning of pipelines; royalty rates and exchange rates; funding for maturities of debentures and notes; planned asset dispositions and acquisitions and their timing; use of proceeds from asset dispositions; the merits or anticipated outcome of pending litigation; and other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results of operations or performance. Statements concerning oil and gas reserves contained on or through this website and elsewhere may also be deemed to be forward-looking statements as they involve the implied assessment that the resources described can be profitably produced in the future, based on certain estimates and assumptions. Often, but not always, forward-looking statements use words or phrases such as: “expects”, “does not expect” or “is expected”, “anticipates” or “does not anticipate”, “plans” or “planned”, “estimates” or “estimated”, “projects” or “projected”, “forecasts” or “forecasted”, “believes”, “intends”, “likely”, “possible”, “probable”, “scheduled”, “positioned”, “goal”, “objective” or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
Various assumptions were used in drawing the conclusions or making the forecasts and projections contained in the forward-looking statements contained in this website. Statements that discuss business plans for drilling, exploration and development assume that the extraction of crude oil, natural gas and natural gas liquids remains economic. Various pricing assumptions are listed in and were used for the purposes of providing the guidance contained in the Analysts and Investors section of this website. This website also contains discussions of anticipated cash flow. The material assumptions used in determining estimates of cash flow are: the anticipated production volumes; estimates of realized sales prices, which are in turn driven by benchmark prices, quality differentials and the impact of exchange rates; estimated royalty rates; estimated operating expenses; estimated transportation expenses; estimated general and administrative expenses; estimated interest expense, including the level of capitalized interest; anticipated cash payments made by GPI upon surrender of outstanding stock options using the cash payment feature, which in turn is dependent on the trading level of GPI’s common shares and the number of stock options surrendered or exercised; and the anticipated amount of cash income tax and petroleum revenue tax.
Forecasted production volumes are based on the mid-point of the estimated production range. Statements regarding estimated future production and production growth, as well as estimated financial results which are derived from or depend upon future production estimates (such as cash flow) incorporate the estimated impact of the sale of GPI’s indirect Syncrude interest which was completed on January 2, 2007, the anticipated completion of the UK Brae asset sale and the non-core asset disposition program in Canada. The completion of any contemplated asset acquisitions or dispositions is contingent on various factors including favorable market conditions, the ability of GPI to negotiate acceptable terms of sale and receipt of any required approvals for such acquisitions or dispositions. The amount of taxes and cash payments made upon surrender of existing stock options is inherently difficult to predict.
Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated by GPI. These risks include, but are not limited to: the risks of the oil and gas industry, such as operational risks in exploring for, developing and producing crude oil and natural gas, and market demand, including unpredictable facilities outages; risks and uncertainties involving geology of oil and gas deposits; the uncertainty of reserves estimates and reserves life and underlying reservoir risk; the uncertainty of estimates and projections relating to production, costs and expenses; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; fluctuations in oil and gas prices, foreign currency exchange rates and interest rates; the outcome and effects of completed acquisitions, as well as any future acquisitions and dispositions; the ability of GPI to integrate any assets it has acquired or may acquire or the performance of those assets; health, safety and environmental risks; uncertainties as to the availability and cost of financing and changes in capital markets; uncertainties related to the litigation process, such as possible discovery of new evidence or acceptance of novel legal theories and difficulties in predicting the decisions of judges and juries; risks in conducting foreign operations (for example, political and fiscal instability or the possibility of civil unrest or military action); competitive actions of other companies, including increased competition from other oil and gas companies and companies providing alternative sources of energy; changes in general economic and business conditions; the effect of acts of, or actions against, international terrorism; the possibility that government policies or laws may change or governmental approvals may be delayed or withheld; results of GPI’s risk mitigation strategies, including insurance and any hedging programs; and GPI’s ability to implement its business strategy.
We caution that the foregoing list of risks and uncertainties is not exhaustive. Additional information on these and other factors which could affect GPI’s operations or financial results are included in GPI’s most recent Annual Information Form and Annual Financial Report. You can access the Annual Information Form and the Annual Financial Report from this website. In addition, information is available in GPI’s other reports on file with Canadian securities regulatory authorities and the United States Securities and Exchange Commission.
Forward-looking statements are based on the estimates and opinions of GPI’s management at the time the statements are made. GPI assumes no obligation to update forward-looking statements should circumstances or management’s estimates or opinions change, except as required by law.
Reserves Data and Other Oil and Gas Information
GPI’s disclosure of reserves data and other oil and gas information is made in reliance on an exemption granted to GPI by Canadian securities regulatory authorities, which permits GPI to provide disclosure in accordance with US disclosure requirements. The information provided by GPI may differ from the corresponding information prepared in accordance with Canadian disclosure standards under National Instrument 51-101 (NI 51-101). GPI’s proved reserves have been calculated using the standards contained in Regulation S-X of the US Securities and Exchange Commission. US practice is to disclose net proved reserves after deduction of estimated royalty burdens, including net profits interests. GPI makes additional voluntary disclosure of gross proved reserves. Probable reserves, which GPI also voluntarily discloses, have been calculated using the definition for probable reserves set out by the Society of Petroleum Engineers/World Petroleum Congress. Further information on the differences between the US requirements and the NI 51-101 requirements is set forth under the heading “Note Regarding Reserves Data and Other Oil and Gas Information” in GPI’s Annual Information Form. The exemption granted to GPI also permits it to disclose internally evaluated reserves data. Any reserves data contained in this website reflects GPI’s estimates of its reserves. While GPI annually obtains an independent audit of a portion of its reserves, no independent qualified reserves evaluator or auditor was involved in the preparation of the reserves data disclosed on this website.
Throughout this website, the calculation of barrels of oil equivalent (boe) is calculated at a conversion rate of six thousand cubic feet (mcf) of natural gas for one barrel of oil and is based on an energy equivalence conversion method. Boes may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf:1 bbl is based on an energy equivalence conversion method primarily applicable at the burner tip and does not represent a value equivalence at the wellhead.
In addition, throughout this website, GPI makes reference to production volumes. Where not otherwise indicated, such production volumes are stated on a gross basis, which means they are stated prior to the deduction of royalties and similar payments. In the US, net production volumes are reported after the deduction of these amounts. US readers may refer to the table headed “Continuity of Proved Net Reserves” in GPI’s most recent Annual Information Form for a statement of GPI’s net production volumes by reporting segment that are comparable to those made by US companies subject to SEC reporting and disclosure requirements.
Notwithstanding that GPI is not required to disclose contingent and prospective resources, it has done so using the definition for contingent and prospective resources set out by the SPE/WPC. There is essentially no material difference between the SPE/WPC definitions for contingent and prospective resources and the definitions set out in the Canadian Oil and Gas Handbook.
Contingent resources are those quantities of oil and/or gas which are estimated, on a given date, to be potentially recoverable from undiscovered accumulations, but which are not currently considered to be commercially recoverable.
Prospective resources are those quantities of oil and/or gas which are estimated, on a given date, to be potentially recoverable from undiscovered accumulations. There is no certainty that prospective resources will be discovered.
Canadian Dollars and GAAP
Dollar amounts are presented in Canadian dollars unless otherwise indicated. Unless otherwise indicated, financial information is presented in accordance with Canadian GAAP that may differ from GAAP in the US.