Gastem Inc GTMIF

RE: RE: PEA running hard $1.40 GMR to follow

[post2006]

ARE YOU DUMB OR WHAT!! BEFORE WRITING ANYTHING DO SOME RESEARCH...HERE IS THE AGREEMENT AND IT'S STILL GOOD:
Rimouski, April 26 2004 – Andre Proulx, President of Petrolia (PEA – TSXV) and Raymond Savoie, President of Gastem (GMR-TSXV) are pleased to announce the signing of an agreement in principle that grants Petrolia the right to conduct exploration work and drilling on four Gastem hydrocarbon permits in Quebec’s Gaspe Peninsula.
The agreement provides that Petrolia shall have the exclusive right to conduct exploration work on Gastem’s four Gaspe permits (the Matapedia North Property) for a period of three years. In order to maintain the option and to renew its exclusive exploration rights for an additional two years, Petrolia must complete an exploration well on one of the four permits within the initial three year period.
The Gastem permits are loacted on the southwest boundary of Petrolia’s large 100%-owned Gaspesia permit area and lie along the axis of two structural fairways where potential hydrocarbon reservoir structures have been identified by two seismic surveys.
The option agreement provides that Petrolia shall reserve for Gastem a royalty of 5% on all production deriving from work performed on the four permits. In addition, Gastem shall have the option to acquire a 15% interest in each well by contributing 15% of the drilling costs. For well completed, Petrolia shall have the exclusive right to produce from a 10 Km2 area.
Petrolia is currently conducting a 30 Km detailed seismic survey over potential hydrocarbon reservoirs located on the four Gastem Matepedia North properties and along the western boundary of Petrolia’s Gaspesia property. Images showing the relative locations of the Petrolia and Gastem properties can be viewed at www.petroliagaz.com.
This agreement between Petrolia and Gastem, gives Petrolia and its partner Junex (JNX-TSXV) control of approximately 70% of the exploration permits in the Gaspe Peninsula that are considered extremely prospective for the discovery of significant hydrocarbon concentrations.
About Petrolia
Petrolia is an oil and gas company that concentrates on hydrocarbon exploration in the Gaspe Peninsula. Listed on the TSX Venture Exchange in February 2005, Petrolia has working capital of $2.7M and a capitalization 15 680 107 common shares issued and outstanding.. Near term, Petrolia’s goal is to produce oil and gas from its Gaspe Peninsula properties or from one of its newly acquired partnership properties. The company is currently conducting a detailed seismic survey on a potential hydrocarbon reservoir located on the western border of its original Gaspe property.
About Gastem
Gastem is a publicly traded oil and gas exploration company (GMR – TSXV, approx 9 million shares O/S) that was formed in January 2004. Gastem holds properties in Quebec and Alberta and a participating interest in the Ste-Sophie well being drilled with Questerre Energy and Hydro-Quebec Oil and Gas. Gastem’s annual report and financial statements can be viewed at www.sedar.com or on the Gastem website www.gastem.ca.
The TSX Venture Exchange has neither approved nor disapproved the information contained herein
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For more information
Isabelle Proulx
Vice Presidente
Québec : [phone]
Rimouski : [phone]
[e-mail]
André Proulx
President
[phone]
[e-mail]
www.petroliagaz.com