Globe says Gastem, Questerre and Altai looking gooGlobe says Gastem, Questerre and Altai looking good
2008-05-28 07:18 ET -In the News
Shares issued 39,153,554
ATI Close 2008-05-27 C$2.00
From In the News (C-GMR) Gastem Inc
TheGlobe and Mail reports in its Wednesday edition that investors aredigging deeper into unconventional resource prospects in Quebec. TheGlobe's Shirley Won writes that shares of junior gas explorerstargeting the Utica shale region in the St. Lawrence lowlands havesurged recently. "It could be a very large gas discovery for Canada andQuebec," says Sprott Asset Management chief Eric Sprott. Sprott holds14 per cent of Gastem, 15 per cent of Questerre and 13 per cent ofAltai Resources. The Quebec shale play, which involves drilling for gasby fracturing dense rock, focuses on an area south of the St. LawrenceRiver between Montreal and Quebec City.Interest has grown in the region since April, when Forest Oil announceda significant discovery there after testing two vertical wells.Forest Oil said its Quebec assets may hold as much as four trillioncubic feet of gas reserves. The Utica shale has similar rock propertiesto the Barnett shale in Texas -- the largest United States onshore gasfield. Fraser Mackenzie analyst Vic Vallance rates Gastem and Questerre"buy." Gastem is partnered with Forest Oil, Questerre and EpsilonEnergy in the Yamaska permit of the St. Lawrence lowlands.