RE: RE: BIG NEWS FOR GASTEMhttps://finance.yahoo.com/news/Gastem-Inc-Marcellus-and-ccn-1881705223.html?x=0&.v=1
Gastem Inc.: Marcellus and Utica Shale Fracturing Approval Granted for New York State Wells
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Press ReleaseSource: Gastem Inc.On Tuesday September 21, 2010, 8:30 am EDT
MONTREAL, QUEBEC--(Marketwire - Sept. 21, 2010) - Gastem (TSX VENTURE:GMR - News)is pleased to announce that the New York State Department ofEnvironmental Conservation has authorized Gastem USA to hydraulicallyfracture the Marcellus Shale formation in the Ross No. 1 well andstimulate the upper section of the Utica Shale in the Sheckell's No. 1well. The fracture treatments will evaluate the production potential ofthese zones that could substantially increase the per well recoverableresource base in the two wells which previously had only stimulated thelower Utica shale section.. Gastem has an 80% working interest in morethan 33,000 acres of leases, primarily in Otsego County, and is operatorof the project.
Weatherford Laboratories, an independentreservoir engineering firm, recently completed the Ross No. 1 OriginalGas-in-Place (OGIP) Report. The report presents the OGIP for the Uticaand Marcellus shale formations using core data collected from the RossNo1 well. The results present a total OGIP for the Marcellus and Uticashale formations of 144.98 Bcf per 640 acres (1 square mile) with a 50%probability. The Weatherford report results are consistent with knownMarcellus Shale and Utica Shale parameters and indicate comparable OGIPVolume, porosity and Total Organic Content.
"The Weatherfordreport confirms our estimate of the excellent Marcellus and Utica shalepotential in this area of New York State. However, the report does notinclude an evaluation of the Oneida Sands, a promising conventionalformation situated between the Marcellus and the Utica on our propertiesand we expect to test and evaluate the Oneida formation shortly,"stated Mr. Raymond Savoie, Chairman and CEO of Gastem. "The approvedfrac tests of the Marcellus and the Upper Utica are key to providingaccess in the very near future to a locally generated, clean andenvironmentally friendly natural gas to serve local residential andcommercial needs."
Gastem is an independent oil and gasexploration and development company based in Montreal. The company holdsexploration and storage permits and rights in the St. LawrenceLowlands, the Gaspe Peninsula and the Magdalen Islands in Quebec. GastemUSA, a wholly owned subsidiary of Gastem, has leases, rights andinterests in New York State and Virginia.
Neither the TSX VentureExchange nor its Regulation Services Provider (as that term is definedin the policies of the TSX Venture Exchange) accepts responsibility forthe adequacy or accuracy of this release.