oil & gas exploration
St. Lawrence Lowlands & the Gaspe Peninsula in Quebec
Message: Proceeding With Gravity Survey on Magdalen Islands Project
| May 21, 2009 |
| Gastem Proceeding With Gravity Survey on Magdalen Islands Project |
| MONTREAL, QUEBEC--(Marketwire - May 21, 2009) - Gastem (TSX VENTURE:GMR) is pleased to announce it is proceeding with the exploration program on the Magdalen Islands property by undertaking a 100 km2 gravity survey on and near the Magdalen Islands. The gravity program will be undertaken by Excel Geophysics and is due to commence at the end of May 2009. The Magdalen Islands permit, acquired in mid-2008 (43,300 acres) is situated in the Magdalen Basin in the lower section of the Gulf of St. Lawrence. The Basin hosts several extensive diapir structures (salt domes), comparable to those observed in the Gulf of Mexico, and is regarded by several as a highly prospective zone for conventional natural gas exploration in Eastern Canada. The gravity data acquired by the survey will complement the existing geophysical database for the Islands, as well as more accurately identify a favourable area for the continuation of the proposed exploration program. Since last summer, Gastem has completed an in-depth review and study of the Basin of which the geophysical work was under the responsibility of John Boyd of Boyd Petrosearch in collaboration with an international company for the data processing. The primary goal was to evaluate the geological, geophysical and geochemical work (including various drill programs) previously completed in the Magdalen Basin and to estimate the natural gas potential of the Magdalen Islands. For this study, Gastem acquired and reprocessed 143 km of seismic data shot over the Magdalen Islands from the 1970s and 2002. A summary of the full report will be available on the Company's web site. "Our review has confirmed that the natural gas potential in the Basin and specifically the Magdalen Islands appears to be excellent," stated Raymond Savoie, Chairman and CEO of Gastem. "As we move forward with the important Utica Shale drill program in the St. Lawrence Lowlands with Canbriam Energy this summer, the Magdalen Islands Project is shaping up to be a high impact area for Gastem's development." Gastem (61,044,000 shares outstanding) is an independent oil and gas exploration company based in Montreal. The company holds exploration permits and rights to over 3,135 km2 of land in the St. Lawrence Lowlands, the Magdalen Islands and the Gaspe Peninsula in Quebec as well as rights and interests in Appalachia. |
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