Gastem: 3 Horizontals and 1 Vertical on St-Hyacinthe Property
MONTREAL, QUEBEC--(Marketwire - May 4, 2010) - Gastem (TSX VENTURE:GMR) is pleased to announce that the 2010 St-Hyacinthe drill program is to begin in mid-May. The 2010 program, operated by Canbriam Energy, is projected to drill 3 horizontal wells and 1 vertical well. All horizontal wells will be fracture stimulated and tested for long-term production.
The four well program will complete the earn-in phase of this project and will evaluate the commercial potential in a focused region of the property. The entire drill and frac program is targeted for completion prior to the end of this year. Pipeline infrastructure is present on the property. Gastem will report on the wells as they are being spudded and following evaluation of the test data.
The St-Hyacinthe Property is located immediately south-east of Gastem's Yamaska Property. Canbriam Energy and Gastem will earn an interest of 68% and 17% respectively in the property with the completion of this program. In 2009, Gastem sold 0.425% in the property to Forest Oil, permitting Forest Oil to participate in various technical aspects of the project. The remaining 15% interest is held by the farmor group.
Gastem is an independent oil and gas exploration and development company based in Montreal. The company holds exploration permits and rights to 3,135 km² in the St. Lawrence Lowlands, the Gaspe Peninsula and the Magdalen Islands in Quebec as well as properties in New York State and rights and interests in Appalachia