Gastem spuds La Presentation horizontal exploration well in Utica Shale

Source: Gastem

Gastem announced that the La Presentation HZ1A well on the 37,247 hectare Canbriam Energy/Gastem St-Hyacinthe Property was spudded Saturday, May 15, 2010. Planned total depth is 3,020 m, with a horizontal leg of 1,200m, and should be reached in approximately 33 days.

The La Presentation HZ1A is the first of three horizontal wells planned for this exploration block targeting the Ordovician Utica shale. The horizontal leg of the well is to be frac stimulated using multi-stage technology. Results are expected in early fall. Pipeline infrastructure is present on the property.

"With the horizontal program for La Presentation now under way, it is believed that we will be able to confirm our economic expectations for the area this year," commented Mr. Raymond Savoie, President and
CEO. "All indications are very positive and all involved are highly motivated."

Gastem is an independent oil and gas exploration and development company based in Montreal. The company holds exploration and storage permits and rights in the St. Lawrence Lowlands, the Gaspe Peninsula and the Magdalen Islands in Quebec as well as rights and interests in New York State and Virginia.

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