Gastem Inc.
TSX VENTURE : GMR

Gastem Inc.

October 07, 2009 08:52 ET

Gastem: Ross No. 1 Well Successfully Drilled-Completion Scheduled

MONTREAL, QUEBEC--(Marketwire - Oct. 7, 2009) - Gastem (TSX VENTURE:GMR) is pleased to announce that the Ross No. 1 well, a key component of Gastem USA's New York State Utica Shale Project, was successfully drilled in Otsego County. Total depth (4,950 feet) was reached and casing has been cemented to surface. Significant gas kicks were encountered at targeted intervals.

The Devonian Marcellus Shale, the Silurian Oneida sands and the Utica Shale were intersected and core samples have been taken to evaluate the potential of the three resources. A completion program, including fracture stimulation, focusing on the Utica Shale will commence shortly and should be completed by the end of this month. Gastem is operator of the project and has an 80% working interest in 35,000 acres in this area.

Gastem (61,044,000 shares outstanding) is an independent oil and gas exploration and development company based in Montreal. The company holds exploration and storage permits and rights to 3,135 km2 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 in Appalachia.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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