Gastem: Ross No. 1 Well Spudded Today
finance.yahoo.com
MONTREAL, QUEBEC--(Marketwire - Sept. 16, 2009) - Gastem (TSX VENTURE:GMR - News) is pleased to announce that the Ross No. 1 well, a key component of Gastem USA's New York State Utica Shale Project, spudded today near Maryland, Otsego County. The objective is to drill a vertical well to a depth of 1.5 kilometers (5,000 feet) to test the gas potential of the Utica Shale. This first well, one of three vertical wells that were permitted by the New York State authorities, is expected to reach target depth within one week.
The Devonian Marcellus Shale and the Silurian Oneida sands will be evaluated as part of the drilling program in addition to the deeper Ordovician Utica Shale formation. Gastem USA intends to fracture stimulate the well following geochemical and geotechnical analysis of the core samples. The Ross No. 1 well is south of Covalent Energy's successful Scheckell's No.1 test well drilled in the summer of 2007. Gastem is operator of the project and has an 80% working interest in 35,000 acres in this area.
"The Ross No. 1 well is the first of a series of exploration wells for possible gas production in this new area. Using the best available technology and environmental procedures, we hope to evaluate a major and as yet untapped natural gas resource for production potential" said Raymond Savoie, President and CEO of Gastem.
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.
Contact:
David Vincent
Gastem Inc.
514-875-9034
David.Vincent@Gastem.ca
gastem.ca |
