Gastem is a Quebec-based oil and gas exploration and development company holding exploration and storage rights to over 1.1 million acres of land in the St. Lawrence Lowlands, the Gaspe Peninsula and the Magdalen Islands in Quebec. A Gastem wholly owned subsidiary, Gastem USA, holds exploration licenses to approximately 34,400 acres in New York State and 1,200 acres in Virginia.
Gastem was incorporated under the Canada Business Corporations Act in 2002 and listed on the TMX-Venture Exchange in January 2004 (GMR, TMX-V). Gastem USA was incorporated in 2007 in the State of Delaware.
Gastem's objective is to create shareholder value through the exploration and development of high impact projects.
Gastem's strategy is to acquire, explore and develop new and prospective areas with a high level impact potential on a first mover basis. In order to reduce exploration risks and to increase technical input, Gastem will, when it is advantageous, work with exploration partners.
The company has developed a strong full time geology and geophysics group composed of 6 qualified professionals and an experienced support staff. Outside specialised consultants on a project basis also participate on most projects. Environmental and community concerns receive the closest attention.
Gastem's main focus is to develop commercial production of the Utica Shale formations in Quebec and New York State as well as exploring the world class potential conventional structures of the Magdalen Islands and the Magdalen Basin in Quebec. Gastem was the first to target the Quebec Utica Shale formation when it drilled and cored two wells on the Yamaska permit in 2007.