Gastem is an oil and gas exploration and development company with exploration properties located in the St. Lawrence Lowlands and the Gaspe Peninsula in Quebec. Gastem is also involved in earn-in projects in Quebec (the Joly Project). In January, 2008, the Company signed an earn-in option for Utica shale properties situated in New York State.
The Company was incorporated under the Canada Business Corporations Act in 2002 and listed on the TSX-Venture Exchange in January 2004 (GMR, TSX-Vx).
In early January 2009, Gastem announced a partnership with operator Canbriam Energy, and the acquisition at the end of 2008 of the St-Hyacinthe property (formerly Mundiregina), an additional 92,104 gross acres in the Utica Shale fairway.
During the summer of 2007 the Company undertook a 2 well test program to evaluate the potential of the Utica Shale underlying the Yamaska permits in the St Lawrence Lowlands. Following a successful operation, the Company's partner, Forest Oil exercised its completion option on the two wells and undertook a hydraulic fracture stimulation and production trials on the Gastem St Francois-du-Lac No1 well in late December 2007 and early 2008. General conclusions drawn from Gastem's and Forest's operations were released by Forest Oil on the 1st of April 2008.
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