Gastem Spuds First Yamaska Well

Gastem on Friday reported the spudding of the Gastem Saint-Francois-du-Lac No. 1 on the Yamaska Property in Quebec.

Drilling should take approximately one month. Upon completion of the drilling and formation testing program at Saint-Francois-du-Lac, the rig is scheduled to move immediately to the site of the next well at Saint-Louis-de-Bonsecours. Site preparation at the 2nd location is already underway and proceeding as planned.

Drilling programs for both wells are designed to test the shale gas potential of the Quebec Lowlands, with the Utica Shale as primary target. The secondary drill target is to test potential for conventional gas and storage reservoirs in the underlying Trenton-Black River Formations.

In contrast with the geologically similar Appalachian basin in New York State, the Quebec Lowlands remain relatively under-explored and are only now coming to the attention of a growing number of major gas producers. As per the February 2007 farm-in agreement, Gastem's partner, a major US producer, may undertake testing, fracturing and horizontal drilling of the Utica Shale Formation for both wells.

Gastem (38,048,050 shares outstanding) is an independent oil and gas exploration company based in Montreal. The company holds exploration and storage rights to 3,135 km2 of land in the St. Lawrence Lowlands and the Gaspe Peninsula in Quebec as well as rights and interests in Alberta and West Virginia. In 2007, Gastem expects near-term revenue from a participation in the Amber Bank shale gas project with Epsilon Energy in West Virginia.

Epsilon Energy is a private gas exploration company with present production estimated at some 1,700 mmcf in 2007 from the Appalachian Basin.


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