Gastem Says Preliminary Results at Saint Francois-du-Lac Encouraging

Gastem says that the Saint- Francois-du-Lac well has been drilled on budget and on time. Production casing has been set and cemented. Preliminary results of the program are very positive and data analysis is being undertaken to design a completion strategy for the well.

The well was spudded on May 25th and drilling continued until June 18th. A gas kick was encountered in an Upper Lorraine fracture and will be investigated during subsequent testing. Cores were retrieved from the Utica Shales and were sent for analysis. Drilling continued to target depth of 1,700 m in the Trenton Black River Formation. Logging was completed early this week.

The drill rig is presently moving to the second well site at St-Louis-de-Richelieu where spudding is scheduled to take place shortly.

Gastem is very encouraged by the results of the St-Francois well and proposes to accelerate exploration and drilling programs on its Yamaska Property.

Gastem (39,597,716 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.


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