Gastem announced that the Saint-Hyacinthe No. 1 well on the 37,247 hectare Canbriam Energy/Gastem St-Hyacinthe Property spudded last night. This well is the first of a consecutive three vertical well test program to evaluate the gas production potential of the property's Utica Shale. Planned total depth is 2,530 meters and should be reached in approximately four weeks.
Saint-Hyacinthe No. 1 is a vertical well through the Ordovician shale formations with the Utica Shale as a primary target. The objective for the three consecutive vertical wells is to test the production potential of the Utica shales on two distinct fault blocks. A detailed analysis of the Lorraine shale sequence will also be undertaken. The wells should be fracture stimulated following results of core samples. Pipeline infrastructure is present on the property.
The St-Hyacinthe Property is located immediately south of Gastem's Yamaska Property, which is the subject of a substantial exploration program. Gastem considers the St-Hyacinthe Property to be part of the prime Utica fairway as defined by our recent exploration work.
Canbriam Energy, the operator, and Gastem have initiated the program allowing them to earn an interest of 68% and 17% respectively in the property, with the remainder (15%) being held by the farmor group.
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.
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