MONTREAL, QUEBEC -- (Marketwire) -- 12/05/11 -- Gastem (TSX VENTURE: GMR) is pleased to announce that its wholly owned subsidiary, Gastem USA, has received a drilling permit for a conventional gas well near the town of Sidney in Central New York State. The company expects to proceed with the drilling program as soon as possible.
The Oneida sandstone, situated between the Marcellus and the Utica formations, is the main target for this program. The expected total depth of the proposed vertical well will be approximately 5,500 feet and is expected to take about four weeks. Previous geological work and seismic analysis indicate the potential for favorable structures capable of producing commercial quantities of natural gas.
"The proposed well is the beginning of an important program for our company and for the Sidney area. With the cooperation of local businesses and companies, we plan to service the Sidney community with local natural gas from conventional Oneida wells" said Mr. Raymond Savoie, Chairman and CEO of Gastem. "This is, we believe, the beginning of a new, low cost and key energy service with clear environmental benefits."
Gastem is an independent oil and gas exploration and development company based in Montreal. The company holds natural gas exploration and storage permits and rights in Quebec and leases and interests in New York State and Virginia.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.