Gastem Inc.: Marcellus and Utica Shale Fracturing Approval Granted for New York State Wells
21 September 2010 - 10:30PM
Marketwired
Gastem (TSX VENTURE: GMR) is pleased to announce that the New York
State Department of Environmental Conservation has authorized
Gastem USA to hydraulically fracture the Marcellus Shale formation
in the Ross No. 1 well and stimulate the upper section of the Utica
Shale in the Sheckell's No. 1 well. The fracture treatments will
evaluate the production potential of these zones that could
substantially increase the per well recoverable resource base in
the two wells which previously had only stimulated the lower Utica
shale section.. Gastem has an 80% working interest in more than
33,000 acres of leases, primarily in Otsego County, and is operator
of the project.
Weatherford Laboratories, an independent reservoir engineering
firm, recently completed the Ross No. 1 Original Gas-in-Place
(OGIP) Report. The report presents the OGIP for the Utica and
Marcellus shale formations using core data collected from the Ross
No1 well. The results present a total OGIP for the Marcellus and
Utica shale formations of 144.98 Bcf per 640 acres (1 square mile)
with a 50% probability. The Weatherford report results are
consistent with known Marcellus Shale and Utica Shale parameters
and indicate comparable OGIP Volume, porosity and Total Organic
Content.
"The Weatherford report confirms our estimate of the excellent
Marcellus and Utica shale potential in this area of New York State.
However, the report does not include an evaluation of the Oneida
Sands, a promising conventional formation situated between the
Marcellus and the Utica on our properties and we expect to test and
evaluate the Oneida formation shortly," stated Mr. Raymond Savoie,
Chairman and CEO of Gastem. "The approved frac tests of the
Marcellus and the Upper Utica are key to providing access in the
very near future to a locally generated, clean and environmentally
friendly natural gas to serve local residential and commercial
needs."
Gastem is an independent oil and gas exploration and development
company based in Montreal. The company holds exploration and
storage permits and rights in the St. Lawrence Lowlands, the Gaspe
Peninsula and the Magdalen Islands in Quebec. Gastem USA, a wholly
owned subsidiary of Gastem, has leases, rights 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.
Contacts: Gastem David Vincent 514-875-9034
David.Vincent@Gastem.ca
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