MONTREAL, QUEBEC, Sep 23, 2009 (MARKETWIRE) -- Gastem (GMR) is...

MONTREAL, QUEBEC, Sep 23, 2009 (MARKETWIRE) -- Gastem (GMR) is pleased to announce that the La Presentation No. 1 well on the 37,247 hectares Canbriam Energy/Gastem St-Hyacinthe Property has been spud. This well is the second of a three vertical and consecutive well test program to evaluate the gas production potential of the Utica Shale. Planned total depth is 2,100 meters and should be reached in approx four weeks. La Presentation No. 1 is a vertical well through the Ordovician shale formations with the Utica Shale as a primary target.

This well follows the St-Hyacinthe No. 1 well that spud on August 20th and was drilled on time and on budget. The well produced significant gas shows and established substantially thicker Utica shale in the order of 30% as compared to Yamaska. The St-Hyacinthe No. 1 cores have been sent to the laboratory for analysis and initial results are expected in the coming weeks. The wells should be fracced following full analysis of core samples. Pipeline infrastructure is present on the property.

Gastem was up 17.17% last night with 1.3 million shares traded. Now it's a waiting game for the results.