2009-09-18-2009-08-13-2009-08-13

To buy 80% WI in 34,150 acres in NY.

Gastem Inc., Montreal, (Toronto Venture: GMR) plans to acquire an 80% interest in the 34,150 acres in New York State from Utica Energy LLC for approximately $1.54 million. Gastem will pay US$35,000 and 3.5 million shares vested over six months in return for paying 100% to drill and complete one exploratory vertical well. Utica Energy will retain a 2% overriding royalty interest in existing leases and in new leases within the AMI in New York State. Utica Energy also retains the option to participate up to 20% working interest in new land acquisitions within the AMI.