Attached files
| file | filename |
|---|---|
| 8-K - GASTAR EXPLORATION, INC. | v166925_8k.htm |
| EX-10.4 - GASTAR EXPLORATION, INC. | v166925_ex10-4.htm |
| EX-10.1 - GASTAR EXPLORATION, INC. | v166925_ex10-1.htm |
| EX-10.2 - GASTAR EXPLORATION, INC. | v166925_ex10-2.htm |
| EX-10.3 - GASTAR EXPLORATION, INC. | v166925_ex10-3.htm |
Exhibit
99.1
 |
NEWS
RELEASE
Contact:
Gastar
Exploration Ltd.
J.
Russell Porter, Chief Executive Officer
713-739-1800
/ rporter@gastar.com
|
|
|
FOR
IMMEDIATE RELEASE
|
Investor
Relations Counsel:
Lisa
Elliott / Anne Pearson
DRG&E:
713-529-6600
lelliott@drg-e.com
/ apearson@drg-e.com
|
GASTAR
ANNOUNCES SALE OF
EAST
TEXAS GATHERING SYSTEM
HOUSTON –
November 17, 2009 – Gastar Exploration Ltd. (NYSE Amex: GST) announced today the
sale of its majority interest in the Hilltop Resort Gathering System to US
Infrastructure LP (“USI”). Signing of definitive agreements and
closing of the sale occurred simultaneously. The Hilltop Resort
Gathering System is comprised of 20 miles of natural gas pipeline connected to
24 Gastar-operated wells, which produce from the middle and lower Bossier and
Knowles formations in East Texas.
Gastar
received proceeds of approximately $21.7 million from the sale of these assets,
net of costs and expenses associated with the transaction.
“The sale
of our stake in the Hilltop system provides an attractive return on our
investment and additional liquidity to pursue our drilling plans in East Texas
and the Marcellus Shale while maintaining a very low level of leverage,” said J.
Russell Porter, Gastar’s Chairman, CEO and President. “We have a
longstanding and successful relationship with the principals of USI, and we look
forward to continuing to build on this strategic affiliation as they become our
new gathering partner.”
About
Gastar Exploration Ltd.
Gastar
Exploration Ltd. is an exploration and production company focused on finding and
developing natural gas assets in North America. The Company pursues a
strategy combining deep natural gas exploration and development with lower risk
shale resource and CBM development. The Company owns and operates
exploration and development acreage in the deep Bossier gas play of East Texas
and Marcellus Shale play in West Virginia and Pennsylvania. Gastar's
CBM activities are conducted within the Powder River Basin of
Wyoming.
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