Attached files
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| EX-99.1 - GASTAR EXPLORATION, INC. | v182111_ex99-1.htm |
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date of
Report (Date of earliest event reported): April 26, 2010 (April 26,
2010)
GASTAR
EXPLORATION LTD.
(Exact
Name of Registrant as Specified in its Charter)
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ALBERTA,
CANADA
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001-32714
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98-0570897
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(State
or other jurisdiction
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(Commission
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(IRS
Employer
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of
incorporation)
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File
Number)
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Identification
No.)
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1331
LAMAR STREET, SUITE 1080
HOUSTON,
TEXAS 77010
(Address
of principal executive offices)
(713)
739-1800
(Registrant's
telephone number, including area code)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
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[ ]
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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[ ]
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
[ ]
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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[ ]
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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SECTION
7 – REGULATION FD
Item
7.01 Regulation FD Disclosure
On April
26, 2010, Gastar Exploration Ltd. (the “Company”) filed with the Canadian System
for Electronic Document Analysis and Retrieval (“SEDAR”) revised forms related
to its oil and natural gas reserves as of December 31, 2009. The
forms were revised to provide additional information to ensure compliance with
Canadian National Instrument 51-101, “Standards of Disclosure for Oil and Gas
Activities” (“NI 51-101”), as required by the Alberta Securities Commission and
the Toronto Stock Exchange. The revisions do not include any changes
to the Gastar’s previously reported reserves in any of the reserve categories
nor will the revised filings affect any of Gastar’s filings with the United
States Securities and Exchange Commission (“SEC”). The Form 51-101F1,
“Statement of Reserves Data and Other Oil and Gas Information”, revised Form
51-101F2, “Report of Reserve Data by Independent Qualified Reserves Evaluator”,
and revised Form 51-101F3, “Report of Management and Directors on Oil and Gas
Disclosure” for the year ended December 31, 2009 (collectively, the “Canadian
Filings”) can be found for viewing by electronic means on SEDAR at www.sedar.com.
The
Canadian Filings complies with NI 51-101 and contains natural gas and oil
reserve information that would not be permitted to be included in
filings and reports made with the SEC. The SEC has
generally permitted natural gas and oil companies in their filings made with the
SEC to disclose only proved reserves and, under certain circumstances, probable
reserves that a company has demonstrated by actual production or conclusive
formation tests to be economically and legally producible under existing
economic and operating conditions using constant pricing. The Company
has elected not to include probable reserves in its disclosures of 2009
year-end reserves contained in its Annual Report on Form 10-K for the year
ended December 31 2009, filed with the SEC. However, the
Canadian Filings include estimates of both proved and probable reserves.
The estimates of probable reserves are by their nature more speculative than
estimates of proved reserves and accordingly are subject to substantially
greater risk of being actually realized by the Company. Additionally, the
pricing sensitivities with respect to the Company’s reserves
appearing in the Company’s Annual Report on Form 10-K for the year ended
December 31, 2009, filed with the SEC on March 25, 2010, are based on
different price assumptions than the forecast case mandated by NI
51-101. The Canadian Filings include estimates of probable
reserves and reserves estimates using forecast pricing and
costs (as opposed to the SEC’s new 12-month unweighted arithmetic average
of the first-day-of-the-month price for natural gas and oil prices and constant
costs). The information included in the Canadian Filing related to
estimates of proved and probable reserves of the Company as of December 31,
2009, using constant prices and costs, forecast prices and costs and related
future net revenues and estimates of production for the year ended December 31,
2009, are based on the estimates of proved and probable reserves as of December
31, 2009, prepared in accordance with the standards contained in the Canadian
Oil and Gas Evaluation Handbook.
A copy of
the press release issued by the Company on April 26, 2010 concerning the
Canadian filing on SEDAR is furnished as Exhibit 99.1 to this Current Report on
Form 8-K.
This
information is furnished pursuant to Item 7.01 of Form 8-K and the related
Exhibit 99.1 to this report shall not be deemed filed for purposes of Section 18
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or
otherwise subject to the liabilities of that section, unless specifically
incorporated by reference in a document filed under the Securities Act of 1933,
as amended, or the Exchange Act. By filing this report on Form 8-K
and furnishing this information, the Company makes no admission as to the
materiality of any information in this report that is required to be disclosed
solely by Item 7.01.
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SECTION
9 – FINANCIAL STATEMENTS AND EXHIBITS
Item
9.01 Financial Statements and Exhibits
(d) Exhibits
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The
following is a list of exhibits furnished as part of this Form
8-K:
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Exhibit No.
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Description of
Document
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99.1
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Press
release dated April 26, 2010.
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SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.
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GASTAR
EXPLORATION LTD.
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Date: April
26, 2010
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By:
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/s/ J. Russell Porter | |
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J.
Russell Porter
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President
and Chief Executive Officer
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-3-
EXHIBIT
INDEX
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Exhibit No.
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Description of
Document
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99.1
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Press
release dated April 26,
2010.
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