Attached files
| file | filename |
|---|---|
| 8-K - GASTAR EXPLORATION, INC. | v182111_8k.htm |
Exhibit
99.1
 |
NEWS
RELEASE Company
Contact:Gastar
Exploration Ltd.
Michael
Gerlich, Vice President and CFO
713-739-1800 /
mgerlich@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
EXPLORATION UPDATES CANADIAN FILINGS
HOUSTON, TX, April 26, 2010 –
Gastar Exploration Ltd. (NYSE Amex: GST) said today that it has filed
with the Canadian System for Electronic Document Analysis and Retrieval (SEDAR)
forms related to its oil and natural gas reserves as of December 31,
2009. The forms filed are pursuant to Canadian National Instrument
51-101, “Standards of Disclosure for Oil and Gas Activities”, as required by the
Alberta Securities Commission. The Form 51-101F1, “Statement of
Reserves Data and Other Oil and Gas Information”, Form 51-101F2, “Report of
Reserve Data by Independent Qualified Reserves Evaluator”, and Form 51-101F3,
“Report of Management and Directors on Oil and Gas Disclosure” for the year
ended December 31, 2009 can be found for viewing by electronic means on SEDAR at
www.sedar.com.
The Company’s
filings comply with Canadian National Instrument 51-101 and contain natural gas
and oil reserve information that would not be permitted to be included
in filings and reports made with the United States Securities and Exchange
Commission (“SEC”). The Company’s SEC filings include only
proved 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. The Company’s Canadian
information 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). These estimates 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. The
information included in the Canadian filings related to estimates of proved
reserves of the Company as of December 31, 2009 using constant prices and costs
and related future net revenues and estimates of production for the year ended
December 31, 2010, are based on the estimates of proved reserves as of December
31, 2009, as previously reported in the Company’s Annual Report on Form 10-K for
the year ended December 31, 2009 filed with the SEC.
About
Gastar Exploration
Gastar
Exploration Ltd. is an independent company engaged in the exploration,
development and production of natural gas and oil in the United
States. Our principal business activities include the identification,
acquisition, and subsequent exploration and development of natural gas and oil
properties with an emphasis on prospective deep structures identified through
seismic and other analytical techniques as well as unconventional natural gas
reserves, such as shale resource plays. We are pursuing natural gas
exploration in the deep Bossier gas play in the Hilltop area in East Texas and
the Marcellus Shale in West Virginia and central and southwestern
Pennsylvania. Gastar also conducts coal bed methane development
activities within the Powder River Basin of Wyoming and Montana. For
more information, visit our web site at www.gastar.com.
# #
#