Attached files
| file | filename |
|---|---|
| 8-K - GASTAR EXPLORATION, INC. | v205944_8k.htm |
| EX-10.1 - GASTAR EXPLORATION, INC. | v205944_ex10-1.htm |
Exhibit
99.1
 For Immediate Release
|
NEWS
RELEASE
|
|
Contact:
Gastar
Exploration Ltd.
J.
Russell Porter, President & CEO
713-739-1800
/ rporter@gastar.com
Investor
Relations Counsel:
Lisa
Elliott / Anne Pearson
DRG&L:
713-529-6600
lelliott@drg-l.com
/ apearson@drg-l.com
|
GASTAR
EXPLORATION ANNOUNCES COMPLETION OF ACQUISITION OF MARCELLUS SHALE
LEASEHOLD
HOUSTON, December 20, 2010 –
Gastar Exploration Ltd. (NYSE Amex: GST) announced today that the Company has
completed the previously announced Marcellus property acquisition for $29.1
million. The acquisition consists of approximately 62,000 net acres
of leasehold in the Marcellus Shale concentrated in Preston, Tucker and
Pendleton Counties, West Virginia, including approximately 17,000 net acres held
by production, a gathering system comprised of 41 miles of six inch steel
pipeline, a salt water disposal well, and five conventional wells producing
approximately 500 Mcf per day (gross) of natural gas.
J. Russell Porter, Gastar's President
and CEO, stated, “With the completion of this acquisition, Gastar now holds
approximately 80,000 net acres in the Marcellus Shale making Gastar one of the
most highly leveraged companies to the Marcellus Shale based on net acres
related to enterprise value. On the newly acquired acreage, we plan
to drill two horizontal wells in 2011 near our previous successful vertical well
testing. The proposed drilling activity should further de-risk and
demonstrate the long-term growth potential of this acreage.”
About
Gastar Exploration
Gastar Exploration Ltd. is an
exploration and production company focused on finding and developing oil and
natural gas assets in North America. The Company currently pursues a strategy
combining deep natural gas exploration and development with lower risk shale
resource 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. The Company also owns coalbed methane properties
located in the Powder River Basin of Wyoming. For more information,
visit our web site at www.gastar.com.
Safe
Harbor Statement and Disclaimer
This news
release includes “forward looking statements” within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. Forward looking statements give our
current expectations, opinion, belief or forecasts of future events and
performance. A statement identified by the use of forward looking
words including “may”, “expects”, “projects”, “anticipates”, “plans”,
“believes”, “estimate”, “will”, “should”, and certain of the other foregoing
statements may be deemed forward-looking statements. Although Gastar
believes that the expectations reflected in such forward-looking statements are
reasonable, these statements involve risks and uncertainties that may cause
actual future activities and results to be materially different from those
suggested or described in this news release. These include risk
inherent in natural gas and oil drilling and production activities, including
risks of fire, explosion, blowouts, pipe failure, casing collapse, unusual or
unexpected formation pressures, environmental hazards, and other operating and
production risks, which may temporarily or permanently reduce production or
cause initial production or test results to not be indicative of future well
performance or delay the timing of sales or completion of drilling operations;
delays in receipt of drilling permits; risks with respect to natural gas and oil
prices, a material decline in which could cause Gastar to delay or suspend
planned drilling operations or reduce production levels; risks relating to the
availability of capital to fund drilling operations that can be adversely
affected by adverse drilling results, production declines and declines in
natural gas and oil prices; risks relating to unexpected adverse developments in
the status of properties; risks relating to the absence or delay in receipt of
government approvals or third party consents; and other risks described in
Gastar’s Annual Report on Form 10-K and other filings with the SEC, available at
the SEC’s website at www.sec.gov. By
issuing forward looking statements based on current expectations, opinions,
views or beliefs, Gastar has no obligation and, except as required by law, is
not undertaking any obligation, to update or revise these statements or provide
any other information relating to such statements.
Our
actual sales production rates can vary considerably from tested initial
production rates depending upon completion and production techniques and our
primary areas of operations are subject to natural steep decline
rates.
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