Gastar Exploration Announces Initial Production Rate From Recent Well Completion
02 June 2009 - 1:49AM
PR Newswire (US)
HOUSTON, June 1 /PRNewswire-FirstCall/ -- Gastar Exploration Ltd.
(NYSE Amex: GST and TSX: YGA) today announced that it has completed
the Wildman Trust #5 well in one lower Bossier zone at a restricted
gross sales rate of approximately 15 MMcfd with over 12,000 psi of
flowing casing pressure. Gastar successfully drilled the Wildman
Trust #5 well, a lower Bossier test, to a total depth of 19,000
feet and has logged approximately 60 net feet of pay in five lower
Bossier and one middle Bossier zones. Gastar owns a 66.7% working
interest before payout (54.5% net revenue interest before payout)
in the Wildman Trust #5. "The Wildman Trust #5 well is completed in
only the deepest lower Bossier zone and the sales rate is being
restricted," commented J. Russell Porter, Gastar's President and
Chief Executive Officer. "The zone currently completed has tested
at over 25 MMcfd and is capable of higher rates. As a result of the
high rate capable from this zone, we have decided to delay any
further completions on the well and will reserve the deliverability
available from the behind pipe zones to be produced when natural
gas prices are more attractive. The Wildman Trust #5 was drilled
and completed for approximately $9.5 million." About Gastar
Exploration Gastar Exploration Ltd. is an exploration and
production company focused on finding and developing natural gas
assets in North America and Australia. The Company pursues a
strategy combining deep natural gas exploration and development
with lower risk CBM and 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. Gastar's CBM activities are conducted
within the Powder River Basin of Wyoming and concentrated on more
than 6 million gross acres controlled by Gastar and its joint
development partner in Australia's Gunnedah Basin (PEL 238, PEL 433
and PEL 434) located in New South Wales. For more information,
visit our web site at http://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 and Section 21E of the Securities Act of 1934. A statement
identified by the words "expects", "projects", "plans", 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 risks
inherent in the drilling of natural gas and oil wells, including
risks of fire, explosion, blowouts, pipe failure, casing collapse,
unusual or unexpected formation pressures, environmental hazards,
and other operating and production risks inherent in the natural
gas and oil drilling and production activities, 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, 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, and 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 and
other risk factors described in Gastar's Annual Report on Form
10-K, Quarterly Reports on Form 10-Q and other filings with the SEC
at http://www.sec.gov/ and on the System for Electronic Document
Analysis and Retrieval (SEDAR) at http://www.sedar.com/. The NYSE
Alternext US LLC and Toronto Stock Exchange have not reviewed and
do not accept responsibility for the adequacy or accuracy of this
release. Company Contact: Gastar Exploration Ltd. J. Russell
Porter, Chief Executive Officer 713-739-1800 / Investor Relations
Counsel: Lisa Elliott / Anne Pearson DRG&E : 713-529-6600 /
DATASOURCE: Gastar Exploration Ltd. CONTACT: J. Russell Porter,
Chief Executive Officer of Gastar Exploration Ltd.,
+1-713-739-1800, ; or Investor Relations Counsel, Lisa Elliot, , or
Anne Pearson, , both of DRG&E, +1-713-529-6600, for Gastar
Exploration Ltd. Web Site: http://www.gastar.com/
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