HOUSTON, April 9, 2018 /PRNewswire/ -- Gastar Exploration
Inc. (NYSE American: GST) ("Gastar") announced today that it has
declared special cash dividends on its 8.625% Series A Preferred
Stock ("Series A Preferred Stock") and its 10.75% Series B
Preferred Stock ("Series B Preferred Stock") to pay in full all
accumulated and unpaid cash dividends on both of its outstanding
series of preferred stock. Primarily in response to the decline in
oil prices and to preserve liquidity, Gastar had previously
suspended the payment of monthly cash dividends on both outstanding
series of its preferred stock as of August
1, 2017. The total amount of the declared dividend payments
is approximately $10.9 million.
The dividend on the Series A Preferred Stock and Series B
Preferred Stock is payable on April 30,
2018 to holders of record at the close of business on
April 20, 2018.
The Series A Preferred Stock April
2018 dividend payment will include all accumulated and
unpaid dividends accrued since August 1,
2017 at an annualized 8.625% through the payment date, which
is equivalent to $1.617188 per share,
based on the $25.00 per share
liquidation preference. The Series A Preferred Stock is
currently listed on the NYSE American and trades under the ticker
symbol "GST.PRA."
The Series B Preferred Stock April
2018 dividend payment will include all accumulated and
unpaid dividends accrued since August 1,
2017 at an annualized 10.75% through the payment date, which
is equivalent to $2.015625 per share,
based on the $25.00 per share
liquidation preference. The Series B Preferred Stock is
currently listed on the NYSE American and trades under the ticker
symbol "GST.PRB."
About Gastar Exploration
Gastar Exploration Inc. is a pure play Mid-Continent independent
energy company engaged in the exploration, development and
production of oil, condensate, natural gas and natural gas liquids
in the United States. Gastar's
principal business activities include the identification,
acquisition, and subsequent exploration and development of oil and
natural gas properties with an emphasis on unconventional reserves,
such as shale resource plays. Gastar holds a concentrated acreage
position in the normally pressured oil window of the STACK Play, an
area of central Oklahoma which is
home to multiple oil and natural gas-rich reservoirs including the
Oswego limestone, Meramec and Osage bench formations within the Mississippi
Lime, the Woodford shale and
Hunton limestone formations. For more information, visit Gastar's
website at www.gastar.com.
Forward Looking Statements
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 risks inherent in natural gas and oil
drilling and production activities, including risks with respect to
continued low or further declining prices for natural gas and oil
that could result in further downward revisions to the value of
proved reserves or otherwise cause Gastar to further delay or
suspend planned drilling and completion operations or reduce
production levels which would adversely impact cash flow; risks
relating to the availability of capital to fund drilling operations
that can be adversely affected by adverse drilling results,
production declines and continued low or further declining prices
for oil and natural gas; 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 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; risks
relating to our ability to integrate acquired assets with ours and
to realize the anticipated benefits from such acquisitions; 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. 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. 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.
Contacts:
Gastar Exploration Inc.
Michael A. Gerlich, Chief Financial
Officer
713-739-1800 / mgerlich@gastar.com
Investor Relations Counsel:
Lisa Elliott /
lelliott@dennardlascar.com
Dennard Lascar Investor Relations:
713-529-6600
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SOURCE Gastar Exploration Inc.