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Gastar Exploration (GST)

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Last Post: 10/26/2016 6:42:58 AM - Followers: 41 - Board type: Free - Posts Today: 0

 Gastar Exploration, Ltd.
1331 Lamar Street
Suite 650
Houston, TX 77010
Phone: 713-739-1800
Fax: 713-739-0458

Gastar Exploration Ltd. (NYSE MKT: GST) is engaged in the exploration, development and production of natural gas, natural gas liquids, condensate and oil in the United States. Our current focus is on the Marcellus Shale play, where we are in the early stages of developing and producing natural gas reserves that also yield significant quantities of condensate and high-value natural gas liquids (NGLs). Our legacy assets are located in the deep Bossier natural gas play in East Texas, where we currently have gas production from about 25 wells and oil production from four others that are testing shallower oil plays.

Gastar Exploration Ltd. engages in the acquisition, exploration, development, and production of natural gas and oil in the United States. It focuses on deep structures identified through seismic and other analytical techniques, as well as unconventional natural gas reserves, such as shale resource plays. As of December 31, 2010, the company held leases covering approximately 33,400 gross acres in the deep Bossier gas play in the Hilltop area of east Texas; and had approximately 87,700 gross acres in the Marcellus Shale in the Appalachian area of West Virginia, and central and southwestern Pennsylvania. It also owned an average non-operated working interest of approximately 40% in approximately 43,400 gross acres within the Powder River Basin of Wyoming and Montana. Gastar Exploration Ltd. was founded in 1987 and is based in Houston, Texas.

Marcellus Shale


Gastar is actively developing and producing reserves in the Marcellus Shale play in the Appalachian Basin, which is one of the hottest E&P plays in the U.S. Approximately two-thirds of Gastar's total net production currently comes from our Marcellus Shale wells. Gastar's focus in the Marcellus Shale is in northern West Virginia where the Marcellus contains high-Btu-content natural gas that also yields significant quantities of condensate and high-value natural gas liquids. Currently, over a third of Gastar's production from this area is condensate and NGLs - making well economics extremely attractive. Gastar expects to have a total of 38 gross operated wells and 11 gross non-operated wells on production in the Marcellus Shale by year-end 2012.

Gastar's current focus of activity in the Marcellus Shale play is in northern West Virginia. The economics of these wells is enhanced by the high-Btu content of the natural gas, which yields significant quantities of condensate and high-value natural gas liquids.
Click here for larger image.

Gastar holds approximately 75,500 net acres in northern West Virginia and southwestern Pennsylvania near acreage held by some of the most active participants in the play. Gastar's leases are strategically located in areas where it is believed that the Marcellus Shale is over-pressured and where operational issues such as water sources, water disposal and gas transportation have proven to be easier to manage than in other parts of the play. Gastar's contiguous acreage position enables it to drill long laterals (an average of approximately 5,000 feet in length), and perform pad drilling operations and conduct large multi-stage fracture stimulations that improve well performance and economics.

Acreage in Marshall and Wetzel counties in West Virginia is the current focus of Gastar's activities and capital budget, with over 100 additional well locations identified for near-term drilling.

Gastar is drilling multiple Marcellus Shale horizontal wells in northern West Virginia from drilling pads similar to those shown above.

Gastar is developing the West Virginia acreage in partnership with Atinum Partners of South Korea, a leading private investment firm. Gastar completed a joint venture with Atinum in November 2010 which covers 42,200 net joint venture acres (21,100 net acres to Gastar) in West Virginia and Pennsylvania.

Outside the Atinum partnership, Gastar also holds 54,400 net acres primarily in Preston, Tucker and Pendleton counties in West Virginia in a dry-gas area referred to as our Marcellus East acreage. Due to current low natural gas prices, Gastar is deferring development of the Marcellus East acreage until prices improve.

East Texas



Gastar controls approximately 33,500 gross (17,100 net) acres in the Hilltop area of Leon and Robertson counties in East Texas, located about halfway between Dallas and Houston. The acreage is 100% operated by Gastar.

The deep Bossier sands in East Texas, a natural gas play, is a significant source of Gastar's current natural gas production. Gastar believes that its East Texas acreage holds strong potential for substantial additional natural gas in a higher commodity price environment and potential oil reserves in several shallower formations.

The Bossier Sands Gas Play

Gastar participated in its first Bossier well with Anadarko Petroleum in 2001 and completed its first operated well in the play in 2004. To date, Gastar has successfully completed 26 upper, middle and lower Bossier natural gas wells.

Bossier wells are characterized by high initial production, attractive estimated ultimate recoverables (EURs) and long-lived reserves from multiple pay zones at depths ranging from 16,500 to 19,500 feet. The last eight wells Gastar drilled in the Bossier sands had average initial production of approximately 16.5 MMcfe per day and average EURs of 11.8 Bcf of gas reserves.


Gastar has a multi-year drilling inventory of natural gas wells in the Bossier play, but due to the relatively low Btu content of the gas and continued low natural gas prices, we are deferring additional drilling in this area until higher natural gas prices provide internal rates of return that would be competitive with our Marcellus and Mid-Continent projects.

Glen Rose and Eagle Ford/Woodbine Shale Oil Potential

In addition to its Bossier natural gas activity, Gastar has performed initial testing of shallower oil potential in the Eagle Ford/Woodbine Shale and Glen Rose Limestone, both of which lie above the Bossier at depths of about 6,500 to 14,000 feet.

Results of these drilling tests have been inconclusive to date, and Gastar has opted to monitor the activities and results of other producers who are also testing these same oil-bearing formations immediately to the east and south of its acreage before committing additional capital to further drilling tests.

Mid-Continent Oil Prospect


Gastar has acquired an initial lease position in a new oil play located in the Mid-Continent region of the United States with the objective of developing a program focused on low-cost, repeatable horizontal development of conventional oil-bearing formations. Along with a partner, we currently hold approximately 36,700 net leasehold acres (18,350 net acres to Gastar) in three adjoining areas of mutual interest.

The initial plan is to drill and complete three gross (1.5 net) horizontal wells by early 2013 to test the potential of the area. Gastar will pay 62.5% of the first four wells' gross drilling and completion costs and 56.25% of the next four wells' gross drilling and completion costs to earn a 50% working interest. For all additional wells beyond the first eight in a prospect area, we are responsible for paying only the drilling and completion costs associated with our 50% working interest (approximate net revenue interest of 39%). We are responsible for all leasing and permitting activities. Gastar's first non-operated well in the Mid-Continent began flow-back operations on October 5, 2012. Based on a recent 30 day average, the well is producing at a stabilized daily gross rate of approximately 84 barrels of oil, 428 barrels of completion fluids and 94 Mcf of 1,496 Btu natural gas, yielding approximately 105 barrels of oil equivalent per day after processing. To date, approximately 19% of the completion fluids from the 13-stage fracture stimulation have been recovered. Drilling and completion costs on the well to date are approximately $4.8 gross ($3.0 net) million.

The drilling of the second of the three planned wells has commenced. This well has reached its vertical depth of approximately 7,900 feet, and intermediate casing has been set. Drilling of the approximately 4,400 foot horizontal lateral is in progress (as of mid-December 2012), and the well is anticipated to be on production by late January 2013. Drilling and completion costs of this well are estimated to be $4.3 gross ($2.7 net) million. The third Mid-Continent well is scheduled to commence drilling early January 2013.

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Current Price
Bid Ask Day's Range
GST News: Gastar Exploration Announces Third Quarter 2016 Earnings Release and Conference Call Schedule 10/24/2016 07:00:00 AM
GST News: Current Report Filing (8-k) 10/20/2016 05:11:36 PM
GST News: Gastar Exploration Announces Oklahoma Development Agreement in Kingfisher County, Non-Core Canadian County Property Sale and ... 10/20/2016 06:14:00 AM
GST News: Amended Statement of Beneficial Ownership (sc 13d/a) 09/26/2016 04:43:57 PM
GST News: Gastar Exploration To Present At The Johnson Rice & Company 2016 Energy Conference 09/19/2016 07:00:00 AM
#408   MRO wants GST 82K Acers of last pure 007stockjones 10/26/16 06:42:57 AM
#407   yes it is. 56Chevy 10/20/16 07:10:46 PM
#406   It's fun seeing GST move back up a bit. SaltyMutt 10/20/16 06:54:21 PM
#405   Marker; Gastar Exploration (GST) 56Chevy 10/20/16 04:14:08 PM
#404   Its about time peeps noticed this stock!!! sick nam vet 10/20/16 12:44:09 PM
#403   5.00 offer would they take 007stockjones 10/06/16 01:40:50 PM
#402   Gastar Exploration to Improve Cash Position with $10.1 56Chevy 10/05/16 04:56:10 AM
#401   Increase in common shares again,Looking for low to sick nam vet 07/15/16 10:13:03 AM
#400   EZ money here. sick nam vet 07/08/16 03:43:42 PM
#399   Had to try this one again @.99.Should be sick nam vet 07/05/16 08:55:10 PM
#398   GST bullish 1.08 stocktrademan 06/29/16 02:01:26 PM
#397   Huge volume PeePee la Fritz 06/24/16 04:28:29 PM
#396   Rumor of Buyout this year,could be why its sick nam vet 06/23/16 02:37:39 PM
#395   The Company’s stockholders approved the Certificate of Incorporation sick nam vet 06/23/16 12:24:10 PM
#394   Just another Houston pos stock!!! sick nam vet 06/13/16 11:14:13 AM
#393   Outlook on oil and nat has looking very PeePee la Fritz 06/09/16 08:50:10 PM
#392   Upsized Offering of Common Stock is what screwed sick nam vet 06/08/16 03:09:48 PM
#391   This pps doesnt make any sense. Good time longinvest 05/27/16 04:37:48 PM
#390   Yikes!!! I see there's a 13% short Lone Wolf 05/20/16 07:01:07 AM
#389   Gasstar upgraded, oil on the rise. Looking good here PeePee la Fritz 05/18/16 03:59:27 PM
#388   Gastar Exploration Inc. Prices Upsized Offering of Common 56Chevy 05/16/16 03:16:59 PM
#387   Good news on oil out today via goldmans. PeePee la Fritz 05/16/16 09:26:06 AM
#386   Yeah okay shorty !!! 7amo007 05/13/16 11:48:08 AM
#385   Dilution. GiST sell all our shares now. willlbone 05/12/16 11:12:52 AM
#384   Agreed. Think floor was hit today. Recovery beginning PeePee la Fritz 05/10/16 04:18:50 PM
#383   Marker: Gastar Exploration (GST) 56Chevy 05/10/16 02:18:12 PM
#382   Can't see it not recovering with oil and Fagnew7 05/10/16 02:09:28 PM
#381   Hope you're right. Took another beating today PeePee la Fritz 05/09/16 05:09:24 PM
#380   thnx. I see this hitting 1.75 within 2 Fagnew7 05/06/16 08:57:56 PM
#379   hey,thats my avg.Good Luck!!!! sick nam vet 05/06/16 08:55:39 PM
#378   Ok, I'll play for a bit. ... In at 1.27 Fagnew7 05/06/16 07:48:57 PM
#377   living in Pasadena,Texas Im no stranger to what sick nam vet 05/06/16 02:55:10 PM
#376   Next quarter with recovered oil prices will be PeePee la Fritz 05/06/16 02:22:49 PM
#375   WISHED I WAS WATCHING WHEN THIS HIT 1.23S sick nam vet 05/06/16 02:21:01 PM
#374   What happened last night? 1st qtr losses were 56Chevy 05/06/16 01:25:50 PM
#373   Wait for the shock of the oil PeePee la Fritz 05/06/16 12:31:48 PM
#372   What happened last night? longinvest 05/06/16 12:02:44 PM
#371   I agree. That's the price target that got PeePee la Fritz 05/06/16 12:01:17 PM
#370   Pretty sure it will come back,im thinking 2.00 sick nam vet 05/06/16 11:57:33 AM
#369   Great entry point. Still baffles me that it's PeePee la Fritz 05/06/16 11:10:04 AM
#368   Falling knife today,looking for 1.30 to enter. sick nam vet 05/06/16 10:39:02 AM
#367   $3.00 by next week. PeePee la Fritz 05/05/16 09:43:03 AM
#366   Another consecutive positive close! This stock is on PeePee la Fritz 05/02/16 04:06:44 PM
#365   Close over $2.00 today and we will start PeePee la Fritz 04/29/16 11:06:37 AM
#364   What: BRIEF-Gastar Exploration files for mixed shelf of 56Chevy 04/28/16 07:00:23 PM
#363   $2.00 by end of week! PeePee la Fritz 04/28/16 11:39:31 AM
#362   NOTICE OF THE 2016 ANNUAL MEETING OF STOCKHOLDERS 56Chevy 04/28/16 05:38:04 AM
#361   Looking good 7amo007 04/25/16 06:35:30 PM
#360   Creeping back toward $2.00! PeePee la Fritz 04/23/16 09:55:18 AM
#359   Looking good 7amo007 04/08/16 11:46:42 AM