Gastar Exploration Inc fka GST

[56Chevy]

Gastar Exploration Inc. Prices Upsized Offering of Common Stock

Date : 05/12/2016 @ 8:24AM
Source : PR Newswire (US)
Stock : Gastar Exploration (GST)
Quote : $0.9499 0.0298 (3.24%) @ 2:52PM

HOUSTON, May 12, 2016 /PRNewswire/ -- Gastar Exploration Inc. ("Gastar") (NYSE MKT: GST) announced today that it has priced a public offering of 50,000,000 shares of its common stock at a price to the public of $0.95 per share pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission (the "SEC"). The offering was upsized from the previously announced offering of 40,000,000 shares of common stock. Gastar has also granted the underwriters a 30-day option to purchase up to an additional 7,500,000 shares of common stock. Gastar expects to receive net proceeds of approximately $44.6 million (or approximately $51.4 million if the underwriters exercise their option to purchase additional shares), after deducting estimated fees and expenses (including underwriter discounts and commissions).

Gastar intends to use the net proceeds from the offering for general corporate purposes, including funding an expanded drilling program on its STACK Play acreage in Oklahoma. Gastar expects the offering to close on May 17, 2016, subject to customary closing conditions.

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http://ih.advfn.com/p.php?pid=nmona&article=71452953

* I hope two things are accomplished: 1)The offering is 100% taken advantage of and 2) $44.6MM is enough $$ to sustain them through what is certain to be the new "norm" in the price of crude. IMO the days of $100 @ bbl oil are in the rear view mirror not to be seen again.