Gastar Exploration Inc fka GST

[56Chevy]

Hey brother, good to see your name pop up.

GST is on my watch list but I haven't owned it for a few years.

Apparently GST's liabilities has them circling the drain and if they don't find a way to restructure the balance sheet soon there may be no way to avoid bankruptcy.

This just came out in an 8-k;

SECTION 5 – CORPORATE GOVERNANCE AND MANAGEMENT

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Director Resignations

On July 20, 2018, Ronald D. Scott and Nathan W. Walton notified Gastar Exploration Inc. (the “Company”) of their resignations from the board of directors (the “Board”) of the Company, effective immediately. Neither Mr. Scott’s nor Mr. Walton’s resignation results from any disagreement with the Company regarding any matter related to the Company’s operations, policies or practices.

SECTION 8 – OTHER EVENTS

In May 2018, the Board appointed Jerry Schuyler, Randolph Coley and Harry Quarls to serve as the members of a committee of the Board (the “Strategy Committee”) to explore strategic alternatives for the Company. In addition, the Company has retained Kirkland & Ellis LLP, as legal advisor, and Perella Weinberg Partners L.P., as financial advisor, to advise the Company and assist in analyzing and evaluating financial, transactional, and strategic alternatives, including a potential restructuring of the Company’s balance sheet.

As disclosed in Amendment No. 4 to the Schedule 13D filed by AF V Energy I AIV B1, L.P. and certain of its affiliates (collectively, “Ares”), on July 20, 2018, Ares delivered a non-binding preliminary term sheet (the “Term Sheet”) to the Company proposing that the Company consider a sale of the Company or other potential restructuring transaction. At this time, the Company and its advisors are considering the Term Sheet and evaluating alternatives for recommendation to the Board.

https://ih.advfn.com/p.php?pid=nmona&article=77912142

*Personally I think its going to be very rough for most oil companies that don't have properties in the Permian Basin to hold on over the long haul.

Marker;
Gastar Exploration (GST)
$0.211 -0.2749 (-56.58%)
Volume: 15,522,929