Gastar Exploration Announces Results of Recompletion of Donelson #3 Well
09 Juin 2009 - 3:28PM
PR Newswire (US)
HOUSTON, June 9 /PRNewswire-FirstCall/ -- Gastar Exploration Ltd.
(NYSE Amex: GST; TSX: YGA) today announced that it has recompleted
the Donelson #3 well in three additional lower Bossier zones. The
shallowest zone recompleted, the Lanier Sand, is currently flowing
at a gross sales rate of approximately 19.1 MMcfd with
approximately 5,300 psi of flowing casing pressure. As the flowing
pressure declines, Gastar plans to co-mingle the two remaining
recompleted zones that are behind isolation plugs, and the original
completion which was making approximately 5.5 MMcfd when shut in
for the recent recompletion activity. The cost of recompleting in
the three lower Bossier zones was approximately $1.5 million.
Gastar owns a 62.3% working interest (47.2% net revenue interest)
in the Donelson #3 well. "These recompletions are examples of the
type of behind pipe deliverability and incremental reserves typical
of Gastar's deep Bossier wells," commented J. Russell Porter,
Gastar's President and Chief Executive Officer. "These are low cost
activities and contribute to the already outstanding economics
associated with Gastar's deep Bossier drilling program. In
addition, these activities afford Gastar the opportunity to
maintain production and cash flow without significant capital
expenditures." 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 Amex 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 Lisa Elliott, , 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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