Wednesday, August 11, 2010

Bossier Shale update: Gastar Exploration Ltd. (GST)

By Andrea:

Gastar Exploration Ltd. (GST) released and update on the middle-bossier shale today:

August 11, 2010: Gastar Exploration Ltd. (GST) announced today that the Streater #1 well was successfully drilled to a depth of 17,800 feet and encountered approximately 83 net feet of pay in the middle Bossier and upper Bossier formations. Gastar plans to complete the well in three initial zones and expects the first of these three initial completions to be on-line by the end of September. The Streater #1 well is projected to cost approximately $9.0 million including the cost of the initial three completions. Gastar has a 100% before payout working interest (approximately 76% before payout net revenue interest) in the Streater #1 well.

J. Russell Porter, Gastar's President and CEO, commented, "The Streater #1 well was drilled in the northern portion of Gastar's acreage and confirms that the middle and upper Bossier formations are productive across a large portion of Gastar's leasehold. Based on the results of the completion efforts on this well, Gastar will evaluate the drilling of additional middle Bossier wells, as well as the potential for horizontal wells within the upper Bossier formation."

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