Bossier Shale update: Gastar Exploration Ltd. (GST)

By Andrea: http://oilshalegas.com

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."

For more shale updates, visit: http://blackberrystocks.blogspot.com

For more stock updates, visit: http://daytradingstockblog.blogspot.com

Bossier Shale: East Texas Gastar ( GST ) Hits Big!

Need more evidence that the Bossier Shale is better then the Haynesville Shale? Gastar Exploration ( GST ) came out and announced one of their Bossier Shale wells are hitting 23.0 MMCF per day of Natural Gas. This is an OUTSTANDING Well!

For those who aren't familiar with these shale plays around the USA and Canada, the Haynesville Shale is located in Louisiana and East Texas. Below the Haynesville Shale you have the Bossier Shale.

Gastar Exploration Ltd. (NYSE Alternext US:GST) and today announced that it has successfully completed its best producing well to date, the Belin #1, which was completed in two lower Bossier zones. The well is flowing at a combined initial gross sales rate of 41.2 MMcf/day on a 20/64ths inch choke with approximately 10,300 psi of flowing casing pressure. Gastar owns a 52% working interest before payout (40% net revenue interest before payout) in the Belin #1.

"The Belin #1 is our best producer to date, and based on the high quality of the reservoir rock and the strong initial production rate, we expect it will also be our best well to date in the Hilltop area in terms of estimated recoverable reserves," said J. Russell Porter, Gastar's President and CEO.

"To put this well into perspective, our biggest producer prior to the Belin #1 was the Wildman #3, which IP'ed at 23 MMcf/day. Comparing it against the entire play, we believe the Belin #1 is among the top ten best wells reported by any producer in any area of the Bossier," he added.
"The Belin #1 contains the highest porosity rock we have drilled to date, and we believe there is high-quality reservoir rock uphole from our initial lower completions that could allow us to maintain strong flow rates well into the future."

In addition, Gastar is currently drilling a sidetrack to the LOR #7 and expects to reach total depth in approximately 5 to 10 days. Gastar has a 50% working interest before payout (37.5% net revenue interest before payout) in the LOR #7.

http://www.gastar.com/releasedetail.cfm?ReleaseID=357440

http://blackberrystocks.blogspot.com/

Bossier Shale: Gastar East Texas Drilling Results

Gastar Exploration is out today, 11/19/08, updating investors on drilling results from their deep sand Bossier Shale wells. The Bossier Shale sits below the Haynesville Shale FYI.

Gastar Exploration Ltd. (NYSE GST) today announced that it has successfully drilled the Belin #1 well, a deep Bossier test, to a total depth of 18,800 feet and has logged approximately 150 net feet of pay in the middle and lower Bossier formations.

The Belin #1 well contains three pay zones within the lower Bossier formation that, based on log analysis, have the highest measured porosity -- up to 25% -- of any wells drilled by Gastar in the deep Bossier play. The well also encountered two middle Bossier sands, including the Lanier Sand, in a downdip location in a new fault block with indicated pay based on log analysis.
The well is expected to be completed and producing within 30 days. Gastar owns a 52% working interest before payout (40% net revenue interest before payout) in the Belin #1.

"The Belin #1 well has the potential to be Gastar's best well to date in terms of estimated recoverable reserves and potential flowrate in the Hilltop area," said J. Russell Porter, Gastar's President and CEO.

"We plan to complete the well in the two deepest zones first, and we expect that to be a high-rate completion. We are also very encouraged by the fact that the Lanier Sand was present and has been shown to be productive in a downthrown fault block from the Wildman Trust #3 well, where the Lanier Sand was recently recompleted at an initial rate of 21 MMcf per day."
In addition, Gastar is currently drilling a sidetrack to the LOR #7 and expects to reach total depth close to year end. Gastar has a 50% working interest before payout (37.5% net revenue interest before payout) in the LOR #7.

http://oilshalegas.com