Attached files
file | filename |
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8-K - GASTAR EXPLORATION, INC. | v172055_8k.htm |
For
Immediate Release
|
Exhibit
99.1
NEWS
RELEASE
|
Company
Contact:
Gastar
Exploration Ltd.
J.
Russell Porter, Chief Executive Officer
713-739-1800 /
rporter@gastar.com
Investor
Relations Counsel:
Lisa
Elliott / Anne Pearson
DRG&E :
713-529-6600
lelliott@drg-e.com /
apearson@drg-e.com
|
Gastar
Exploration Announces Results from First Marcellus Vertical Well
HOUSTON,
January 21, 2010 – Gastar Exploration Ltd. (NYSE Amex: GST) is pleased to
announce that its first vertical Marcellus well, the James Yoho #1, has been
tested at a stabilized gross rate of 1.5 million cubic feet of natural gas per
day and 120 barrels of condensate per day with no water production and
approximately 1000 psi of flowing tubing pressure. The well was
drilled in the Green District of Wetzel County, West Virginia. The
well has been shut in pending the finalization of gas gathering and gas
processing arrangements. Gastar holds a 100% working interest (81.5%
net revenue interest) in the well and has acquired a total of approximately
36,000 net acres in northern West Virginia and southwestern
Pennsylvania.
J.
Russell Porter, Gastar’s President and Chief Executive Officer, said,
“These
results are very encouraging and confirm Gastar’s belief that thinner portions
of the Marcellus Shale are capable of yielding excellent results. The
James Yoho #1 encountered approximately 46 feet of Marcellus Shale and was
completed with a single stage frac. Our longer term development plan
for Gastar’s Marcellus Shale assets will be orientated towards horizontal
development, but this well demonstrates that excellent results can be achieved
with vertical drilling in the Marcellus Shale.”
About
Gastar Exploration
Gastar Exploration Ltd. is an
exploration and production company focused on finding and developing natural gas
assets in North America. 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. For more
information, visit our web site at www.gastar.com.
The NYSE Amex has not reviewed and does
not accept responsibility for the adequacy of this release.
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