Attached files
| file | filename |
|---|---|
| 8-K - GASTAR EXPLORATION, INC. | v198296_8k.htm |
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
|
FOR
IMMEDIATE RELEASE
Gastar
Exploration Announces Increase in Borrowing Base
HOUSTON,
October 5, 2010 – Gastar Exploration Ltd. (NYSE Amex: GST) announced today that
its borrowing base under the Second Amendment to the Company’s Amended and
Restated Credit Agreement has been increased to $47.5 million. The
borrowing base had previously been reduced from $47.5 million to $40.0 million
primarily as a result of delays in returning the Belin #1 well to production
following recompletion efforts.
J. Russell Porter, Gastar’s President
and Chief Executive Officer, stated, “We are pleased with the bank
group’s decision to return our borrowing base to its previous level following
our recent ramp-up in production. With the expected funding from our
new joint venture in the Marcellus Shale, we do not expect to draw heavily on
this facility in the near future. However, the increase in borrowing
capacity gives us additional flexibility to pursue our current capital plans or
new opportunities as they arise.”
The credit facility has a scheduled
maturity date of January 2, 2013 and is subject to semi-annual borrowing base
redeterminations. For additional information about the credit
facility, please refer to the Company’s prior press releases and filings with
the SEC.
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.
# # #