Attached files
| file | filename |
|---|---|
| 8-K - GASTAR EXPLORATION, INC. | v204957_8k.htm |
| EX-1.1 - GASTAR EXPLORATION, INC. | v204957_ex1-1.htm |
| EX-99.2 - GASTAR EXPLORATION, INC. | v204957_ex99-2.htm |
Exhibit
99.1
 FOR
IMMEDIATE RELEASE
|
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&L:
713-529-6600
lelliott@drg-l.com / apearson@drg-l.com
|
GASTAR EXPLORATION ANNOUNCES
PUBLIC OFFERING OF
12,000,000
COMMON SHARES
HOUSTON,
December 6, 2010 – Gastar Exploration Ltd. (NYSE Amex: GST) today
announced that it intends, subject to market conditions, to offer 12,000,000
common shares in an underwritten offering. The offering is being made pursuant
to an effective shelf registration statement filed with the U.S. Securities and
Exchange Commission. The Company also intends to grant the underwriters a 30-day
option to purchase up to 1,800,000 additional common shares to cover
over-allotments, if any.
The
Company intends to use the net proceeds from the offering to fund the $28.8
million purchase price for its recently announced Marcellus Shale leasehold
acquisition, $18 million for settlement payments with respect to the recently
announced settlement of the seven In re ClassicStar Mare Lease
litigation matters, and working capital and general corporate
purposes.
Johnson
Rice & Company L.L.C., Pritchard Capital Partners, LLC and Tudor, Pickering,
Holt & Co. will act as joint book-running managers of the offering and BMO
Capital Markets and IBERIA Capital Partners, L.L.C. will act as
co-managers.
The
offering may be made only by means of a prospectus supplement and accompanying
base prospectus meeting the requirements of Section 10 of the Securities Act of
1933, as amended. Copies of the preliminary prospectus supplement and the
accompanying base prospectus meeting such requirements and relating to the
offering may be obtained from the book-running managers as follows:
|
Johnson
Rice & Company L.L.C.
639
Loyola Avenue, Suite 2775
New
Orleans, LA 70113
Telephone:
(504) 525-3767
|
Pritchard
Capital Partners, LLC
3190
Fairview Park Drive
Suite
550
Falls
Church, VA 22042
Telephone:
(703) 891-6080
|
Tudor,
Pickering, Holt & Co.
1111
Bagby Street, Suite 5100
Houston,
TX 77002
Telephone:
(713) 333-7132
|
An
electronic copy of the preliminary prospectus supplement and the accompanying
base prospectus will be filed with the SEC and may be obtained at no charge from
its website at www.sec.gov. Before you invest, you should read the prospectus
supplement and the accompanying base prospectus, the registration statement, the
documents incorporated by reference therein and other documents that the Company
has filed with the SEC for more complete information about the Company and this
offering.
This news release does not constitute
an offer to sell or a solicitation of an offer to buy the securities described
herein, nor shall there be any sale of these securities in any state or
jurisdiction in which such an offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any such
jurisdiction.
About
Gastar Exploration
Gastar Exploration Ltd. is an
exploration and production company focused on finding and developing oil and
natural gas assets in North America. The Company pursues a strategy combining
deep natural gas exploration and development with lower risk shale resource and
CBM 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. The Company’s CBM activities are conducted
within the Powder River Basin of Wyoming.
Safe
Harbor Statement and Disclaimer
This news
release includes “forward-looking statements” within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the Securities Act
of 1934, as amended. A statement identified by the words “expects”,
“projects”, “plans”, and certain of the other foregoing statements may be deemed
forward-looking statements. Although the Company 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.
The NYSE
Amex has not reviewed and do not accept responsibility for the adequacy or
accuracy of this release.
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