Attached files
| file | filename |
|---|---|
| 8-K - GASTAR EXPLORATION, INC. | v204957_8k.htm |
| EX-1.1 - GASTAR EXPLORATION, INC. | v204957_ex1-1.htm |
| EX-99.1 - GASTAR EXPLORATION, INC. | v204957_ex99-1.htm |
Exhibit
99.2
 CORRECTED NEWS 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
PRICES
12,000,000
COMMON SHARES OFFERING
HOUSTON,
December 7, 2010 – Gastar Exploration Ltd. (NYSE Amex: GST) today announced that
it has priced its previously announced underwritten public offering of
12,000,000 common shares at a public offering price of $4.00 per share. The
Company has also granted the underwriters a 30-day option to purchase up to an
additional 1,800,000 common shares on the same terms and conditions to cover
over-allotments, if any. The offering is expected to settle and close on
December 13, 2010, subject to customary closing conditions.
The
aggregate net proceeds to the Company from the offering will be approximately
$45.6 million, after deducting underwriting discounts and commissions and
estimated offering expenses, and exclusive of any proceeds attributable to the
underwriters’ possible exercise of the over-allotment option. The Company
intends to use the net proceeds from the offering to fully fund the $28.8
million purchase price for its recently announced Marcellus Shale leasehold
acquisition and to fund a portion of the $18 million settlement payments with
respect to the recently announced settlement of the seven In re ClassicStar Mare Lease
litigation matters, the remainder of which will be paid with cash on hand or
borrowings under our revolving credit facility.
Johnson
Rice & Company L.L.C., Pritchard Capital Partners, LLC and Tudor, Pickering,
Holt & Co. are acting as joint book-running managers of the offering and BMO
Capital Markets and IBERIA Capital Partners, L.L.C. are acting as
co-managers.
The
offering is being made only by means of a prospectus supplement and accompanying
base prospectus, which have been filed with the SEC. Copies of the prospectus
supplement and accompanying base prospectus relating to the offering, when
available, may be obtained from:
|
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 prospectus supplement and accompanying base prospectus
may also be obtained at no charge at the SEC website at
www.sec.gov.
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. The offering may be made only by means
of a prospectus and related prospectus supplement.
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 currently pursues a strategy
combining deep natural gas exploration and development with lower risk 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. The Company also owns coalbed methane properties
located in 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 and Section 21E of the Securities Act of
1934. 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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