Gastar Exploration Closes $107.5 Million Noncore Asset Sale

摘要

Gastar Exploration Inc.(AMEX: GST)completed the sale of its interest in the West Edmond Hunton Lime Unit(WEHLU)for $107.5 million,the company said Feb. 28. The WEHLU encompasses only the Upper and Lower Hunton producing formations and is primarily located in Oklahoma and Logan counties,Okla. The sale had an effective date of Oct. 1 and resulted in net cash proceeds of $98.8 million at closing. Gastar expects the divestiture to provide sufficient liquidity to fund its core Stack acreage development plan through 2018. The company is planning to drill and complete about 20 Stack wells and delineate its Meramec and Osage assets in 2018.