This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Gastar Exploration Provides Operational Update On Marcellus Activity

HOUSTON, Dec. 19, 2011 /PRNewswire/ -- Gastar Exploration Ltd. (NYSE Amex: GST) is pleased to provide an operational update on recent activities in Marshall County, West Virginia within the Marcellus shale area. 

Gastar's first two productive Marcellus shale wells, the Wengerd 1H and Wengerd 7H, continue to exhibit strong production rates and have averaged a combined gross sales rate of 7.3 million cubic feet per day ("MMCFD") of natural gas along with 448 barrels of natural gas liquids ("NGLs") per day and 255 barrels of condensate per day ("BCPD") over the most recent 14 days of unrestricted production.  Gastar owns a 44.5% working interest (37.6% net revenue interest) in the Wengerd wells.

Gastar initiated production from the Corley 1H, 2H, 3H and 4H wells over the past 30 days. The Corley wells are currently producing at a combined gross rate of 9.9 MMCFD of natural gas, 680 barrels of NGLs per day and 100 BCPD along with approximately 2400 barrels of fracture stimulation fluid per day.  Condensate rates are expected to increase as the recovery of fracture stimulation fluids is completed.  These production rates are being realized despite continuing problems with high line pressures on the Caiman Energy gathering system.  Gastar owns an approximate 40.7% working interest (35.3% net revenue interest) in the Corley wells.

Gastar has completed the fracture stimulation of the Simms 1H, 2H and 3H wells (approximate 50.0% working interest and 42.0% net revenue interest) and will commence flow-back operations on those wells prior to year-end.  Gastar is currently fracture stimulating three wells on the Hall pad (approximate 40.2% working interest and 33.8% net revenue interest) and expects to have those wells stimulated by early 2012 with first sales anticipated by late January 2012.  In addition, Gastar has completed the drilling of six additional horizontal Marcellus shale wells of which five Hendrickson wells (40.2% working interest and 33.8% net revenue interest) should be completed and brought on line during the first quarter of 2012 and is also currently drilling on two multi-well pads; the Burch Ridge pad (five wells) and the Accetolo pad (three wells).

Gastar is continuing to flow back and test the Hickory Ridge 2H well in Preston County, West Virginia.  The Hickory Ridge 2H well has produced natural gas intermittently while recovering completion fluids.  Gastar has installed a compressor to assist with accelerating the recovery of completion fluids from the well and believes that the well is capable of producing at economic rates.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,751.19 -0.20 -0.00%
S&P 500 2,106.53 -2.04 -0.10%
NASDAQ 5,127.6180 +15.8850 0.31%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs