Gastar has been informed by Rex Energy, the operator of the Grosick wells located in Butler County, Pennsylvania, that three of the seven wells have been fracture stimulated and have been on production since December 1, 2011. Rex is currently installing tubing in the wells, and we expect information on gas sales rates to be available within the next 30 days. Gastar owns a 19.0% working interest (15.06% net revenue interest) in the Grosick wells.J. Russell Porter, Gastar's President and CEO, commented: "We are pleased with the early production rates from the Marcellus shale wells we have put on sales so far this year and expect them to generate excellent rates of return due to the attractive NGL and condensate yields realized in Marshall County, West Virginia. We plan to bring on a number of wells over the next several months as we continue to develop these assets and grow production. We also expect the issues with high gathering system pressures to be minimized as additional compression is installed on the system in the middle of the first quarter of 2012. We are finalizing plans for an active 2012 Marcellus drilling program consisting of at least 24 operated horizontal wells in Marshall County."
Gastar Exploration Provides Operational Update On Marcellus Activity
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.