NEW YORK (TheStreet) -- Gastar Exploration (GST) rose on Tuesday after the company announced it would hold an analyst meeting on April 2 to discuss, among other things, its expanded Marcellus Shale drilling inventory.
According to Gastar's press release, the meeting for equity research analysts will highlight:
- The company's expanded Marcellus Shale drilling inventory with 106 net remaining undrilled locations and a projected internal Marcellus type curve of 8.0 Bcfe gross (6.6 Bcfe net) estimated ultimate recovery (EUR) per well based on planned enhanced completion procedures and expected initial production and EUR improvements in the Marcellus Shale play on these future locations. Gastar estimates the total remaining net Marcellus resource to be developed is approximately 700 Bcfe.
- Gastar's Utica/Point Pleasant potential underlying its Marcellus Shale assets in 57 net undrilled locations exposing Gastar to approximately 700 Bcfe of net resource (company estimate) and the Company's near-term Utica/Point Pleasant drilling plans.
- Gastar's plans for the 400+ net Hunton Oil Play drilling locations it currently controls along with information on the multiple pay zones under Gastar's Mid-Continent leasehold, including over 200 gross Woodford Shale and 500 gross Meramec Shalelocations, as well as future plans to begin testing these additional formations.
The stock was up 11.43% to $6.09 at 12:45 p.m. on Tuesday.
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