The company announced that its Utica/Point Pleasant well produced an initial 48-hour gross sales rate of 29.4 million cu/d of natural gas, exceeding the company's expectations. Gastar Explorations expects three gross wells will be placed on flow back by the end of the third quarter.
"We believe the Simms U-5H is one of the most productive wells to date in the dry gas Utica play, particularly when considering the relatively short lateral length," Gastar president and CEO J. Russell Porter said in a statement. "The well has exceeded our pre-drill expectations with excellent porosity, pressures and flow rates. Along with successful Utica activity from other nearby operators, this well significantly de-risks Gastar's Utica/Point Pleasant assets."
Must Read: Warren Buffett's 25 Favorite Stocks
EXCLUSIVE OFFER: See inside Jim Cramer's multi-million dollar charitable trust portfolio to see the stocks he and Stephanie Link think could be potentially HUGE winners. Click here to see the holdings for FREE.