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June 16, 2014
12:16 EDTGSTGastar Exploration says total depth reached for first Utica/Point Pleasant well
Gastar Exploration reported that it has reached total depth on the vertical pilot hole for its first Utica/Point Pleasant well in Marshall County, West Virginia. The Simms 5-UH well was drilled to a total depth of 11,410 feet and encountered approximately 92 net feet of pay in the Point Pleasant formation with measured porosities up to 17%. Gastar expects estimated formation pressures to be approximately 9,400 psi upon completion of the well. Gastar is currently plugging back the well in order to drill a 4,200 foot horizontal section in the Point Pleasant formation. After drilling the lateral, a 23-stage completion is planned followed by a three week "soaking" of the well with first production expected in late August. Gastar's President and CEO, J. Russell Porter, commented, "These results have confirmed our expectations regarding the Utica/Point Pleasant formation. As a result of this information, and the Utica/Point Pleasant results reported by other nearby operators, we are planning to move forward with a program that should rapidly de-risk this asset and add substantial net asset value to Gastar."
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July 21, 2014
17:28 EDTGSTGastar Exploration's mid-year proved reserves increase 43%
Gastar Exploration reported estimated proved reserves of natural gas, oil and condensate and natural gas liquids as of June 30 of 78.0M BOE, a 43% increase over December 31, 2013 proved reserves of 54.6M BOE. 54% were natural gas, 26% were oil and condensate and 20% were NGLs vs. 55% natural gas, 27% oil and condensate and 18% NGLs at year-end 2013. The pre-tax present value discounted at 10% of proved reserves increased to $826.3M at June 30, up 39% vs. year-end 2013. Proved undeveloped reserves at mid-year 2014 represented approximately 62% of total proved reserves vs. 44% at year-end 2013.
July 16, 2014
17:36 EDTGSTGastar Exploration initiated with a Buy at Canaccord
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