The Gastar F-K #1 well has commenced production at an initial gross stabilized rate of 15 MMCFD (8.5 MMCFD net to Gastar) with over 10,000 psi flowing tubing pressure. The well's current production rate is restricted by the gas processing capacity currently available. The well is producing from three separate zones in the Deep Bossier formation.
Gastar's President and CEO, J. Russell Porter, commenting on the announcement, said, "The Gastar F-K well is one of the better natural gas wells reported in East Texas in recent memory and is further confirmation of the fact that Gastar and its partners have made a significant deep natural gas discovery. We are about to commence completion operations on our second Deep Bossier well, the Cheney #1 well, and we are currently drilling another well targeting the Upper and Middle Bossier formations, the Lone Oak Ranch #1 well. Gastar has a substantial interest in over 30,000 gross acres and is planning to continue drilling operations to both develop this discovery and explore the aerial extent of the discovery. We are also acquiring and proprietarily re-processing additional seismic data in order to refine our future drilling plans."
Gastar Exploration, Ltd. is an exploration and production company focused on finding and developing natural gas assets in North America and Australia. The Company pursues a balanced strategy combining low-risk CBM development with select higher risk, deep natural gas exploration prospects. Gastar's CBM activities are conducted within the Powder River Basin of Wyoming and upon the approximate 3.8 million acres controlled by Gastar and its Joint Development partners in Australia's Gunnedah Basin, PEL 238 and Gastar's Gippsland Basins located in New South Wales and Victoria respectively.
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