Gastar is in the process of installing a 5-inch string of casing to total depth and will begin initial completion and testing in at least two of the four apparent pay zones. The completion activities are expected to take approximately 30 days and, if successful, initial production is expected by mid-September 2006. Gastar has a 50% after casing point (ACP) working interest, with Chesapeake Energy Corp. owning a 25% ACP working interest and an unrelated private exploration and production company owning the remaining 25% working interest.
Gastar is currently drilling the Wildman Trust #2 well at an approximate depth of 17,800 feet and anticipates reaching total depth in approximately 20 days. The Wildman Trust #2 well is being drilled to an estimated total depth of 19,200 feet. This well is targeting the same lower Bossier series of sands that are productive in Gastar's Donelson #1 well plus middle Bossier sands found in the Wildman Trust #1 well and the Donelson #1 well. Gastar's working interest is approximately 56% BCP (67% ACP) in the Wildman Trust #2 well, with Chesapeake holding the remaining 44% BCP working interest (33% ACP working interest).
"The success of the John Parker #1 well confirms the reserve potential for a very large portion of Gastar's deep Bossier holdings," said J. Russell Porter, Gastar's CEO. "With this well, and the continued success of offset drilling adjacent to Gastar's lease position by other operators, the risks associated with future drilling of the middle Bossier formation on Gastar's acreage position has decreased substantially. We expect to spud the John Parker #2 well within the next 10 to 14 days to test the middle Bossier formation at a location approximately one mile south of the John Parker #1 well."
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 select higher-risk, deep natural gas exploration prospects with lower-risk coal bed methane (CBM) development. The company owns and controls exploration and development acreage in the Deep Bossier gas play of East Texas and in the deep Trenton-Black River play in the Appalachian Basin. Gastar's CBM activities are conducted within the Powder River Basin of Wyoming and upon the approximate 3.5 million gross acres controlled by Gastar and its joint development partners in Australia's Gunnedah Basin (PEL 238) and Gippsland Basin (EL 4416) located in New South Wales and Victoria, respectively.
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