Gastar is currently drilling the John Parker #2 at an approximate depth of 9,900 feet and expects to reach a projected total depth of 18,000 feet within the next 80 to 90 days. The John Parker #2 well is being drilled to test the presence and productivity of middle Bossier sands in a location approximately one mile south and east of the John Parker #1 well. Gastar's working interest in the John Parker #2 well is approximately 42% before casing point ("BCP") (50% after casing point ("ACP")) with Chesapeake Energy Corporation holding a 33% BCP (25% ACP) working interest and an unrelated private exploration and production company holding the remaining 25% working interest.
Gastar anticipates spudding the Williams #1 well, an offset to the Wildman Trust #2 well, by September 9, 2006 with a projected total depth of 19,500 feet. Total depth of the well is anticipated to be reached within 120 days of spudding. Gastar anticipates that it will hold between a 60% and 67% working interest position in the Williams #1 well depending upon working interest elections from partners.
Gastar has commenced completion operations for the Wildman Trust #2 with initial production expected by the first week of October.
Commenting on the announcements, J. Russell Porter, Gastar's President & CEO, stated, "The successful completion of the middle Bossier zones in the John Parker #1 well and the expected completion of the lower Bossier sands in the Wildman Trust #2 should significantly increase Gastar's net production and cash flow and position the Company for increased levels of drilling activity in the deep Bossier play as we bring on a third drilling rig in the 4th quarter."
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 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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