Chesapeake Energy Corporation subscribed for its shares pursuant to its preferential contractual right to acquire additional shares offered by Gastar following their initial investment in November 2005. After the offering, Chesapeake Energy Corporation is expected to own approximately 16.6% of the outstanding common shares of Gastar.
Net proceeds from this placement, estimated at USD $47.9 million after deducting placement fees and estimated expenses, will be used to fund Gastar's drilling programs in East Texas, Wyoming and Southeastern Australia and for general corporate purposes.
This release shall not constitute an offer to sell or the solicitation of an offer to purchase, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The shares have not been registered under the U.S. Securities Act of 1933 or applicable state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws.
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 low-risk CBM development. The Company owns and controls exploration and development acreage in the Deep Bossier gas play of East Texas and in the Appalachian Basin. Gastar's CBM activities are conducted within the Powder River Basin of Wyoming and upon the approximate 3.0 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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