Gastar Hits Pay at Wagner #1
Gastar Exploration Ltd. has drilled the Wagner #1 well, located in Leon County, Texas, to a total depth of 18,202 feet. Based on preliminary analysis of electric logs and gas shows encountered during drilling, the well encountered approximately 66 net feet of apparent pay in three Bossier sands.
Gastar is in the process of installing a 5-inch string of casing to 18,200 feet and will then begin initial completion and testing of the Bossier pay zones. The completion activities are expected to take approximately 45 days, and if successful, initial gas sales are expected by August 2007, after installation of approximately 3.3 miles of new gathering system.
Gastar has a 50% working interest in the Wagner #1 well with Chesapeake Energy Corporation and a private exploration and production company each owning a 25% working interest.
J. Russell Porter, Gastar's President and Chief Executive Officer, issued the following comment on the most recent results: "The Wagner #1 well, located on the far northern corner of Gastar's acreage block, confirms the presence of Bossier sands over a large portion of our acreage and should establish a lower risk profile on a meaningful number of future Bossier locations. The new gathering system connection from the Wagner #1 location to the Lone Oak Ranch ("LOR") #2 well will be key to gathering production from future drilling on the northern portion of our Leon County acreage between the Wagner #1 well to the north and the John Parker and LOR wells to the south."
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 strategy combining select higher risk, deep natural gas exploration prospects with lower risk coal bed methane (CBM) development. The Company owns and operates exploration and development acreage in the Deep Bossier gas play of East Texas. 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 located in New South Wales and the Gippsland Basin in Victoria, Australia.
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