Selser will stand for election to the Board of Directors at the Annual Meeting of Shareholders to be held June 1, 2007. He is a partner at Maple Leaf Partners, a Baton Rouge, La.-based hedge fund.
Selser has over 20 years of natural gas and oil exploration and production industry experience both as a petroleum engineer and as an energy equity analyst for several sell-side firms. He holds a Bachelor of Science in both Civil Engineering and Petroleum Engineering from Louisiana State University, Baton Rouge, and a Masters of Business Administration from Tulane University, New Orleans, La.
The appointment of Selser was the result of an independent director search that the Company had initiated this year and brings Gastar back in compliance with American Stock Exchange (AMEX) rules. The Company had previously notified the AMEX that it was in non-compliance with a stock exchange corporate governance rule requiring that at least three independent directors serve on the Company's audit committee. The Company had only two independent directors serving on the committee due to the decision of a former director not to stand for reelection at the Company's 2006 Annual Meeting of Shareholders. On March 29, 2007, Gastar received a warning letter from the AMEX regarding non-compliance with AMEX's audit committee requirements, as set forth in the AMEX Company Guide. Commencing on or about March 30, 2007 until the Company is officially notified that it has regained compliance with the AMEX requirement, the Company's common stock will trade under the symbol "GST.BC".
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 controls 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 (EL 4416) in Victoria.
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