Gastar Exploration has drilled the Wildman Trust #3 well in East Texas to a total depth of 18,900 feet and, based on drilling and log analysis, has encountered approximately 152 net feet of apparent Bossier formation pay within six separate sands.
The well is scheduled to be completed in the deepest pay zone and placed on production in early January 2008. The Wildman Trust #3 is an immediate offset to the successful Donelson #3 well. Gastar has a before payout 66.67% working interest (approximately 54% net revenue interest) in the Wildman Trust #3 well.
Gastar has also drilled the Lone Oak Ranch #3 (LOR #3), a horizontal Knowles Limestone well, to a total measured depth of 16,102 feet (total vertical depth of 13,308 feet). The well encountered approximately 155 feet of reservoir quality formation within the 2,645-foot horizontal section of the wellbore. The LOR #3 is currently being prepared for a stimulated completion and is expected to be placed on production in early January. Gastar has a 50.0% working interest (approximately 37.5% net revenue interest) in the LOR #3 well.
J. Russell Porter, Gastar's President & CEO, stated, "Gastar's successful Bossier and Knowles wells are evidence that we continue to build asset value through exploitation of our East Texas asset base. The Wildman Trust #3 well has approximately 50% more net feet of apparent pay than the Donelson #3 well and we believe has potential to show high initial flow rates similar to the Donelson #3. Additional offset drilling to the Donelson #3 and the Wildman Trust #3 wells is anticipated during 2008. The LOR #3 well will be our first stimulated horizontal Knowles Limestone well, which, if successful, will confirm the future application of horizontal drilling across our Knowles Limestone prospects."
Gastar also reported that it had participated in the drilling of the Odom #1 well, a dry hole drilled to test the lower Yegua formation in Orange County, Texas. Gastar had a pre-promoted 25% working interest in the Odom well. Dry hole costs net to Gastar are estimated to be approximately $2.6 million.
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