Gastar Exploration Ltd. provided an update on recent completion operations in East Texas. Gastar has completed an initial deep Bossier zone in the Wildman Trust #3 well that is currently producing at a gross sales rate of approximately 20 MMCFD (10.8 MMCFD net to Gastar).
The Company plans to complete the well in an additional deep Bossier zone within the next 30 days and produce the two deepest Bossier zones on a co-mingled basis. The Wildman Trust #3 well was drilled to a total depth of 18,900 feet and encountered approximately 152 net feet of apparent pay within six separate sands in the Bossier formation. Gastar has a 66.67% working interest before payout (approximately 54% net revenue interest) in the Wildman Trust #3 well.
Gastar has also completed the Lone Oak Ranch #3 (LOR #3), a horizontal Knowles Limestone well. The LOR #3 began producing on December 24 and achieved a peak gross sales rate of 9.4 MMCFD and is currently producing at a stabilized gross sales rate of approximately 7.2 MMCFD (2.7 MMCFD net to Gastar). The LOR #3 well was drilled 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 horizontal section of the wellbore. It was completed utilizing a system that allowed for five separate stimulations within the horizontal section of the well. Gastar has a 50.0% working interest (approximately 37.5% net revenue interest) in the LOR #3 well.
Gastar is currently drilling two wells on its Hilltop area lease position. The Holmes #1 is a middle Bossier well offsetting Gastar's initial Bossier discovery well, the F-K #1. Gastar has a 62% working interest before payout (48% net revenue interest) in the Holmes #1 well. The Brunette #1 is a horizontal Knowles Limestone well being drilled as an offset to the Parker #3 vertical Knowles Limestone well. Gastar has a 50% working interest before payout (37.5% net revenue interest) in the Brunette #1 well.
J. Russell Porter, Gastar's President & CEO, stated, "We are very encouraged by the initial flow rates on both of our recently completed wells. We expect an even higher production rate from the Wildman Trust #3 well following the planned completion into a second deep Bossier zone. The success of the multi-stage completion system used in the LOR #3 well opens up a significant portion of Gastar's acreage to Knowles development. Following the completion of the Brunette #1 well, we plan on re-entering the LOR #4 well and installing a similar system in order to fracture stimulate that well, which was originally completed on an un-stimulated basis."
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