Gastar Begins Drilling Operations in East Texas

Gastar Exploration and First Source Texas have begun site operations, and will begin drilling operations within the next 7 to 10 days on the Fridkin Kaufman Ltd. #1 well (the "Gastar/F-K #1 well") in Leon County, Texas. The Gastar/F-K #1 well will be drilled by Nabors Rig #623 to a projected depth of 19,000 feet and will target the seismically defined deep lower Bossier sands that were identified in part through Gastar's earlier participation with Anadarko Petroleum'sBelin Trust A-1 Well. The Gastar/F-K #1 well will also test the Travis Peak and Cotton Valley sands that were penetrated by the Belin Trust A-1 well and were indicated as productive through log analysis and through gas shows during drilling. Gastar will hold a 75% working interest in the Gastar/F-K #1 well. The Gastar/F-K #1 well is expected to take approximately 120 days to drill to the projected total depth and an additional 60 days to fully test and, if warranted, complete. As previously announced, Gastar recently acquired an additional 45% working interest in approximately 9,100 acres bringing its total acreage position in this Deep Bossier Sand play to approximately 22,000 gross acres ( approximately 11,000 net acres). Gastar and its partners have extensive seismic data overlying both its existing and the newly acquired Deep Bossier acreage areas.

Commenting on the announcement, Gastar's COO, J. Russell Porter, said, "The spudding of this well and the acquisition of additional strategic Deep Bossier acreage are important developments for Gastar and its partners. Dr. Gene Beck, Gastar's Vice President of Operations and a former Vice President of Nabors Drilling's Turn-Key Division, has coordinated all well design and planning and will have direct oversight of this high-temperature, high-pressure well. While previous Deep Bossier wells experienced mechanical problems, we believe Dr. Beck and his team have thoroughly evaluated the prior wells and have developed a well design that will provide well integrity and be capable of the high sustained production rates that we hope to achieve with this well. Dr. Beck has also engaged what we believe are the highest level of experienced consultants and vendors available to assist in well design and to provide the specialty services necessary for a deep, high-temperature, high-pressure well. The Gastar/F-K #1 well is being drilled in a location indicated by seismic to contain prospective sands within the Deep Bossier formation that are potentially much thicker and much better developed (as related to reservoir characteristics) than the previous deep Bossier wells in the area. It is significant to point out that all of the wells that reached the deep Bossier sand section in this area tested natural gas in volumes that would point to a major resource."
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