Gastar has successfully drilled the Donelson #4 well, a deep Bossier test in East Texas, to a total depth of 18,700 feet and has logged approximately 138 net feet of pay in the lower Bossier formation. The Donelson #4 well contains five pay zones within the lower Bossier formation that, based on log analysis, have measured porosity up to 20% and high resistivity.
Subject to the availability of frac equipment and crews, we anticipate that the first of potentially four completion stages should be completed and the well turned to sales within 30 to 45 days. Gastar owns a 67% before payout working interest in the well (a 49.7% before payout net revenue interest).
Gastar is also currently drilling the Wildman #6H in East Texas, a horizontal well to test the oil potential in the Glen Rose limestone and expects to reach total depth within two weeks. Gastar has a 100% before payout working interest in the Wildman #6H (an approximate 75% before payout net revenue interest).
J. Russell Porter, Gastar's President & CEO, commenting on the announcement stated, "The Donelson #4 well has the potential to be another high rate completion and from a volumetric perspective has a gross EUR, based on internal estimates, of over 25 Bcf of natural gas. Based on recent experience from the Deep Bossier play as well as other high rate natural gas plays, we plan on producing the well at a somewhat restricted rate in order to maintain higher gas rates for a longer period of time and hopefully achieve overall higher recoveries of gas in place. Gastar's net drilling and completion cost for the Donelson #4 well is projected to be $9.8 million, net of expected recoveries from well control insurance for a portion of the costs to sidetrack the well."
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