Gastar Hits Pay at Lone Oak Ranch Well
Gastar Exploration Ltd. has drilled the Lone Oak Ranch #2 well ("LOR #2") located in Leon County, Texas to a total depth of 18,100 feet. Based on preliminary analysis of electric logs and gas shows encountered during drilling, the well encountered approximately 36 net feet of apparent pay in two Bossier sands. Gastar is in the process of installing a 5-inch string of casing to 18,100 feet and will then begin initial completion and testing of the Bossier pay zones. The completion activities are expected to take approximately 30 days and, if successful, initial production is expected by late April 2007. Gastar has a 50% after casing point ("ACP") working interest, with Chesapeake Energy Corporation and a private exploration and production company each owning a 25% ACP working interest.
Gastar is currently drilling the Wagner #1 well, a Bossier test offsetting two successful Bossier wells drilled by ConocoPhillips and expects to reach total depth in approximately five days. Gastar is also currently drilling the Donelson #3 well, another Bossier test that offsets the earlier successful Donelson #1 well drilled by Gastar. The Donelson #3 well is expected to reach total depth in approximately 35 days.
Gastar's President and Chief Executive Officer, J. Russell Porter, commented, "Gross production from the Bossier area is continuing to grow with the recently announced completion of the John Parker #2, Williams #1 and Wildman Trust #2 wells. We expect a successful completion of the LOR #2 well will add to our production growth for the second quarter 2007 and continue the trend of economic Bossier completions."
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 balanced strategy combining select higher risk, deep natural gas exploration prospects with lower risk coal bed methane (CBM) development. The Company owns and operates 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 in New South Wales and the Gippsland Basin in Victoria, Australia.
Operates 12 Offshore Rigs
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