Gastar Completes Lone Oak Ranch #2
Gastar Exploration Ltd. on Friday announced completion results on the Lone Oak Ranch (LOR) #2 well. The well has been completed in two Bossier zones and was placed on sales on May 1, 2007, at an initial stabilized gross rate of approximately 5.0 MMcfd. Gastar has a 50% after casing point working interest and an approximate 37.5% net revenue interest in the well.
Gastar is currently drilling two wells in the Hilltop area of its deep Bossier play. The John Parker #3 is a Knowles test offsetting the significant Knowles gas shows encountered in the John Parker #2 well. The John Parker #3 well was expected to reach a projected total depth of 13,850 feet by early June; however, current flooding along the Navasota River is restricting access to the drilling location and will delay completion of drilling activities for several days to possibly weeks depending upon the extent of flood damage to the location and drilling equipment. The Donelson #3 well, a Bossier test offsetting Gastar's Donelson #1 Bossier completion, is projected to reach a total depth of 19,200 feet by the end of May. The Donelson #3 has already encountered high-pressure gas in the Bossier interval prior to reaching the primary objectives in the Bossier formation.
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) located in New South Wales and the Gippsland Basin located in Victoria.
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