Gastar Deems Donelson #3 Bossier Well a Success
Gastar Exploration Ltd. has drilled the Donelson #3 well, located in Leon County, Texas, to a total depth of 19,200 feet. Based on preliminary analysis of electric logs and natural gas shows encountered during drilling, the well encountered approximately 100 net feet of apparent pay in five Bossier sands.
Gastar is in the process of installing production casing to total depth and will then begin initial completion and testing of the Bossier pay zones. The initial completion activities are expected to take approximately 30 days and, if successful, initial natural gas sales are expected shortly thereafter. Gastar has a 67% after casing point ("ACP") working interest with Chesapeake Energy Corporation (NYSE:CHK) owning the remaining 33% ACP working interest.
Gastar is nearing total depth on the John Parker #3 well and currently is running intermediate casing. The John Parker #3 well, a Knowles limestone vertical well, is expected to reach a projected total depth of 13,850 feet in approximately 10 days.
J. Russell Porter, Gastar's President and Chief Executive Officer, said:
"The Donelson #3 well encountered several Bossier sands that are expected to result in higher production rates and higher gross ultimate recoverable reserves than our average Bossier well to date. Further, this well is located on the crest of the Hilltop structure and is additional confirmation of the presence of a series of deeper Bossier sands across our Hilltop structure acreage. We are currently evaluating plans for either a single zone or multiple zone completion within 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 strategy combining select higher risk, deep natural gas
exploration prospects with low-risk coal bed methane (CBM) development. The
Company owns and controls 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 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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