Gastar Completes Lone Oak Ranch Well
Gastar Exploration reported completion results for the Lone Oak Ranch (LOR) #4 horizontal Knowles Limestone well. The LOR #4 well was completed and is producing at a gross sales rate of approximately 8 MMCFD with 2,500 psi flowing tubing pressure. Gastar has a 50% working interest and an approximate 37.5% net revenue interest in the well.
J. Russell Porter, Gastar's President and CEO, stated, "The LOR #4 is our first horizontal Knowles well, following a vertical Knowles well completion, the John Parker #3, earlier this year on our East Texas acreage. We believe that Gastar is the first operator to establish commercial Knowles production in East Texas. Now that we have had this initial success with a horizontal well, we plan to continue to develop the potential of this formation. The opportunity to develop the Knowles formation is an excellent addition to our deep Bossier play, due to its shallower depth, lower drilling costs and apparent attractive production rates."
Gastar is currently drilling a deep Bossier well, the Wildman Trust #3 well, at an approximate depth of 8,200 feet. The Wildman Trust #3 well is located as an offset to Gastar's recently successful Donelson #3 Bossier well. Gastar has a 67% working interest in the well with Chesapeake Energy owning the remaining 33% working interest.
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 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 on approximately 3 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, EL 4416, located in Victoria.
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