Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 2.54 0.14%
NASDAQ 4,095.52 9.29 0.23%
Ticker Volume Price Price Delta
STOXX 50 3,155.81 16.55 0.53%
FTSE 100 6,625.25 41.08 0.62%
DAX 9,409.71 91.89 0.99%
Ticker Volume Price Price Delta
NIKKEI 14,516.27 98.74 0.68%
TOPIX 1,173.37 6.78 0.58%
HANG SENG 22,760.24 64.23 0.28%

Gastar Exploration Announces Expanded Credit Facility



            Gastar Exploration Announces Expanded Credit Facility

PR Newswire

HOUSTON, Dec. 9, 2013

HOUSTON, Dec. 9, 2013 /PRNewswire/ -- Gastar Exploration, Inc. ("Gastar")
(NYSE MKT: GST) today announced that the Borrowing Base under its Senior
Secured Revolving Credit Facility has been confirmed by the lending
participants in the amount of $100 million, effective immediately.  The
Borrowing Base was previously set at $50 million.  Presently, Gastar has no
borrowings drawn under the revolving credit facility.  The next borrowing base
redetermination is scheduled to occur in May 2014.

Gastar's Chief Financial Officer, Michael A. Gerlich, commented, "This
increase in our credit facility reflects the higher value of our asset base
following the completion of our West Edmond Hunton Lime Unit (WEHLU)
acquisition in Oklahoma and successful drilling in our areas of focus. We
believe the additional liquidity provided by this borrowing base increase,
internally generated cash flow and cash on hand will support continued
development of our Hunton Lime and Marcellus assets." 

About Gastar Exploration

Gastar Exploration, Inc. is an independent energy company engaged in the
exploration, development and production of oil, natural gas, condensate and
natural gas liquids in the United States. Gastar's principal business
activities include the identification, acquisition, and subsequent exploration
and development of oil and natural gas properties with an emphasis on
unconventional reserves such as shale resource plays. Gastar is currently
pursuing the development of liquids-rich natural gas in the Marcellus Shale in
West Virginia and is also in the early stages of exploring and developing the
Hunton Limestone horizontal oil play in Oklahoma.  For more information, visit
Gastar's website at www.gastar.com.

Safe Harbor Statement and Disclaimer

This news release includes "forward looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended.  Forward looking statements give
our current expectations, opinion, belief or forecasts of future events and
performance.  A statement identified by the use of forward looking words
including "may," "expects," "projects," "anticipates," "plans," "believes,"
"estimate," "will," "should," and certain of the other foregoing statements
may be deemed forward-looking statements.  Although Gastar believes that the
expectations reflected in such forward-looking statements are reasonable,
these statements involve risks and uncertainties that may cause actual future
activities and results to be materially different from those suggested or
described in this news release.  These include risks inherent in natural gas
and oil drilling and production activities, including risks of fire,
explosion, blowouts, pipe failure, casing collapse, unusual or unexpected
formation pressures, environmental hazards, and other operating and production
risks, which may temporarily or permanently reduce production or cause initial
production or test results to not be indicative of future well performance or
delay the timing of sales or completion of drilling operations; delays in
receipt of drilling permits; risks with respect to natural gas and oil prices,
a material decline in which could cause Gastar to delay or suspend planned
drilling operations or reduce production levels; risks relating to the
availability of capital to fund drilling operations that can be adversely
affected by adverse drilling results, production declines and declines in
natural gas and oil prices; risks relating to unexpected adverse developments
in the status of properties; borrowing base redeterminations by our banks;
risks relating to the absence or delay in receipt of government approvals or
fourth party consents; risks relating to the WEHLU Acquisition; risks relating
to our purchase of assets from Chesapeake Energy, including the risk of being
exposed to unknown contingencies or liabilities that could cause Gastar to not
realize the expected benefits of the transaction and the risk that we may be
required to fund the transaction by borrowing under our revolving credit
facility; risks relating to the divestiture of our East Texas assets,
including the risk that the transaction will not be completed or will be
completed under different terms; and other risks described in Gastar's Annual
Report on Form 10-K and other filings with the U.S. Securities and Exchange
Commission ("SEC"), available at the SEC's website at www.sec.gov.  Our actual
sales production rates can vary considerably from tested initial production
rates depending upon completion and production techniques and our primary
areas of operations are subject to natural steep decline rates. By issuing
forward looking statements based on current expectations, opinions, views or
beliefs, Gastar has no obligation and, except as required by law, is not
undertaking any obligation, to update or revise these statements or provide
any other information relating to such statements.

Company Contact:

Gastar Exploration, Inc.

Michael A. Gerlich, Chief Financial Officer

713-739-1800/mgerlich@gastar.com

Investor Relations Counsel:

Lisa Elliott / lelliott@DennardLascar.com

Anne Pearson / apearson@DennardLascar.com

Dennard-Lascar Associates: 713-529-6600

SOURCE Gastar Exploration, Inc.

Website: http://www.gastar.com
Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement