-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Auo3N26G+JH+N4WBG7Df1sUCkHoxh0F9macUpw6paETM8NJ6i1iH36o0NT5rLJzL A8zfsMEs32OF6OczvrKW5Q== 0001144204-09-025918.txt : 20090513 0001144204-09-025918.hdr.sgml : 20090513 20090513100105 ACCESSION NUMBER: 0001144204-09-025918 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20090511 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090513 DATE AS OF CHANGE: 20090513 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GASTAR EXPLORATION LTD CENTRAL INDEX KEY: 0001170154 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 980570897 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32714 FILM NUMBER: 09820818 BUSINESS ADDRESS: STREET 1: 1331 LAMAR STREET STREET 2: SUITE 1080 CITY: HOUSTON STATE: TX ZIP: 77010 BUSINESS PHONE: 7137391800 MAIL ADDRESS: STREET 1: 1331 LAMAR STREET STREET 2: SUITE 1080 CITY: HOUSTON STATE: TX ZIP: 77010 8-K 1 v149015_8k.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):  May 13, 2009 (May 11, 2009)

GASTAR EXPLORATION LTD.
(Exact Name of Registrant as Specified in Its Charter)

ALBERTA, CANADA
  
001-32714
  
98-0570897
(State or other jurisdiction
  
(Commission
  
(I.R.S. Employer
of incorporation)
  
File Number)
  
Identification No.)

1331 LAMAR STREET, SUITE 1080
HOUSTON, TEXAS 77010
(Address of principal executive offices)

(713) 739-1800
(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 

SECTION 2 – FINANCIAL INFORMATION

Item 2.02  Results of Operations and Financial Condition.

On May 11, 2009, Gastar Exploration Ltd. (the “Company”) issued a press release containing the results of operations for the three months ended March 31, 2009.  A copy of the Company’s press release, dated May 11, 2009, including such information, is included herein as Exhibit 99.1 hereto and is being furnished solely pursuant to this Item 2.02.

SECTION 7 – REGULATION FD

Item 7.01  Regulation FD Disclosure.

On May 12, 2009, Gastar Exploration Ltd. issued a press release announcing the Company had successfully drilled and logged the Wildman Trust #5 well in East Texas.  A copy of the Company’s press release, dated May 12, 2009, including such information, is included herein as Exhibit 99.2 hereto and is being furnished solely pursuant to this Item 7.01.

SECTION 9 – FINANCIAL STATEMENTS AND EXHIBITS

Item 9.01  Financial Statements and Exhibits.

(d)
Exhibits

Exhibits (furnished pursuant to Items 2.02 and 7.01 and not deemed filed with the Securities and Exchange Commission).
 
Exhibit No.
  
Description of Document
     
99.1
  
Press release dated May 11, 2009 reporting results of operations for the three months ended March 31, 2009.
99.2
  
Press release dated May 12, 2009 announcing the successful drilling and logging of the Wildman Trust #5 well.

 
-2-
 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

   
GASTAR EXPLORATION LTD. 
     
Date:  May 13, 2009
By:
/s/  J. RUSSELL PORTER
   
J. Russell Porter
   
Chairman, President and Chief Executive Officer

 
-3-
 

EXHIBIT INDEX

Exhibit No.
  
Description of Document
     
99.1
  
Press release dated May 11, 2009 reporting results of operations for the three months ended March 31, 2009.
99.2
  
Press release dated May 12, 2009 announcing the successful drilling and logging of the Wildman Trust #5 well.

 
-4-
 
EX-99.1 2 v149015_ex99-1.htm

Exhibit 99.1
NEWS RELEASE 
 
Contact:
Gastar Exploration Ltd.
J. Russell Porter, Chief Executive Officer
713-739-1800 / rporter@gastar.com
 
Investor Relations Counsel:  
Lisa Elliott / Anne Pearson
DRG&E: 713-529-6600
lelliott@drg-e.com / apearson@drg-e.com
 
GASTAR EXPLORATION REPORTS FIRST QUARTER 2009
FINANCIAL AND OPERATIONAL RESULTS
 
Production increased 26% to 30 MMcfe per day from fourth quarter 2008

HOUSTON, May 11, 2009 – Gastar Exploration Ltd. (NYSE Amex: GST and TSX: YGA) today reported financial and operational results for the three months ended March 31, 2009.
 
Excluding impairment charges and unrealized hedging losses, the Company reported a net loss of $1.3 million, or $0.01 per share, for the first quarter of 2009.  Including the effect of a non-cash impairment of natural gas and oil properties of $68.7 million and an unrealized hedging loss of $196,000, the Company reported a net loss of $70.2 million, or $0.34 per share.  This compares to adjusted net income of $2.5 million, or $0.01 per share, for the first quarter of 2008, excluding a $1.4 million unrealized hedging loss.
 
Net cash flows provided by operating activities for the three months ended March 31, 2009 was $13.3 million, compared to $14.3 million for the comparable period in 2008.
 
Excluding the unrealized gas hedging loss, natural gas and oil revenues in the first quarter of 2009 decreased 20% to $13.5 million, compared to the first quarter of 2008.  This decrease was due to a 28% decline in realized natural gas prices, partially offset by a 13% increase in total production.  Average daily production for the first quarter of 2009 was 30.0 MMcfe, compared to 26.5 MMcfe for the first quarter of 2008 and 23.9 MMcfe in the fourth quarter of 2008.  The average price for natural gas, including realized hedging activities, decreased in the first quarter of 2009 to $4.99 per Mcf, from $6.96 per Mcf in the first quarter of 2008 and $5.23 in the fourth quarter of 2008.  Excluding the benefit of the realized hedges, the average realized price for natural gas in the first quarter of 2009 was $3.37 per Mcf.
 
Lease operating expense (LOE) was $1.9 million in the first quarter of 2009, compared to $1.5 million in the first quarter of 2008.  LOE per Mcfe increased 9% to $0.70 in the first quarter of 2009, compared to $0.64 per Mcfe during the first quarter of 2008.  This increase per Mcfe was primarily due to higher non-recurring 2009 workover costs in Texas of $0.13 per Mcfe.
 
1
 
Operations Review and Update
 
In East Texas, first quarter net production from the Hilltop area averaged 25.3 MMcfe per day, up from 18.1 MMcfe per day in the fourth quarter of 2008.  The majority of the production growth was from the Belin #1, which was placed on production in late December 2008 and is the Company’s best producing well to date.  The Belin #1 came on production at an initial gross rate of 41.2 MMcf per day and post quarter end is averaging approximately 16.5 MMcf per day.  Capital expenditures for the first quarter in East Texas were $9.4 million to recomplete one well and to finish drilling and complete the Lone Oak Ranch (“LOR”) #7.  The LOR #7 was drilled and encountered two middle Bossier zones and one upper Bossier zone and was completed in the deepest zone.  Current gross production from the LOR #7 is approximately 3.0 MMcfd after an initial gross sales rate of 6.9 MMcfd.
 
As a result of our activity in East Texas, the field’s average production increased 40% from the fourth quarter of 2008 to the first quarter of 2009, although it is expected to decline in the second quarter due to natural decline rates.  Currently, we are drilling a deep Bossier well, the Wildman #5, and we plan on releasing the drilling rig and deferring additional drilling in East Texas until natural gas prices and capital markets improve.
 
In Appalachia, we have assembled more than 41,000 net acres in the Marcellus Shale play and have drilled 10 shallow wells, including three during the first quarter.  Seven of these wells are on production, and the remaining wells are scheduled to be on production during 2009.  These wells will allow us to hold the leases with production, while we finalize a plan for exploration and development of the deeper Marcellus objective.  We do not expect to drill additional shallow wells until we secure a joint venture partner or until natural gas prices improve.  We will continue to maintain our leases through renewals, extensions and renegotiations of the few drilling commitments related to our interests.  Net production from our Appalachia properties averaged 500 Mcfe per day in the first quarter.
 
In New South Wales, Australia, the PEL 238 development project continues to progress, and we expect to begin first commercial sales of natural gas early in the third quarter of 2009. In February 2009, we acquired a 35% interest in the Wilga Park Power Station, which will initially be the market for natural gas produced from PEL 238.  In late April 2009, we completed the drilling of the first two dual-lateral horizontal production pilots, each consisting of three vertical wells intersected by two horizontal well sections, which are currently dewatering.  Early in the third quarter of 2009, all the wells are expected to be on production, and it is expected that coal bed methane produced from the pilot will be transported to the Wilga Park Power Station and utilized for power generation.  An additional multi-lateral horizontal production pilot is underway in the Dewhurst area of PEL 238, based on the previous successful coring work.  Subsequent locations for two additional pilots will be determined on the basis of results of planned coreholes to be drilled during 2009.  In April 2009, we began a corehole evaluation program in the Coonarah area to test coals found when shallow conventional wells were drilled in the area.
 
2
 
J. Russell Porter, Gastar's Chairman, President and CEO, stated, “We produced higher volumes of natural gas in the first quarter, compared to the fourth quarter of 2008, thanks to the outstanding performance of the Belin #1, which came on production in late December in East Texas.  Additionally, we experienced a boost in production from the completion of the Lone Oak Ranch #7, which began producing in late January as well as from a workover in late March in East Texas.  In New South Wales, we expect to realize first commercial sales when we begin delivering natural gas to the Wilga Park Power Station early in the third quarter of this year.
 
“We are exploring all avenues to bolster liquidity.  We currently are involved in numerous conversations at various stages of development with potential partners and asset purchasers in each of our three primary asset areas.  In the Marcellus Shale, we have identified a potential joint venture partner, who is working through due diligence on our assets in the play.  In New South Wales, where the merger and acquisition market continues to be active, we are in discussion with several parties regarding our ownership interests in PEL 238 and adjacent undeveloped acreage.  The outcomes of all of these discussions are uncertain: however, we will provide additional updates as they become available.”
 
Liquidity and Capital Budget
 
At March 31, 2009, the Company had cash and cash equivalents of $18.9 million. Planned capital expenditures for our properties for the remainder of 2009 total $49.9 million, consisting of $14.7 million in East Texas, $4.0 million in Appalachia, $15.0 million in New South Wales, $800,000 in the Powder River Basin and other capital costs, and an additional $15.4 million for capitalized interest cost.  To supplement our cash flow and help fund this capital budget, we are seeking joint venture partners for the development of several of our properties, with immediate emphasis on securing a development partner in our Marcellus Shale acreage, as well as the possibility of selected asset sales.
 
Based on our current capital plan, our current cash on hand and projected internally generated cash flow, we project that we will need to raise an additional $70.0 million to fund our remaining 2009 exploration and development activities, working capital needs and meet scheduled debt maturities in 2009.   See "Liquidity and Capital Resources" in our Quarterly Report on Form 10-Q for the period ended March 31, 2009 for a discussion of potential consequences resulting from an inability to raise the additional $70.0 million necessary to fund our remaining 2009 exploration and development activities, working capital needs and meet our 2009 debt service obligations.
 
3
 
Gastar Exploration Conference Call
 
Gastar Exploration’s management team will hold a conference call on May 12, 2009, at 10:00 a.m. Eastern Time (9:00 a.m. Central Time), to discuss these results.  To participate in the call, dial (480) 629-9692 at least 10 minutes early and ask for the Gastar Exploration conference call.  A replay will be available approximately two hours after the call ends and will be accessible until May 19.  To access the replay, dial (303) 590-3030 and enter the pass code 4068694.
 
The call will also be webcast live over the Internet at www.gastar.com.  To listen to the live call on the Web, please visit Gastar’s Web site at least 10 minutes early to register and download any necessary audio software.  An archive will be available shortly after the call.  For more information, please contact Donna Washburn at DRG&E at (713) 529-6600 or e-mail dmw@drg-e.com.
 
About Gastar Exploration
 
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 deep natural gas exploration and development with lower risk CBM and shale resource development.  The Company owns and operates exploration and development acreage in the deep Bossier gas play of East Texas and Marcellus Shale play in West Virginia and Pennsylvania. Gastar’s CBM activities are conducted within the Powder River Basin of Wyoming and concentrated on more than 6.0 million gross acres controlled by Gastar and its joint development partners in Australia’s Gunnedah Basin (PEL 238, PEL 433 and PEL 434) located in New South Wales.
 
4
 
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.  A statement identified by the words “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 the drilling of natural gas and oil wells, including risks of fire, explosion, blowouts, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks inherent in the natural gas and oil drilling and production activities, 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, 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 receipt of a “going concern” statement in our auditor’s report on our 2008 consolidated financial statements, and 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 and other risk factors described in Gastar’s Annual Report on Form 10-K and other filings with the SEC at www.sec.gov and on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.

The NYSE Amex and Toronto Stock Exchange have not reviewed and do not accept responsibility for the adequacy or accuracy of this release.

 - Financial Tables Follow -
 
5
 
GASTAR EXPLORATION LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

   
For the Three Months
  
   
Ended March 31,
  
   
2009
    
2008
  
   
(in thousands, except share
  
   
and per share data)
  
REVENUES:
            
Natural gas and oil revenues
   $ 13,461     $ 16,846  
Unrealized natural gas hedge loss
     (196 )     (1,413 )
Total revenues
     13,265       15,433  
                 
EXPENSES:
                
Production taxes
     157       269  
Lease operating expenses
     1,877       1,542  
Transportation and treating
     493       459  
Depreciation, depletion and amortization
     7,999       6,409  
Impairment of natural gas and oil properties
     68,729       -  
Accretion of asset retirement obligation
     87       82  
General and administrative expense
     2,958       4,275  
Total expenses
     82,300       13,036  
                 
INCOME (LOSS) FROM OPERATIONS
     (69,035 )     2,397  
                 
OTHER (EXPENSES) INCOME:
                
Interest expense
     (1,162 )     (2,096 )
Investment income and other
     13       823  
Foreign transaction loss
     (3 )     (37 )
                 
INCOME (LOSS) BEFORE INCOME TAXES
     (70,187 )     1,087  
Provision for income taxes
     -       -  
                 
NET INCOME (LOSS)
   $ (70,187 )   $ 1,087  
                 
NET INCOME (LOSS) PER SHARE:
                
Basic
   $ (0.34 )   $ 0.01  
Diluted
   $ (0.34 )   $ 0.01  
                 
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
                
Basic and diluted
     207,262,117       207,098,570  
 
6

GASTAR EXPLORATION LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

   
March 31,
    
December 31,
  
   
2009
    
2008
  
   
(Unaudited)
        
   
(in thousands)
  
ASSETS
            
             
Current Assets:
            
Cash and cash equivalents
   $ 18,863     $ 6,153  
Other
     13,031       18,386  
Total current assets
     31,894       24,539  
                 
Property, plant and equipment, net
     196,036       252,527  
Total other assets
     10,197       11,371  
Total assets
   $ 238,127     $ 288,437  
                 
LIABILITIES AND SHAREHOLDERS’ EQUITY
                
                 
Current Liabilities:
                
Other
   $ 26,353     $ 30,076  
Current portion of long-term debt
     174,717       151,684  
Total current liabilities
     201,070       181,760  
                 
Other long-term liabilities
     5,307       5,095  
Total shareholders’ equity
     31,750       101,582  
Total liabilities and shareholders’ equity
   $ 238,127     $ 288,437  

PRODUCTION AND PRICES

   
For the Three Months
  
   
Ended March 31,
  
   
2009
    
2008
  
             
Production:
            
Natural gas (MMcf)
     2,693       2,406  
Oil (MBbl)
     1       1  
Total (MMcfe)
     2,698       2,413  
                 
Total (MMcfed)
     30.0       26.5  
                 
Average sales prices:
                
Natural gas (per Mcf), including
                
impact of realized hedging activities
   $ 4.99     $ 6.96  
Oil (per Bbl)
   $ 39.47     $ 96.84  

7

CURRENT HEDGE POSITION

The following derivative transactions were outstanding with associated notional volumes and hedge prices for the index specified as of April 11, 2009:

Date
  
Period
  
Derivative
Instrument
(1)
  
Notional
Daily
Volume
Average
  
Total
Volume
Remaining
  
Base
Fixed
Price
  
Puts
  
Call
  
Index
  
Production
Area
Hedged
  
           
(MMBtu)
  
(MMBtu)
      
(MMBtu)
  
(MMBtu)
          
10/15/08
  
Cal 09
  
CC
  
5,000
  
1,375,000
        
$
8.00
  
$
12.05
  
Nymex-HH
  
TX
  
10/15/08
  
Cal 09
  
(P)
  
5,000
  
1,375,000
        
$
5.75
        
Nymex-HH
  
TX
  
01/29/09
  
Apr-Dec 09
  
P
  
14,994
  
4,123,453
        
$
5.00
        
Nymex-HH
  
TX/WY
  
05/05/09
  
Jan-Mar 10
  
CC
  
10,000
  
900,000
        
$
5.00
  
$
7.00
  
Nymex-HH
  
TX
  
05/05/09
  
Jan-Mar 10
  
(P)
  
10,000
  
900,000
        
$
3.50
        
Nymex-HH
  
TX
  
10/15/08
  
Cal 09
  
B
  
5,000
  
1,375,000
  
-$
0.3825
              
HSC (2)
  
TX
  
10/15/08
  
Cal 09
  
I
  
5,000
  
1,375,000
                    
HSC (2)
  
TX
  
02/12/09
  
Apr-Dec 09
  
B
  
2,000
  
550,000
  
-$
0.3750
              
HSC (2)
  
TX
  
03/16/09
  
Apr-Oct 09
  
B
  
2,000
  
428,000
  
-$
0.2800
              
HSC (2)
  
TX
  
03/25/09
  
Apr-Oct 09
  
B
  
2,000
  
428,000
  
-$
0.2850
              
HSC (2)
  
TX
  
11/14/08
  
Cal 09
  
B
  
1,500
  
412,500
  
-$
2.2200
              
CIG (3)
  
WY
  
11/21/08
  
Cal 09
  
B
  
1,000
  
275,000
  
-$
2.0200
              
CIG (3)
  
WY
  
02/12/09
  
Apr-Dec 09
  
B
  
850
  
233,750
  
-$
1.7500
              
CIG (3)
  
WY
  
04/07/09
  
Cal 10
  
B
  
1,000
  
365,000
  
-$
1.3100
              
CIG (3)
  
WY
  
04/07/09
  
Cal 11
  
B
  
1,000
  
365,000
  
-$
1.2100
              
CIG (3)
  
WY
  

(1)
CC = Costless collars.
(1)
B = Basis Swaps.
(1)
I = Index swaps; Gas Daily to IFERC Monthly Index.
(1)
P = Put purchased.
(1)
(P) = Put sold.
(2)
East-Houston-Katy — Houston Ship Channel.
(3)
Inside FERC Colorado Interstate Gas, Rocky Mountains.

# # #
 
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Exhibit 99.2
 
NEWS RELEASE
 
Company Contact:
Gastar Exploration Ltd.
J. Russell Porter, Chief Executive Officer
713-739-1800 / rporter@gastar.com
 
Investor Relations Counsel:
Lisa Elliott / Anne Pearson
DRG&E  : 713-529-6600
lelliott@drg-e.com / apearson@drg-e.com
 
FOR IMMEDIATE RELEASE

GASTAR EXPLORATION ANNOUNCES ADDITIONAL
EAST TEXAS DRILLING RESULTS

HOUSTON, May 12, 2009 - Gastar Exploration Ltd. (NYSE Amex: GST and TSX: YGA) today announced that it has successfully drilled the Wildman Trust #5 well, a lower Bossier test, to a total depth of 19,000 feet and has logged approximately 60 net feet of pay in five lower Bossier and one middle Bossier zones.  Gastar owns a 66.7% working interest before payout (54.5% net revenue interest before payout) in the Wildman Trust #5.
 
 “The Wildman Trust #5 log results confirm our geologic model for the lower Bossier and our analysis of the 3-D seismic data as we encountered over 31 feet in our primary B-5 and B-6 zones,” commented J. Russell Porter, Gastar’s President and Chief Executive Officer.  “As a result of continued improvements to our well design, we were able to drill the 19,000’ lower Bossier test in 84 days, reducing our gross dry hole cost in the well to $7.2 million.   With the repeatable well design savings and decreases in well completion costs, the gross all-in cost for the Wildman Trust #5 through the first two zone completions will be approximately $10 million.  We plan an initial completion in the two lowest Bossier zones and expect to place the well on production within the next 30 days.”
 
About Gastar Exploration
 
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 deep natural gas exploration and development with lower risk CBM and shale resource development.  The Company owns and operates exploration and development acreage in the deep Bossier gas play of East Texas and Marcellus Shale play in West Virginia and Pennsylvania.  Gastar’s CBM activities are conducted within the Powder River Basin of Wyoming and concentrated on more than 6 million gross acres controlled by Gastar and its joint development partners in Australia’s Gunnedah Basin (PEL 238, PEL 433 and PEL 434) located in New South Wales.  For more information, visit our web site 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 and Section 21E of the Securities Act of 1934.  A statement identified by the words “expects”, “projects”, “plans”, 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 the drilling of natural gas and oil wells, including risks of fire, explosion, blowouts, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks inherent in the natural gas and oil drilling and production activities, 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, 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 receipt of a “going concern” statement in our auditor’s report on our 2008 consolidated financial statements, and 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 and other risk factors described in Gastar’s Annual Report on Form 10-K and other filings with the SEC at www.sec.gov and on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.
 
The NYSE Amex US LLC and Toronto Stock Exchange have not reviewed and do not accept responsibility for the adequacy or accuracy of this release.

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