8-K

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                                  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): September 27, 2007
                              (September 27, 2007)


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


       ALBERTA, CANADA                001-32714                  38-3324634
(State or other jurisdiction         (Commission                (IRS 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)

                                       N/A
          (Former name or former address, if changed since last report)


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:

|_|  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))

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SECTION 7 - REGULATION FD

ITEM 7.01 REGULATION FD DISCLOSURE

     On September 27, 2007, Gastar Exploration Ltd. announced the results of an
independent reserves study for its PEL 238 Bohena coal seam gas project in New
South Wales, Australia.

     The press release is attached as Exhibit 99.1 and is being furnished solely
pursuant to Item 7.01 of this report.

SECTION 9 - FINANCIAL STATEMENTS AND EXHIBITS

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d)  Exhibits

The following is a list of exhibits furnished as part of this Form 8-K:

Exhibit No.                      Description of Document
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   99.1         Press release dated September 27, 2007.


                                   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: September 27, 2007               By: /s/  J. RUSSELL PORTER
                                           -------------------------------------
                                           J. Russell Porter
                                           President and Chief Executive Officer

                                      -2-



                                  EXHIBIT INDEX

Exhibit No.                      Description of Document
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   99.1         Press release dated September 27, 2007.


                                      -3-

EX-99.1

                                                                    Exhibit 99.1

      Gastar Exploration Announces Independent Reserves Certification for
             PEL 238 Bohena Coal Seam Gas Project in NSW, Australia

     HOUSTON--(BUSINESS WIRE)--Sept. 27, 2007--Gastar Exploration Ltd.
(AMEX:GST) (TSX:YGA) announced today that Proved and Probable (2P) gas reserves
in the Bohena Project Area of PEL 238, located in New South Wales, Australia,
have been independently estimated by Netherland Sewell & Associates, Inc.
Initial gross 2P gas reserves total 59 Bcf, including 21 Bcf of gross Proved
(1P) reserves.

     "This is a major milestone for the PEL 238 coalbed methane project and the
first step in an ongoing process to prove up the existence of significant gas
reserves to underwrite gas supply commitments for local markets," said J.
Russell Porter, Gastar's President and CEO.

     "Demand for natural gas as a clean-burning alternative to coal for power
generation in Australia is very strong, and the recognition of Proved and
Probable gas reserves is a positive development for the project and for the
asset value that Gastar believes will be created through future activities.

     "The Proved and Probable reserves recognized covers less than 1 percent of
the acreage known to be underlain by coals within PEL 238, and we believe that
reserve certification on the remaining project acreage involves low geologic
risk, based on results of previous drilling and core work on our acreage," he
said.

     Gastar and its operating joint venture partner, Eastern Star Gas, executed
a memorandum of understanding in March 2007 to potentially supply up to 500 Bcf
of gas to the New South Wales government-owned electricity generator Macquarie
Generation.

     Mr. Porter added, "The joint venture's goal is to increase the
independently estimated gross gas reserves within PEL 238 to 600 Bcf by 2010 in
order to be in a position to deliver initial gas volumes into the Macquarie
contract or to one of several other gas contracts currently under consideration.
Plans for additional production pilots and core hole drilling programs are being
finalized as a part of the process to obtain future independent gas reserves
certifications on PEL 238."

     Gastar owns a 35% working interest (31% net revenue interest) in the
project, and Eastern Star Gas, the operator, holds a 65% working interest (57%
net revenue interest).

     The United States Securities and Exchange Commission (the "SEC") has
generally permitted natural gas and oil companies, in their filings with the
SEC, to disclose only proved reserves that a company has demonstrated by actual
production or conclusive formation tests to be economically and legally
producible under existing economic and operating conditions. We use the terms
"Probable (2P) gas reserves", "gross 2P gas reserves", or other descriptions of
volumes of hydrocarbons that the SEC guidelines may prohibit us from including
in filings with the SEC. Estimates of probable gas reserves do not reflect
volumes that are demonstrated as being commercially or technically recoverable.
Even if commercially or technically recoverable, a significant recovery factor
would be applied to these volumes to determine estimates of volumes of proved
reserves. Accordingly, these estimates are by their nature more speculative than
estimates of proved reserves and accordingly are subject to substantially
greater risk of being actually realized by the Company.

     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 select higher risk, deep natural gas
exploration prospects with lower risk coalbed 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 5 million gross acres
controlled by Gastar and its joint development partners in Australia's Gunnedah
Basin, PEL 238, 433 and 434, located in New South Wales, and the Gippsland
Basin, EL 4416, located in Victoria. 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 press release.
These include risks inherent in the drilling of natural gas and oil wells,
including risks of fire, explosion, blowout, pipe failure, casing collapse,
unusual or unexpected formation pressures, environmental hazards, and other
operating and production risks inherent in 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 oil and natural gas prices, a material decline in which
could cause the Company to delay or suspend planned drilling operations or
reduce production levels; 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 the Company's Annual Report on Form 10-K, as
filed on March 27, 2007 with the United States Securities and Exchange
Commission at www.sec.gov and on the System for Electronic Document Analysis and
Retrieval (SEDAR) at www.sedar.com.

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


     CONTACT: Gastar Exploration Ltd.
              J. Russell Porter, Chief Executive Officer, 713-739-1800
              rporter@gastar.com
              or
              Investor Relations Counsel:
              DRG&E
              Lisa Elliott, 713-529-6600
              lelliott@drg-e.com
              Anne Pearson, 713-529-6600
              apearson@drg-e.com