HOUSTON, June 1 /PRNewswire-FirstCall/ -- Gastar Exploration Ltd. (NYSE Amex: GST and TSX: YGA) today announced that it has completed the Wildman Trust #5 well in one lower Bossier zone at a restricted gross sales rate of approximately 15 MMcfd with over 12,000 psi of flowing casing pressure. Gastar 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 well is completed in only the deepest lower Bossier zone and the sales rate is being restricted,' commented J. Russell Porter, Gastar's President and Chief Executive Officer. 'The zone currently completed has tested at over 25 MMcfd and is capable of higher rates. As a result of the high rate capable from this zone, we have decided to delay any further completions on the well and will reserve the deliverability available from the behind pipe zones to be produced when natural gas prices are more attractive. The Wildman Trust #5 was drilled and completed for approximately $9.5 million.'
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 partner 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.
