Gastar Exploration Announces Successful Lone Oak Ranch #2 Bossier Well



    HOUSTON, March 29 /CNW/ - Gastar Exploration Ltd. (AMEX:  GST) (TSX:YGA) is
pleased to announce that it has drilled the Lone Oak Ranch #2 well ("LOR #2")
located in Leon County, Texas to a total depth of 18,100 feet. Based on
preliminary analysis of electric logs and gas shows encountered during
drilling, the well encountered approximately 36 net feet of apparent pay in
two Bossier sands. Gastar is in the process of installing a 5-inch string of
casing to 18,100 feet and will then begin initial completion and testing of
the Bossier pay zones. The completion activities are expected to take
approximately 30 days and, if successful, initial production is expected by
late April 2007. Gastar has a 50% after casing point ("ACP") working interest,
with Chesapeake Energy Corporation (NYSE:  CHK) and a private exploration and
production company each owning a 25% ACP working interest.

    Gastar is currently drilling the Wagner #1 well, a Bossier test
offsetting two successful Bossier wells drilled by ConocoPhillips and expects
to reach total depth in approximately five days. Gastar is also currently
drilling the Donelson #3 well, another Bossier test that offsets the earlier
successful Donelson #1 well drilled by Gastar. The Donelson #3 well is
expected to reach total depth in approximately 35 days.

    Gastar's President and Chief Executive Officer, J. Russell Porter,
commented, "Gross production from the Bossier area is continuing to grow with
the recently announced completion of the John Parker #2, Williams #1 and
Wildman Trust #2 wells. We expect a successful completion of the LOR #2 well
will add to our production growth for the second quarter 2007 and continue the
trend of economic Bossier completions."

    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 balanced 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 upon the approximate
3.0 million gross acres controlled by Gastar and its joint development
partners in Australia's Gunnedah Basin, PEL 238 in New South Wales and the
Gippsland Basin in Victoria, Australia.

    Safe Harbor Statement and Disclaimer:

    This Press 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 31, 2006 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.




For further information:

For further information: Gastar Exploration Ltd., Houston J. Russell
Porter, 713-739-1800 Fax: 713-739-0458 rporter@gastar.com www.gastar.com

Organization Profile

GASTAR EXPLORATION, LTD.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890