Gastar Exploration Agrees to Sell $100 Million of 12 3/4% Senior Secured Notes

    HOUSTON, November 16 /CNW/ - Gastar Exploration Ltd. (AMEX:  GST) and
(TSX:YGA) today announced that its wholly owned subsidiary, Gastar Exploration
USA, Inc., has agreed to sell $100 million aggregate principal amount of 12
3/4% senior secured notes due 2012 at an issue price of 99.50% (the "Notes")
in a private placement to qualified institutional buyers pursuant to Rule 144A
of the Securities Act of 1933, as amended (the "Act"), to non-U.S. persons
outside the United States under Regulation S of the Act and to institutional
accredited investors within the meaning of Rule 501(a) of the Act. Estimated
proceeds from the offering of $92.8 million, net of fees and expenses, will be
used to repay existing indebtedness and for general corporate purposes. The
closing of the private placement is subject to customary closing conditions.

    The Notes have not been registered under the Securities Act of 1933, as
amended (the "Act"), and unless so registered, may not be offered or sold in
the United States absent registration or an applicable exemption from the
registration requirements of the Act and applicable state laws.

    This announcement does not constitute an offer to sell, or the
solicitation of offers to buy, any security and shall not constitute an offer,
solicitation or sale of any security in any jurisdiction in which such offer,
solicitation or sale would be unlawful.

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

For further information:

For further information: Gastar Exploration Ltd. Michael Gerlich, Vice
President and CFO, 713-739-1800 or Investor Relations
Counsel: DRG&E Lisa Elliott, 713-529-6600 Anne Pearson,

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