Gastar Exploration Announces Additional East Texas Drilling Results

    HOUSTON, May 12 /CNW/ -- Gastar Exploration Ltd. (NYSE Amex:   GST; 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

    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 and on the
System for Electronic Document Analysis and Retrieval (SEDAR) at

    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.

    Company Contact:
    Gastar Exploration Ltd.
    J. Russell Porter, Chief Executive Officer
    713-739-1800 /

    Investor Relations Counsel:
    Lisa Elliott / Anne Pearson
    DRG&E  : 713-529-6600 /


For further information:

For further information: J. Russell Porter, Chief Executive Officer of
Gastar Exploration Ltd., +1-713-739-1800,; or Investor
Relations Counsel, Lisa Elliott,, or Anne Pearson,, both of DRG&E, +1-713-529-6600, for Gastar Exploration
Ltd. Web Site:

Organization Profile


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