HOUSTON, March 27, 2014 /CNW/ - Gastar Exploration Inc. ("Gastar") (NYSE MKT: GST) today announced that the applicable provincial securities commissions in Canada have issued a decision (the "Decision") which has the effect of granting Gastar continued exemptive relief from the disclosure requirements contained in Canada's National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). Gastar obtained similar exemptive relief in December 2011, but was required to obtain the current Decision as a result of the facts underlying the original exemptive relief changing due to Gastar's recent migration out of Canada to Delaware and the subsequent merger of Gastar Exploration, Inc. and Gastar Exploration USA, Inc.
As a result of the Decision, and provided that certain conditions set out in the Decision are met on an on-going basis, Gastar will continue to not be required to comply with the Canadian requirements of NI 51-101. In lieu of such, Gastar is permitted to provide, and does currently provide, disclosure in respect of its oil and gas activities in accordance with the legal requirements of the United States Securities Act of 1933, the United States Securities Exchange Act of 1934, the United States Sarbanes-Oxley Act of 2002 and the rules and regulations of the United States Securities and Exchange Commission ("SEC") and the NYSE MKT (collectively, "U.S. Rules"). Gastar will continue to file such disclosure with the appropriate Canadian securities commissions as soon as practicable after such disclosure is filed with the SEC.
Gastar Exploration Inc. is an independent energy company engaged in the exploration, development and production of oil, natural gas, condensate and natural gas liquids in the United States. Gastar's principal business activities include the identification, acquisition, and subsequent exploration and development of oil and natural gas properties with an emphasis on unconventional reserves such as shale resource plays. Gastar is currently pursuing the development of liquids-rich natural gas in the Marcellus Shale in West Virginia and is also in the early stages of exploring and developing the Hunton Limestone horizontal oil play in Oklahoma. For more information, visit Gastar's website 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, as amended, and Section 21E of the Securities Act of 1934, as amended. 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.
Gastar Exploration Inc.
Michael A. Gerlich, Chief Financial Officer
713-739-1800 / [email protected]
SOURCE: Gastar Exploration Inc.
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