Key Developments: Gastar Exploration Ltd (GST.A)
3.45USD
2 Aug 2013
$0.07 (+2.07%)
$3.38
$3.40
$3.45
$3.38
8,476
83,437
$3.70
$0.70
Latest Key Developments (Source: Significant Developments)
Gastar Exploration Ltd Announces Agreement To Sell Interest In Non-Core Oklahoma Acreage For $62 million
Gastar Exploration Ltd announced that it has signed a purchase and sale agreement (PSA) with an undisclosed third party for the sale of Gastar's interests in approximately 76,000 net acres in Kingfisher and Canadian counties, Oklahoma for approximately $62.0 million in cash. The agreement also provides for the trading of certain acreage between Gastar and the third party to create more concentrated acreage blocks for both parties. The transaction is subject to customary closing conditions and is expect to close in mid-third quarter of 2013. Full Article
Gastar Exploration Ltd Announces Closing Of Mid-Continent Acquisition, Share Repurchase And Litigation Settlement With Chesapeake Energy Corp
Gastar Exploration Ltd announced that it has closed its previously announced acquisition of proven reserves and undeveloped leasehold interests in Kingfisher and Canadian Counties, Oklahoma from Chesapeake Energy Corp (Chesapeake), repurchase of 6,781,768 outstanding shares of the Company's common stock currently held by Chesapeake and settlement of all litigation. The purchase price of $84 million, effective October 1, 2012, is subject to adjustment for customary due diligence items. The Mid-Continent acquisition, share repurchase and litigation settlement were funded with proceeds from the $200 million private placement of debt securities closed on May 15, 2013. Full Article
Gastar Exploration Ltd Announces Extension of East Texas Property Sale Closing
Gastar Exploration Ltd announced that the closing of the previously announced sale of Gastar's East Texas properties to Cubic Energy has been extended to June 28, 2013 with a termination date of July 12, 2013 in order to allow Cubic Energy additional time to finalize financing for the transaction. As compensation for the extension of the closing date, the parties have agreed to reduce certain identified due diligence negative adjustments to the purchase price by $350,000. Full Article
Gastar Exploration Ltd Prices Private Placement Of $200 Million Of 8.625% Senior Secured Notes Due 2018
Gastar Exploration USA (Gastar USA), a subsidiary of Gastar Exploration Ltd. announced the private placement of $200 million aggregate principal amount of senior secured notes due 2018 (the Notes). The 8.625% Notes were priced at par. The sale of the Notes is expected to close on May 15, 2013, subject to customary closing conditions. Gastar USA intends to use the net proceeds from the offering of the Notes to: finance the purchase price for its separately announced pending acquisition of Mid-Continent assets from Chesapeake Energy Corporation (Chesapeake), repurchase 6,781,768 shares of Gastar's common stock held by Chesapeake and settle all current litigation with Chesapeake, repay in full outstanding borrowings under its existing revolving credit facility and for general corporate purposes. Net proceeds will be held in escrow pending the closing of the transactions with Chesapeake. Full Article
Gastar Exploration Ltd Issues Q2 2013 Production Guidance
Gastar Exploration Ltd announced that for the second quarter of 2013, it expects net average production guidance of 52-55 MMcfe per day. Full Article
Gastar Exploration Ltd Announces Sale of East Texas Assets to Cubic Energy Inc
Gastar Exploration Ltd announced that it has entered into a definitive agreement to sell its East Texas assets to Cubic Energy Inc for $46.0 million, subject to customary closing adjustments. The transaction is expected to close on or before June 5 2013, with a property sale effective date of January 1, 2013. The assets to be sold include approximately 31,800 gross (16,300 net) acres in the Hilltop area of East Texas in Leon and Robertson Counties. For the three months ended December 31, 2012, net production from the Hilltop area averaged approximately 12.4 MMcfe/d. At December 31, 2012, proved reserves attributable to the Hilltop area were approximately 27.4 Bcfe, of which 100% are classified as proved developed and represented approximately 15% of Gastar's total proved reserves. The closing of the proposed property sale is subject to satisfaction of customary closing conditions. Proceeds from the transaction will initially be used to reduce Gastar's outstanding balance under its revolving credit facility. Management anticipates that this transaction will result in a net increase in the Company's liquidity position of approximately $25 million. Full Article
Gastar Exploration Ltd Lowers Q1 2013 Production Guidance
Gastar Exploration Ltd announced that for the first quarter of 2013, it is reducing its average daily production guidance to 38 MMcfe to 41 MMcfe, versus 41 MMcfe to 43 MMcfe per day. Full Article
Gastar Exploration Ltd Issues Q1 2013 Production Guidance
Gastar Exploration Ltd announced that for the first quarter of 2013, it expects net production to be in the range of 41-43 MMcfe per day. Full Article
Gastar Exploration Ltd Announces Election Of John M. Selser As Chairman Of Board Of Directors
Gastar Exploration Ltd announced that Mr. John M. Selser has been elected Chairman of Gastar's Board of Directors replacing Mr. Floyd Price who has resigned from Gastar's Board due to the increased demands related to his board positions with several other public and private exploration and production companies. Full Article
Gastar Exploration Ltd Issues Q4 2012 Production Guidance-Conference Call
Gastar Exploration Ltd announced that for the fourth quarter of 2012, it expect total company production to average between 38 and 40 million cubic feet equivalent per day. This production guidance assumes that midstream issues in the Marcellus will continue to improve, but downtime or line pressure curtailments, included in guidance, are projected to negatively impact Marcellus's production by approximately 8%. Full Article

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