Key Developments: Gastar Exploration Ltd (GST)
2.90USD
23 May 2013
$0.01 (+0.35%)
$2.89
$2.84
$2.91
$2.75
472,839
898,929
$3.26
$0.70
Latest Key Developments (Source: Significant Developments)
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
Gastar Exploration Ltd Declares Monthly Cash Dividend on 8.625% Series A Preferred Stock of Gastar Exploration USA, Inc.
Gastar Exploration Ltd announced that the wholly-owned subsidiary of Gastar, has declared a monthly cash dividend on its 8.625% Series A Preferred Stock (Series A Preferred Stock) for November 2012. The dividend on the Series A Preferred Stock is payable on November 30, 2012 to holders of record at the close of business on November 15, 2012. Full Article
Gastar Exploration Ltd Declares Monthly Cash Dividend on 8.625% Series A Preferred Stock of Gastar Exploration USA, Inc.
Gastar Exploration Ltd announced that the wholly-owned subsidiary of Gastar, has declared a monthly cash dividend on its 8.625% Series A Preferred Stock (Series A Preferred Stock) for October 2012. The dividend on the Series A Preferred Stock is payable on October 31, 2012 to holders of record at the close of business on October 15, 2012. Full Article
Gastar Exploration Limited Issues Q3 2012 Production Guidance
Gastar Exploration Limited announced that for third quarter of 2012, it expects production to be in the range of 35-37 MMcfe per day. Full Article
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