Gastar Exploration Ltd. (GST) Announces Marcellus Shale Leasehold Purchase

By @ibtimes on

Gastar Exploration Ltd. announced the purchase of mineral leasehold in the Appalachian Basin that is prospective for oil and gas. This was the company’s second purchase of acreage in recent months within the region.

Gastar Exploration Ltd. said that it has purchased 3,300 gross acres of leasehold in partnership with Atinum Marcellus I LLC. The two entities are involved in a joint venture in the basin.

Gastar Exploration Ltd. said that the leasehold is located in Marshall County, West Virginia, and the two companies will be targeting the Marcellus Shale formation in that area. Wells here contain natural gas and a high level of natural gas liquids.

The acquired acreage is located on the site of a chemical plant owned by PPG Industries (PPG), and has thirty potential drilling locations. The company plans to start drilling in the last six months of 2011.

In December 2010, Gastar Exploration Ltd. closed on the acquisition of 62,000 net acres of mineral leasehold for $29.1 million. The acreage is located in several different counties in West Virginia, and was producing 500,000 cubic feet per day of natural gas on the date of purchase.

Gastar Exploration Ltd. also purchased a forty one mile natural gas gathering system and a salt water disposal well in the deal.

For more information on the company, go to www.gastar.com

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