Gastar Exploration Ltd. reported on the progress of the company’s development program on its oil and gas properties in Texas, where the company is developing the Bossier formation.
Gastar Exploration finished drilling the Belin #2 well to a depth of 19,650 feet and successfully reached the targeted formation. The well encountered 130 feet of net pay in five separate sand intervals at the site.
Gastar Exploration plans to complete the well in two of the five zones and hopes to have production from one of the zones by April 2011. The company said that this development plan is subject to the availability of hydraulic fracturing services in the area.
Gastar Exploration said that the Belin #2 well is expected to cost $11 million to drill and complete. The company has a before payout net revenue interest of 50% in this well.
Gastar Exploration has 19,200 net acres under lease that is prospective for the Bossier sands formation. This acreage is located in Leon and Robertson counties in Texas, and is 100% operated by the company. Gastar Exploration Ltd. drilled its first well here in 2001 and has drilled more than two dozen wells to date.
For more information on the company, go to www.gastar.com