Gastar Exploration Ltd. issued second quarter of 2010 financial results and an operations update on the company’s quarterly exploration and development activity on its oil and gas properties in the United States.
Gastar Exploration Ltd. reported a net loss of $2.5 million, or ($0.05) per share in the second quarter of 2010, ending 6/30/2010. The company lost $2.4 million, or ($0.05) per share in the corresponding quarter of 2009. Both quarters included an unrealized loss from the company’s derivatives activity.
Gastar Exploration Ltd. reported a sharp decline in production on a year over year basis. The company reported production that averaged 15.8 million cubic feet of natural gas equivalent per day during the second quarter of 2010, compared to production that averaged 25.6 million cubic feet of natural gas equivalent per day in the second quarter of 2009.
The company blamed the decline on mechanical and other problems with two wells in Texas that delayed production. Both wells are now producing to sales.
Gastar Exploration Ltd. used $9.2 million in capital during the second quarter of 2010, and expects to spend $35.3 million for the balance of the year.
Gastar Exploration Ltd. is an oil and gas exploration and development company focused exclusively on the United States. The company has acreage in several well known domestic areas including the Powder River Basin, Appalachia and East Texas.
For more information on the company, go to http://www.gastar.com/