Gastar Exploration Ltd. today announced that it has successfully drilled the Wildman Trust #5 well, a lower Bossier test, to a total depth of 19,000 feet and has logged approximately 60 net feet of pay in five lower Bossier and one middle Bossier zones. Gastar owns a 66.7% working interest before payout (54.5% net revenue interest before payout) in the Wildman Trust #5.
"The Wildman Trust #5 log results confirm our geologic model for the lower Bossier and our analysis of the 3-D seismic data as we encountered over 31 feet in our primary B-5 and B-6 zones," commented J. Russell Porter, Gastar's President and Chief Executive Officer. "As a result of continued improvements to our well design, we were able to drill the 19,000' lower Bossier test in 84 days, reducing our gross dry hole cost in the well to $7.2 million. With the repeatable well design savings and decreases in well completion costs, the gross all-in cost for the Wildman Trust #5 through the first two zone completions will be approximately $10 million. We plan an initial completion in the two lowest Bossier zones and expect to place the well on production within the next 30 days."
About Gastar Exploration
Gastar Exploration Ltd. is an exploration and production company focused on finding and developing natural gas assets in North America and Australia. The Company pursues a strategy combining deep natural gas exploration and development with lower risk CBM and shale resource development. The Company owns and operates exploration and development acreage in the deep Bossier gas play of East Texas and Marcellus Shale play in West Virginia and Pennsylvania. Gastar's CBM activities are conducted within the Powder River Basin of Wyoming and concentrated on more than 6 million gross acres controlled by Gastar and its joint development partners in Australia's Gunnedah Basin (PEL 238, PEL 433 and PEL 434) located in New South Wales.
Company Contact:
Gastar Exploration Ltd.
J. Russell Porter, Chief Executive Officer
713-739-1800 / rporter@gastar.com
Investor Relations Counsel:
Lisa Elliott / Anne Pearson
DRG&E : 713-529-6600
lelliott@drg-e.com / apearson@drg-e.com
source yahoo
"The Wildman Trust #5 log results confirm our geologic model for the lower Bossier and our analysis of the 3-D seismic data as we encountered over 31 feet in our primary B-5 and B-6 zones," commented J. Russell Porter, Gastar's President and Chief Executive Officer. "As a result of continued improvements to our well design, we were able to drill the 19,000' lower Bossier test in 84 days, reducing our gross dry hole cost in the well to $7.2 million. With the repeatable well design savings and decreases in well completion costs, the gross all-in cost for the Wildman Trust #5 through the first two zone completions will be approximately $10 million. We plan an initial completion in the two lowest Bossier zones and expect to place the well on production within the next 30 days."
About Gastar Exploration
Gastar Exploration Ltd. is an exploration and production company focused on finding and developing natural gas assets in North America and Australia. The Company pursues a strategy combining deep natural gas exploration and development with lower risk CBM and shale resource development. The Company owns and operates exploration and development acreage in the deep Bossier gas play of East Texas and Marcellus Shale play in West Virginia and Pennsylvania. Gastar's CBM activities are conducted within the Powder River Basin of Wyoming and concentrated on more than 6 million gross acres controlled by Gastar and its joint development partners in Australia's Gunnedah Basin (PEL 238, PEL 433 and PEL 434) located in New South Wales.
Company Contact:
Gastar Exploration Ltd.
J. Russell Porter, Chief Executive Officer
713-739-1800 / rporter@gastar.com
Investor Relations Counsel:
Lisa Elliott / Anne Pearson
DRG&E : 713-529-6600
lelliott@drg-e.com / apearson@drg-e.com
source yahoo
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