HOUSTON, Feb. 22, 2016 /PRNewswire/ — Gastar Exploration Inc. (NYSE MKT: GST) (“Gastar”) today announced that it has entered into a definitive purchase and sale agreement (“PSA”) to sell certain Appalachian Basin assets primarily located in Marshall and Wetzel Counties, West Virginia. Gastar also provided a summary of the Company’s year-end 2015 reserves, updated fourth quarter 2015 results, preliminary pro forma first quarter 2016 guidance and an update on its Meramec well activity.
- Gastar has entered into a PSA with an affiliate of Tug Hill Inc. for the sale of certain of its Marcellus Shale and Utica/Point Pleasant properties for $80.0 million, subject to customary closing adjustments. The sale includes substantially all of Gastar’s producing assets and proved reserves and a significant portion of its undeveloped acreage in the Appalachian Basin. The sale is expected to close on or before March 31, 2016, subject to customary closing conditions including certain required lessor consents to assign, with an effective date ofJanuary 1, 2016. Proceeds will be used to reduce borrowings under Gastar’s revolving credit facility.