The acquisition also includes approximately 17,000 net acres held by production, a gathering system comprised of 41 miles of six inch steel pipeline, a salt water disposal well, and five conventional wells producing approximately 500mcf per day (gross) of natural gas.
Gastar president and CEO Russell Porter said that with the completion of this acquisition, the company now holds approximately 80,000 net acres in the Marcellus Shale making it one of the most highly leveraged companies to the Marcellus Shale based on net acres related to enterprise value.
"On the newly acquired acreage, we plan to drill two horizontal wells in 2011 near our previous successful vertical well testing," Porter said.
"The proposed drilling activity should further de-risk and demonstrate the long-term growth potential of this acreage."
