Gastar stated that certified gross gas reserves were 185 billion cubic feet (Bcf), including 21Bcf of gross proved reserves as of December 31, 2007, compared to 59Bcf as of September 1, 2007, of which the same 21Bcf was certified as proved reserves as determined under Society of Petroleum Engineers guidelines.
Gastar owns a 35% working interest or approximately 31% net revenue interest in the project, while Eastern Star Gas, the project’s operator, holds the remaining interest.
Russell Porter, Gastar’s president and CEO, said: The increase in certified proved and probable reserves to 185Bcf is a major step towards establishing the required reserves to meet projected commitments under the memorandums of understanding executed with Macquarie Generation for up to 500Bcf and Babcock & Brown for up to 40Bcf per year.
