Did anyone see the article below on Houston based Gastar Exploration LLC. They bought a big chunk of Chesapeaks reserves in Oklahoma and are opening an office in Oklahoma City Next month.
Gastar Exploration completes purchase
By Journal Record Staff
Posted: 11:55 PM Friday, June 7, 2013
OKLAHOMA CITY – Houston-based Gastar Exploration has completed the purchase of proven reserves and undeveloped leasehold interests in Kingfisher and Canadian counties from Chesapeake Energy Corp. for $84 million.
Gastar also repurchased 6,781,768 outstanding shares of common stock held by Oklahoma City-based Chesapeake and settled of all litigation.
The Mid-Continent acquisition, share repurchase and litigation settlement were funded with proceeds from the $200 million private placement of debt securities closed on May 15.
Michael McCown will assume the position of senior vice president and chief operating officer and will be responsible for operations in the Marcellus Shale and Hunton Limestone areas. Michael Gerlich will continue as Gastar’s chief financial officer and has been promoted to senior vice president.
“The acquisition of the additional interests in Oklahoma significantly enhances Gastar’s position in the Hunton Limestone oil play and increases our potential resource exposure to over 100 million barrels equivalent,” said J. Russell Porter, Gastar’s president and CEO. “Gastar is now positioned in two plays, the Marcellus Shale and Hunton Limestone, that we believe provide the opportunity for drill repeatable wells that generate attractive returns.”
Gastar plans to open an office in Oklahoma City in July.
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