Gastar Exploration Announce Sale of Hilltop Resort Gathering System for Net Proceeds of Approximately $21.7 Million
Ft Lauderdale, Florida 11/18/2009 12:00 AM GMT (TransWorldNews)
Gastar Exploration Ltd. (AMEX: GST) announced the sale of their majority interest in the Hilltop Resort Gathering System to US Infrastructure LP. Signing of the agreements and closing of the sale occurred simultaneously. The Hilltop Resort Gathering System is comprised of 20 miles of natural gas pipeline. The pipeline is connected to 24 Gastar-operated wells, which produce from the middle and lower Bossier and Knowles formations in East Texas. The company received net proceeds of about $21.7 million from the sale of these assets.
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About Gastar Exploration Ltd.
Gastar Exploration Ltd. is an exploration and production company focused on finding and developing natural gas assets in North America. The Company pursues a strategy combining deep natural gas exploration and development with lower risk shale resource and CBM 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.
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