Gastar Exploration closes sale of non-core acreage in Oklahoma
HOUSTON -- Gastar Exploration Inc. has announced that it has completed the previously announced sale of its interest in the West Edmond Hunton Lime Unit (WEHLU) for $107.5 million, adjusted for the effective date of Oct. 1, 2017 and resulting in net cash proceeds of $98.8 million at closing. The WEHLU encompasses only the Upper and Lower Hunton producing formations and is primarily located in Oklahoma and Logan counties, Oklahoma.
Michael A. Gerlich, Gastar's senior V.P. and CFO, commented, "The completion of this asset divestiture allows Gastar to redirect funds from a non-core asset to the drilling of operated Osage and Meramec wells on our 67,000 net surface acres in our core STACK position. This level of activity will allow us to continue to both delineate our acreage for the Osage and Meramec formations, as well as hold our acreage by production."
