Banks Recertify Gastar Exploration’s $200M Line of Credit

line of creditGastar Exploration, which concentrates its shale drilling program in Oklahoma and West Virginia, earlier this year announced they would not drill any new wells in the Marcellus/Utica until commodity prices in Appalachia improve (see Gastar 1Q15: NE Production Up 5%, No New Marcellus Wells in 2015). They reaffirmed that strategy in August (see Earnings Call Reveals More Details on Gastar’s Marcellus/Utica Plans). Even though they are not currently drilling any new wells in our neck of the woods, the company continues to drill in the Midcontinent, and they continue to need money to keep the doors open. Yesterday Gastar announced their bankers have performed a review and have certified the company worthy to continue maintaining a $200 million line of credit from which they can borrow for drilling and other purposes. Currently Gastar has borrowed $65 million of the $200 million available credit line…

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