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Gastar’s 2013 Marshall County Plan: Drill More, Wait on Pipelines

Gastar loves Marshall County, WV. Why? They not only find just natural gas when they drill in Marshall, they also find “wet gas” or natural gas liquids too. Gastar plans to drill another 19 new wells in Marshall this year.

However, there is a cloud with Gastar’s silver lining: Lack of pipelines will mean Gastar needs to slow their drilling later this year. Here’s a quick update on Gastar’s Marshall County plans for 2013:

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Drilling Company CEOs Talk up WV Marcellus Shale at IOGA Meeting

The heads of several drilling companies spoke this week at the West Virginia Independent Oil and Gas Association (WV IOGA) in Charleston. They gushed with praise for the Marcellus Shale in West Virginia.

Among the speakers were the CEOs of Gastar, PetroEdge and EnerVest. A few of their comments:

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Gastar’s 2012 Update: 38 WV Marcellus Wells Now in Production

Today Gastar released 2012 numbers and an operational update for their drilling activities in the Marcellus Shale. Among the highlights: Gastar’s proved reserves increased 51% in 2012. By the end of last year, Gastar was operating 38 Marcellus Shale wells—all of them in the wet gas region of Marshall County, WV.

Here’s the rundown on the numbers, including an operational update, for Gastar’s Marcellus activities in 2012:

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Insider Look at Gastar’s WV Marcellus Operations, Changes in 2013

pull curtain back Gastar Exploration Ltd. is a Houston-based independent company engaged in exploration and production of natural gas, natural gas liquids, condensate and oil. Their current focus is on the Marcellus Shale play—specifically in West Virginia’s northern panhandle.

A recent interview with Gastar’s vice president of northeast operations, Michael McCown, pulled the curtain back on the company’s WV Marcellus results in 2012, and revealed their plans to change drilling locations in 2013:

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Gastar Issues Report on Marcellus Drilling Results/Strategy

Gastar Exploration Ltd. provided an update this morning on the results of its 2012 drilling operating operations in the Marcellus Shale. Gasstar says they currently operate 34 gross Marcellus Shale wells (in Marshall County, WV) and will up that number to 38 wells by the end of the year. They also discuss their Marcellus drilling strategy in the near-term, over the next several months:

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Gastar 2Q12 Update: Production Up 87% Mostly from WV Marcellus

Gastar Exploration released their second quarter earnings and operations update yesterday. They report production increased 87% from second quarter 2011—to 34.8 MMcfe per day. Most of the increase comes from drilling in the Marcellus Shale in Marshall County, WV. Gastar says it would have been even better were it not for problems with processing capacity and pipeline issues.

Here are the relevant sections from the Gastar update dealing with the Marcellus Shale:

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Marcellus Shale Plays Starring Role in Gastar Q1 Results

Gastar Exploration released first quarter operating results and financials yesterday. Among the news for Gastar: although they had a net loss of $6.3 million for the first quarter, their production of natural gas, oil and natural gas liquids was up 32 percent from the first quarter of last year. Why the huge increase in production?

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Gastar’s Marcellus Production has Huge Increase in Q411

Gastar Exploration released fourth quarter 2011 results yesterday. The fourth quarter was very good for Gastar in the Marcellus, with a 1700 percent increase in average daily gas production from fourth quarter 2010, and a 179 percent increase from just the previous (third) quarter 2011. As is typical of other companies, Gastar is dedicating $88.9 million of a planned $103 million Marcellus budget (86 percent) for drilling in the liquids-rich area of the Marcellus.

Here’s the Marcellus play update from the Gastar press release:

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Potential Cracker Plant Site in WV Leased for Drilling

One of the possible locations for a new ethane cracker plant in West Virginia is a 1400-acre parcel of land owned by Bayer Corp. located on the border of Marshall and Wetzel counties. Ahead of an announcement on a cracker plant, Bayer has decided to move forward with leasing the New Martinsville plant for shale gas drilling to Gastar Exploration in a deal expected to net Bayer $30 million over 30 years.

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Gastar Marcellus Wells: Strong Production, Lots of Liquids

Gastar Exploration gives the following operational update on their drilling activities in the Marcellus Shale in Marshall and Preston counties in West Virginia, and Butler County in Pennsylvania. Most of Gastar’s Marcellus activity is concentrated in Marshall County, WV, where they plan to complete 24 horizontal wells by the end of 2012.

From the Gastar press release:

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Gastar Marcellus Operations Update – 19 Wells by Year’s End

Gastar Exploration, a Houston-based driller with operations in the Marcellus recently released its third quarter report. By the end of this year, Gastar says it will have nine Marcellus wells in full production and online with another 10 wells drilled and awaiting completion. Weather damage to a pipeline caused a decrease in output for two wells for about a month (end of September to end of October). Details of Gastar’s Marcellus operations in West Virginia and Pennsylvania follow:

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Gastar Exploration’s 42,000 Acres in the Marcellus – No Development Until a Partner is Found

Energy company Gastar Exploration reports the following about their Marcellus commitment in a recent quarterly financial filing:

In the Marcellus Shale we hold approximately 42,000 net acres in northern West Virginia and southwestern Pennsylvania. To date, we have drilled 10 shallow wells, which will allow us to hold the related leases with production. Currently, we are seeking a joint venture partner to help us further develop this play. We do not expect to drill additional shallow wells until we secure a joint venture partner or until natural gas prices improve. We will continue to maintain our leases through renewals, extensions and renegotiations of drilling commitments.

Read the press release: Gastar Exploration Reports Fourth Quarter and Full Year 2008 Financial and Operational Results