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