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Friday, Sep 6
Gastar to pay $187.5M for controlling stake in Oklahoma limestone field
- Gastar Exploration (GST) agrees to acquire a 98.3% working interest and 80.5% percent net revenue interest in 24K acres of the West Edmund Hunton Lime Unit in central Oklahoma for $187.5M.
- GST says the property is producing ~1,200 bbl/day of oil, 2.7M cf/day of natural gas and 428 bbl/day of natural gas liquids; it estimates proved reserves of 11.1M bbl worth $191.3M at recent prices.
- The land is near other property GST acquired earlier this year from Chesapeake Energy.
- GST +2.7% premarket.