- Gastar Exploration (NYSEMKT:GST +10.8%) secures a securities purchase agreement with funds managed by affiliates of Ares Management that provides for $425M in new financing.
- GST says it plans to use the funds to fully repay its existing $70M revolving credit facility and redeem $325M in senior secured notes due May 2018.
- GST also announces well results from recent STACK drilling activities, saying it has drilled and completed eight wells and has drilled but not yet completed another eight wells.