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Gastar Exploration to buy STACK oil and gas leasehold for $51M

Mar. 22, 2017 4:58 PM ETGastar Exploration Inc. (GST) StockBy: Carl Surran, SA News Editor5 Comments
  • Gastar Exploration (NYSEMKT:GST) +3.7% AH after agreeing to acquire additional working and net revenue interests in 66 gross producing wells and 5,670 net acres of additional STACK oil and gas leasehold in Oklahoma.
  • GST says current net production associated with the acquired well interests is ~330 boe/day (49% oil), and 57% of the acreage is held-by-production.
  • GST says the $51M acquisition was funded through a tack-on issuance to funds managed by Ares Management (ARES) of an additional $75M principal amount of GST's previously issued convertible notes due 2022.

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