Gastar Exploration Ltd

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Gastar Exploration Ltd. (AMEX: GST) is an oil and gas exploration company active in the U.S. and Australia. It has been reported leasing land both for Marcellus shale and Trenton-Black River development.

Gastar owns drilling rights to roughly 42,000 net acres of land prospective for Marcellus shale in southwestern Pennsylvania and northern West Virginia. Most of its acreage is in the center of key over-pressured area of the Marcellus fairway.

A March, 2009 report indicated the company had drilled ten shallow wells on their acreage to get some production going in order to hold their leases. Seven were in production and the remaining three were to be online by year-end 2009. Gastar was looking for a joint development partner to help explore the deeper Marcellus shale formation on its acreage. According to a May, 2009 company update no further drilling was to be undertaken so long as natural gas prices remained depressed or unless and until a joint venture partner emerges.