May 19, 2009 (FinancialWire) — Gastar Exploration Ltd. (AMEX: GST) (Current Market Cap: US$105.67 Mil.) is launching an underwritten public offering of 36.5 million common shares to purchasers in the U.S. Johnson Rice & Company L.L.C. is acting as the sole underwriter.

The company plans to grant the underwriter a 30-day option to purchase up to 5.475 million additional common shares to cover over-allotments.

Gastar plans to use the net proceeds from the offering for working capital and general corporate purposes, including for its 2009 capital expenditures.

Houston-based Gastar Exploration is an independent energy and production company focused on finding and developing natural gas assets in North America and Australia.

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