August 12, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Gastar Exploration Ltd. (AMEX: GST) said that its Streater #1 well has been drilled to a depth of 17,800 feet, with around 83 net feet of pay encountered in the middle Bossier and upper Bossier formations. The company said it plans to complete the well in three initial zones and expects the first of these three initial completions to be on-line by the end of September.

Streater #1 well is projected to cost around $9 million, including the cost of the initial three completions.

Gastar has a 100% before payout working interest (approximately 76% before payout net revenue interest) in the Streater #1 well.

Texas-based Gastar is an exploration and production company focused on finding and developing natural gas assets in North America. The company owns and operates exploration and development acreage in the deep Bossier gas play of East Texas and Marcellus Shale play in West Virginia and Pennsylvania.

Gastar's CBM activities are conducted within the Powder River Basin of Wyoming.

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