November 3, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Gastar Exploration Ltd. (AMEX: GST) said that it has entered into a settlement agreement effective November 1 providing for the settlement of seven In re ClassicStar Mare Lease Litigation matters the company described in financial statements included in its Form 10-Q for the quarter ended June 30.

According to Gestar, the agreement reflects the definitive terms of the settlement, contingent only upon approval of the bankruptcy court overseeing the Chapter 7 liquidation of ClassicStar, LLC, the United States Bankruptcy Court for the Eastern District of Kentucky.

The company said that, if the agreement is approved by the bankruptcy court as proposed, Gastar will pay to the plaintiffs an aggregate of $21.15 million in cash, including an initial $18 million payment to be paid within 10 business days of the approval date and the remaining $3.15 million in 16 monthly payments, the first of which will be $150,000 and the next 15 of which will be $200,000 each, in exchange for dismissal of all existing and potential future claims of the plaintiffs in all seven cases filed against Gastar.

Under the agreement, Gastar admits no liability in connection with the seven lawsuits.

Texas-based Gastar is an exploration and production company focused on finding and developing natural gas assets in North America.

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