November 30, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Gastar Exploration Ltd. (AMEX: GST) said that the United States Bankruptcy Court for the Eastern District of Kentucky has approved a settlement agreement between Gastar Exploration and the Bankruptcy Trustee for ClassicStar, LLC, regarding the In re ClassicStar Mare Lease Litigation matter.

The agreement, reflecting the definitive terms of the settlement of all seven ClassicStar matters in which Gastar was named, was contingent upon approval by the bankruptcy court overseeing the Chapter 7 liquidation of ClassicStar, LLC, according to Gastar.  

With this approval, Gastar said it 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 docket entry of the approval order 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.  

Texas-based Gastar Exploration is an exploration and production company focused on finding and developing natural gas assets in North America. The company pursues a strategy combining deep natural gas exploration and development with lower risk shale resource and CBM development.

Gastar 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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