December 22, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Gastar Exploration Ltd. (GST – AMEX) said that it has completed a Marcellus property acquisition for $29.1 million, consisting of around 62,000 net acres of leasehold in the Marcellus Shale concentrated in Preston, Tucker and Pendleton Counties, West Virginia.

According to Gastar, the acquisition includes around 17,000 net acres held by production, a gathering system comprised of 41 miles of six inch steel pipeline, a salt water disposal well, and five conventional wells producing around 500 Mcf per day of natural gas.  

J. Russell Porter, Gastar's CEO, said that with the completion of this acquisition, Gastar now holds around 80,000 net acres in the Marcellus Shale.

Texas-based Gastar is an exploration and production company focused on finding and developing oil and natural gas assets in North America. The company currently pursues a strategy combining deep natural gas exploration and development with lower risk shale resource 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. The company also owns coalbed methane properties located in the Powder River Basin of Wyoming.  

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