Gastar Exploration Ltd - News Release
Gastar to participate in Trenton-Black River well
Gastar Exploration Ltd YGA
Shares issued 96,348,420 Mar 22 2002 close $3.150
Monday Mar 25 2002 News Release
Mr. John Parrott reports
GASTAR EXPLORATION LTD. ANNOUNCES PARTICIPATION IN TRENTON - ...
Gastar Exploration is participating in its first deep Trenton-Black River exploration well in the Appalachian basin.
Gastar has a minimum 7.5-per-cent working interest position in the Cross No. 1 well in the Cottontree field, located in Roane county, West Virginia. The Cross No. 1 well is currently drilling at approximately 6,200 feet, with a projected total depth of 10,000 to 10,500 feet.
The Cross well is the first of two wells to be drilled in the immediate area of several previous successful Trenton-Black River wells drilled by Columbia Natural Resources, a subsidiary of NISource. One of these previous wells reported absolute open flow of over 200 million cubic feet per day of natural gas upon initial penetration of the Trenton-Black River formation. CNR is participating in the Cross well with a 25-per-cent working interest position.
Commenting on the well, J. Russell Porter, Gastar's chief operating officer, said: "For a relatively small amount of money, Gastar gets to learn at lot about the Trenton-Black River while participating in a close-in offset to a successful Trenton-Black River well. This will provide valuable insight as we develop our exploration program for our approximate 200,000-acre lease position in Northern West Virginia and Southern Pennsylvania. Gastar has identified as many as 100 similarly situated prospects and is planning on a deep drilling program, commencing late in 2002, to evaluate at least three of these Trenton-Black River geologic features."
WARNING: The company relies upon litigation protection for "forward-looking" statements. |
