Hi Paul - Chesapeake Energy Corporation (CHK) filed a 13G today disclosing they now own 10.57% of Gastar Exploration, Ltd. (GST). Both have operations in the Lower Woodbine area which some experts think may be the new oil play to watch in southeast Texas (ie another Eagle Ford Shale play).
Re: Gastar Exploration, Ltd. (GST)
Chesapeake Energy Corporation (CHK)
13G filed today - Chesapeake beneficially owns 6,781,768 shares of Gastar Common Stock which represents 10.57% of Gastar’s outstanding Common Stock. ( xml.10kwizard.com )
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Lower Woodbine may be the new oil play to watch in southeast Texas
pennenergy.com
From the article:"...There is a new oil play to watch in southeast Texas that may be of interest to those fascinated by the Eagle Ford shale....".
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"...According to Jefferies, operators in the vicinity include Apache Corp. (NYSE: APA) and Gastar Exploration (NYSE: GST). Chesapeake Energy (NYSE: CHK) is currently drilling a well targeting the formation in north central Madison County and three other locations have been permitted in Madison and Leon Counties....".
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Maybe a JV is in the works with the companies. Apparently both companies believe there is significant value in this area. Gaster has completed some preliminary wells and has identified 150 additional well locations they would like to develop.
gastar.com
From their Web site:"...The Company drilled its first Glen Rose test, the Wildman 6H in June 2010 and began drilling the second Glen Rose well, the Wildman 8H, in November 2010. The Wildman 7H, its first horizontal Eagle Ford well, was drilled in December 2010 and fracture stimulated in January 2011. If exploration results are successful, the Company has identified approximately 150 additional well locations in the Glen Rose and Eagle Ford/Woodbine....".
Recent Well permits for GST in Lower Woodbine region.
1)GASTAR WILDMAN TRUST UNIT No.2 #7H
HILLTOP RESORT (WOODBINE)
Total Depth 6900 feet
API 289-31878
Appoved 7/1/2010
2)GASTAR WILDMAN TRUST UNIT NO.4 #9H
HILLTOP RESORT (WOODBINE)
Total Depth 7100 feet
API 289-31895
Submitted 2/17/2011
Chesapeake must have picked up their shares on the GST secondary offering that was just completed and was priced at $4.00/share. It seems like a good prospect for CHK given they sold all their Arkansas shale interests to BHP this AM.
EKS |
