Gastar Exploration Inc. (NYSE MKT: GST) reports that the borrowing base under its senior secured revolving credit facility has been confirmed by the lending participants for $100 million. The borrowing base was previously set at $50 million. Presently, Gastar has no borrowings drawn under the revolving credit facility. The next borrowing base redetermination is scheduled to occur in May 2014.
Gastar's CFO, Michael A. Gerlich, commented, "This increase in our credit facility reflects the higher value of our asset base following the completion of our West Edmond Hunton Lime Unit acquisition in Oklahoma and successful drilling in our areas of focus. We believe the additional liquidity provided by this borrowing base increase, internally generated cash flow and cash on hand, will support continued development of our Hunton Lime and Marcellus assets."