Gastar closes sale of non-core Oklahoma assets

Gastar Exploration Inc. (NYSE MKT: GST) has completed the sale of certain non-core assets in Oklahoma to an undisclosed private third party for a total of $46.1 million of net proceeds. The sale was announced on May 6 and has an effective date of April 1. 

Gastar is developing the reservoirs of the Hunton Limestone horizontal play and expects to test other prospective formations on the same acreage, including the Woodford shale play and the Meramec (Mississippi Lime) shale play, which Gastar refers to as the STACK play. In West Virginia, Gastar is developing natural gas in the Marcellus shale play, and has drilled and completed its first two dry-gas Utica shale/Point Pleasant wells on its acreage. 

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