Gastar Exploration Inc. (NYSE MKT: GST) has completed its second scheduled borrowing base redetermination of its revolving credit facility for 2015 and, as a result, the borrowing base has been reaffirmed by the lending participants at $200 million.
Currently, Gastar has drawn $65 million under its revolving credit facility, resulting in $135 million of unused borrowing capacity. The next scheduled borrowing base redetermination is to occur by May 1, 2016.
Gastar's principal business activities include an emphasis on unconventional reserves, such as shale resource plays. In Oklahoma, Gastar is developing oil-bearing reservoirs of the Hunton Limestone horizontal play and expects to test other prospective formations on the same acreage, including the Meramec shale play (middle Mississippi Lime) and the Woodford shale play, which Gastar refers to as the STACK play. In West Virginia, Gastar is developing liquids-rich natural gas in the Marcellus shale play, and has drilled and completed two dry-gas Utica/Point Pleasant wells on its acreage.