Proactive investorsLogo Proactive Investors UK Website

Search field
Additional information
Additional Information
Market: TSX, AMEX
Sector: Oil & Gas Exploration & Production
Epic: TSX:YGA
News: Latest news
Web Site: Gastar Exploration
Other Articles: 18-06-200909-06-200911-11-2008

RSS - Subscribe to the News Today on Proactive UK ▼

Tuesday March 16, 12:29Mercator Gold to sell exclusive Copper Flat option to Canada's THEMAC Resources

The deal will allow the group to retain a substantial interest in the promising Mexican copper-gold-molybdenum-silver project without the associated costs.

FULL ARTICLE ►

RSS - Subscribe to the News Today on Proactive AU ▼

Monday March 15, 11:56Bionomics to present at Ultimate Healthcare & Biotechnology Event, March 24

Deborah Rathjen, CEO of Bionomics, recommended by UK Investment Reseach house Edison Investment Research, "our new valuation for BNO is at 55 cents" will present in Sydney.

FULL ARTICLE ►

RSS - Subscribe to the News Today on Proactive CN ▼

Monday March 15, 09:01China's growth boosting commodity prices

The latest economic figures from China have put pressure on the dollar and boosted a number of high-yielding currencies, including the Australian dollar and the South African rand.

FULL ARTICLE ►
Gastar Exploration

Gastar Exploration

Gastar Exploration is a natural gas exploration and production company that pursues a strategy of combining coalbed methane development in the U.S. and Australia with exciting U.S. deep natural gas and shale plays.
Thursday, July 02, 2009

Gastar Exploration to sell Australian assets for US$240 mln, to de-list from TSX

company news image

Gastar Exploration Ltd (NYSE Amex: GST; TSX: YGA) has agreed it sell its Australian assets to Santos Ltd (ASX: STO) for US$240 million and announced plans to de-list from the Toronto Stock Exchange once the sale is completed.

Gastar has entered into definitive agreements with Santos QNT Pty Ltd and Santos International Holdings Pty Ltd for the sale of its interest in Petroleum Exploration Licenses 238, 433 and 434 in New South Wales, Australia, along with the sale of the shares of Gastar Power Pty Ltd, the entity holding Gastar's 35 percent interest in the Wilga Park power station.

Gastar expects to book a net gain of approximately US$175 million from the sale, and the transaction is expected to close on July 10 2009.

Gastar plans to use the money to repay outstanding debt under its secured revolving credit facility, to retire its C$25 million secured term loan and to pay in full Gastar's C$30 million convertible subordinated debentures upon their maturity in November 2009.

What remains is planned to finance an offer to repurchase any and all of Gastar's C$100 million senior secured notes, thus repaying substantially all of Gastar's debt and reducing its annual interest expense by as much as US$20 million.

President and CEO J Russell Porter said: "Gastar will maintain its current ownership in the East Texas Deep Bossier and Marcellus Shale plays (in the US) and plans to proceed with the development of those assets while limiting capital expenditures to excess cash flow generated by its producing assets.”

Following the completion of the transactions with Santos, Gastar intends to implement a 1-for-5 reverse share consolidation that was authorized by Gastar's shareholders in June 2008, and it will de-list its shares from trading on TSX.

In 2009 to date, less than 1 percent of the total daily trading volume in Gastar's common shares were executed on the TSX. Trading on two exchanges has become unduly costly and burdensome without providing any significant additional liquidity for Gastar's shareholders, the group added.

AddThis Feed Button
Register here to be notified of future Gastar Exploration articles.

Other Gastar Exploration news

More news ►

Investors interested in Gastar Exploration recently viewed


No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.