MT. PLEASANT, Mich., June 26, 2002 (PRIMEZONE) — Gastar Exploration, Ltd. (TSE:YGA) is admiring to advertise that it has active a Charter Exchange and Purchase Agreement with Lance Oil & Gas Company, Inc., Williams Assembly RMT Aggregation and Western Gas Resources, Inc. (collectively “Lance/Williams/WGR”) that after-effects in Gastar and its affiliates trading about 5,457 net acreage of atramentous bed methane rights in the Amos Draw breadth of the Powder River Basin for about 21,828 net acreage of atramentous bed methane leases in an breadth anon adjoining to Gastar’s absolute Squaw Creek development area. In addition, Gastar acquired 2,999 added net acreage of atramentous bed methane leases in the Squaw Creek breadth and has reimbursed Lance/Williams/WGR for its costs in 35 wells accomplished by itself and added operators on a allocation of the leases acquired through barter or acquisition. As a aftereffect of the affairs declared above, Gastar has paid a absolute of $1,134,594 in banknote to Lance/Williams/WGR, accountable to adjustments consecutive to closing. No Gastar banal or any added balance acquire been or will be issued as a aftereffect of these transactions.
Commenting on the transaction, J. Russell Porter, Gastar’s Chief Operating Officer, said, “These affairs are a win-win bearings for Gastar and for Lance/Williams/WGR. With these affairs Gastar has taken a absolute cogent footfall advanced in the action of acumen and advance its Powder River Basin assets and accumulation its assorted leasehold positions. The new, mostly contiguous, charter block is primarily comprised of State of Wyoming and fee leases that will be abundant easier to develop, abnormally as accompanying to basement development. Lance/Williams/WGR additionally benefited by accepting aerial quality, mostly Federal acreage that adulation their absolute holdings. As a aftereffect of the affairs appear today, Gastar’s position in the Powder River Basin has developed to about 39,247 net acreage in which Gastar maintains an boilerplate 75% alive absorption position, acceptance for the development of about 1,800 added CBM wells.”
Gastar Analysis is an analysis and assembly aggregation focused on award and developing accustomed gas in North America and Australia. The Aggregation pursues a counterbalanced action accumulation low-risk CBM development with baddest college risk, abysmal accustomed gas analysis prospects. Gastar’s CBM activities are conducted aural the Powder River Basin of Wyoming and aloft the almost 4 actor acreage controlled by Gastar in Australia’s Gunnedah and Gippsland Basins amid in New South Wales and Victoria respectively. The Aggregation owns -to-be acreage in the Bossier Sand gas comedy of East Texas and in the abysmal Temblor gas comedy in the East Lost Hills acreage aural the San Joaquin Basin of California.
This Press Absolution includes advanced statements aural the acceptation of Section 27A of the Balance Act of 1933 and Section 21E of the Balance Act of 1934. Although Gastar believes that its expectations are based on reasonable assumptions, it can accord no affirmation that its goals and assumptions will be achieved. Important factors that could account absolute after-effects to alter materially from those in the advanced statements independent herein, include, amid others, the success and timing of assertive projects, the success in conduct and bearing oil and gas properties, changes in article prices for oil and accustomed gas, operating risks, the ambiguity associated with ciphering underground quantities of awkward oil and accustomed gas affluence and added accident factors as declared in the Company’s Annual Information Form filed on May 17, 2002, on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.
The Toronto Banal Exchange has not advised and does not acquire albatross for the capability or accurateness of this release.
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