- Business
- Gastar Exploration Inc. (GSTCQ) is an independent energy company engaged in the exploration, development, and production of oil, condensate, natural gas, and natural gas liquids primarily in the United States. The company focuses on the identification, acquisition, and subsequent exploration and development of oil and natural gas properties with an emphasis on unconventional reserves, such as shale resource plays in regions including the STACK Play in Central Oklahoma encompassing Meramec, Osage, Oswego, Woodford shale, and Hunton limestone formations; it operates a concentrated acreage position in the normally pressured oil window of this area. Founded in 1987 and headquartered in Houston, Texas, Gastar formerly operated as Gastar Exploration Ltd. before changing its name to Gastar Exploration Inc. in January 2014. In recent years, the company completed a Mid-Continent acquisition and raised $125 million through additional 8 5/8% senior secured notes; executed a joint development agreement for drilling approximately 40 wells to hold leasehold by production across multiple formations; sold certain non-core assets; and secured $425 million in new financing from Ares Management including a $250 million secured term loan. Gastar maintains its principal operations in key U.S. basins targeting oil and gas-rich reservoirs for both operated and non-operated development.