HOUSTON, Aug. 31, 2016 /PRNewswire/ -- Gastar Exploration
Inc. (NYSE MKT: GST) ("Gastar" or the "Company") announced that it
has executed a release and settlement agreement (the "Settlement
Agreement") regarding the Company's claim for reimbursement under
its directors and officers liability insurance coverage to recover
settlement and legal defense expenses incurred by the Company in
connection with litigation settled in December 2010.
Gastar expects to receive $10.1
million within fourteen business days of execution of the
Settlement Agreement.
The Company currently has approximately $40.6 million in available cash and cash
equivalents and, after giving pro forma effect to receipt of the
settlement funds, will have $50.7
million in available cash and cash equivalents.
About Gastar Exploration
Gastar Exploration Inc. is a pure play Mid-Continent independent
energy company engaged in the exploration, development and
production of oil, condensate, natural gas and natural gas liquids.
Gastar's principal business activities include 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. Gastar holds a concentrated acreage
position in what is believed to be the core of the STACK Play, an
area of central Oklahoma which is
home to multiple oil and natural gas-rich reservoirs including the
Meramec, Oswego, Osage,
Woodford and Hunton formations.
For more information, visit Gastar's website at www.gastar.com.
Forward Looking Statements
This news release includes "forward looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward looking statements give our current
expectations, opinion, belief or forecasts of future events and
performance. A statement identified by the use of forward
looking words including "may," "expects," "projects,"
"anticipates," "plans," "believes," "estimate," "will," "should,"
and certain of the other foregoing statements may be deemed
forward-looking statements. Although Gastar believes that the
expectations reflected in such forward-looking statements are
reasonable, these statements involve risks and uncertainties that
may cause actual future activities and results to be materially
different from those suggested or described in this news
release. These include the risk of receipt of the
settlement funds; and other risks described in Gastar's Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q and other
filings with the SEC, available at the SEC's website at
www.sec.gov. By issuing forward looking statements based on current
expectations, opinions, views or beliefs, Gastar has no obligation
and, except as required by law, is not undertaking any obligation,
to update or revise these statements or provide any other
information relating to such statements.
Contacts:
Gastar Exploration Inc.
Michael A. Gerlich, Chief Financial
Officer
713-739-1800 / mgerlich@gastar.com
Investor Relations Counsel:
Lisa Elliott, Dennardâ–ªLascar
Associates:
713-529-6600 / lelliott@DennardLascar.com
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SOURCE Gastar Exploration Inc.