HOUSTON, Feb. 27, 2018 /PRNewswire/ -- Gastar
Exploration Inc. (NYSE American: GST) ("Gastar" or the "Company")
today announced that J. Russell
Porter, President and CEO, will be leaving the
Company. The Board of Directors has appointed Jerry Schuyler, Gastar's Chairman of the Board
of Directors, as interim CEO, effective immediately. Gastar
has initiated a search to fill the permanent position of President
and CEO. Mr. Porter will remain with Gastar during a
transitional period in which he will assist Mr. Schuyler as well as
remain available to the Company on a consulting basis.
Mr. Schuyler commented, "Russ has been an exemplary leader of
Gastar for almost 14 years and was instrumental in successfully
building Gastar's assets in numerous basins as well as assembling a
very capable management team and staff. He navigated Gastar
through several financial and industry downturns that a significant
number of other companies did not survive. The entire Board
of Directors thanks him for his service and wishes him well in his
future endeavors.
"With the re-financing of Gastar's capital structure last year,
the pending sale of the WEHLU asset to enhance liquidity and the
much improved operations results recently realized, the Board has a
high degree of confidence in Gastar's future and its ability to
continue unlocking the value of its very attractive STACK Play
assets."
In addition to his role as Chairman of Gastar's Board, Mr.
Schuyler currently serves as an independent director for Penn
Virginia Corporation, an exploration and production company with
operations focused in the Eagle Ford Play, a position held since
November 2016. Mr. Schuyler also previously served as an
independent director for various exploration and production
companies including privately-funded Yates Petroleum Corporation
and Gulf Coast Energy Resources Company and publicly traded Rosetta
Resources Inc. Mr. Schuyler formerly served as a director for
Laredo Petroleum, Inc. and had joined Laredo in June
2007 as Executive Vice President and Chief Operating
Officer, before being promoted to President and Chief Operating
Officer in July 2008 and retiring in
July 2013. Mr. Schuyler has a Bachelor of Science
degree in Petroleum Engineering from Montana College of Mineral Science and
Technology.
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
in the United States. 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 the normally pressured oil window 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.
Contacts:
Gastar Exploration Inc.
Michael A. Gerlich, Chief Financial
Officer
713-739-1800 / mgerlich@gastar.com
Investor Relations Counsel:
Lisa Elliott /
lelliott@DennardLascar.com
Dennard-Lascar Investor Relations: 713-529-6600
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SOURCE Gastar Exploration Inc.