Gastar Exploration Announces Effectiveness of 1-for-5 Reverse Split
August 03 2009 - 6:00AM
PR Newswire (US)
HOUSTON, Aug. 3 /PRNewswire-FirstCall/ -- Gastar Exploration Ltd.
(NYSE Amex: GST) announced today that the previously announced
share consolidation on the basis of one (1) common share for five
(5) common shares became effective, and the post-consolidation
common shares commenced trading on the NYSE Amex on August 3, 2009.
The Company's shareholders approved the proposal for a reverse
stock split at a Special Meeting of Shareholders held on June 20,
2008, and the Board of Directors approved the implementation of the
reverse stock split at a meeting held June 29, 2009. Upon the
exercise of any options or warrants, resulting shares issued will
be issued on a post-consolidation basis. No scrip or fractional
certificates will be issued in connection with the reverse stock
split. Shareholders who otherwise would be entitled to receive
fractional shares because they hold a number of common shares not
evenly divisible by five will receive a number of shares after
rounding up to the next whole common share. Registered shareholders
of Gastar who hold existing physical stock certificates will
receive a letter of transmittal from Gastar's transfer agent,
American Stock Transfer & Trust Company, containing
instructions on how to receive new share certificates. Shareholders
whose certificates are held in "street name" or on deposit with
their brokerage firm will need to take no further action. About
Gastar Exploration Gastar Exploration Ltd. is an exploration and
production company focused on finding and developing natural gas
assets in North America. The Company pursues a strategy combining
deep natural gas exploration and development with lower risk CBM
and shale resource development. The Company owns and operates
exploration and development acreage in the deep Bossier gas play of
East Texas and Marcellus Shale play in West Virginia and
Pennsylvania. Gastar's CBM activities are conducted within the
Powder River Basin of Wyoming. For more information, visit our web
site at http://www.gastar.com/. Safe Harbor Statement and
Disclaimer This news release includes "forward looking statements"
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Act of 1934. A statement identified
by the words "expects", "projects", "plans", 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 risks
inherent in the drilling of natural gas and oil wells, including
risks of fire, explosion, blowouts, pipe failure, casing collapse,
unusual or unexpected formation pressures, environmental hazards,
and other operating and production risks inherent in the natural
gas and oil drilling and production activities, which may
temporarily or permanently reduce production or cause initial
production or test results to not be indicative of future well
performance or delay the timing of sales or completion of drilling
operations, risks with respect to natural gas and oil prices, a
material decline in which could cause Gastar to delay or suspend
planned drilling operations or reduce production levels, and risks
relating to the availability of capital to fund drilling operations
that can be adversely affected by adverse drilling results,
production declines and declines in natural gas and oil prices and
other risk factors described in Gastar's Annual Report on Form
10-K, Quarterly Reports on Form 10-Q and other filings with the SEC
at http://www.sec.gov/ and on the System for Electronic Document
Analysis and Retrieval (SEDAR) at http://www.sedar.com/. The NYSE
Amex has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release. Company Contact: Gastar
Exploration Ltd. J. Russell Porter, Chief Executive Officer
713-739-1800 / Investor Relations Counsel: Lisa Elliott / Anne
Pearson DRG&E : 713-529-6600 / DATASOURCE: Gastar Exploration
Ltd. CONTACT: J. Russell Porter, Chief Executive Officer of Gastar
Exploration Ltd., +1-713-739-1800, ; or Lisa Elliott, , or Anne
Pearson, , both of DRG&E, +1-713-529-6600, for Gastar
Exploration Ltd. Web Site: http://www.gastar.com/
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