Gastar to develop wells, sell other acreage in Oklahoma
Thursday October 20, 2016
With the agreement, Houston-based Gastar and its private investor will develop 60 wells in Kingfisher County, part of a region northwest of Oklahoma City referred to in the industry as the STACK play. A company statement only describes the investor as a “large private global development fund.”
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Gastar has 18,000 acres of undeveloped mineral leases in the area where the company will develop the wells. Gastar and its investor have agreed on locations for the first 20 wells, according to a company statement.
The company also announced on Thursday that it has agreed to sell noncore leases in Kingfisher and Canadian counties for $71 million. The area being sold is about 19,100 acres that produces 181 barrels of oil equivalent per day. Proceeds from the sale will go toward other capital expenditures, according to a company statement.