Gastar Exploration Eagle Ford - Woodbine Wells Disappoint

Gastar's Robertson and Leon county properties have been watched closely to see if the Eagle Ford - Woodbine would become a commercial play named the "Eaglebine". As of the end of the second quarter, well results were not promising, so we'll have to take a wait and see approach. The company encountered mechanical problems drilling the well and wasn't able to get an effective completion in the Eaglebine. Gastar hopes that monitoring existing wells will provide the data needed to make go forward decisions. The company seems confident more effective completions can be deployed and stated they will be watching activity around their property before drilling again.

During the second quarter of 2011, we continued to monitor the four wells previously drilled to test the productivity of the Glen Rose and Eagle Ford/Woodbine (Eaglebine) formations on our East Texas acreage.   Production rates for these wells have been lower than expected, but we believe that the drilling and completion methods that we have used so far have not been optimal.

Due to drilling issues with our Wildman 7H horizontal well, we do not believe that we have adequately tested the horizontal drilling potential of the Eaglebine formation.  For the balance of 2011, we are postponing further drilling tests on these formations and will instead continue monitoring the four wells, analyzing a core sample taken from the Eaglebine section of a nearby well and observing offset operator drilling activity in the zones.

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