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Gastar Exploration Ltd. (GST) Issues Operational Update for Third Quarter of 2010

Gastar Exploration Ltd. issued an operations update on the company’s oil and gas exploration and development activities during the third quarter of 2010. The company is active in various domestic basins including the Appalachian Basin in Pennsylvania and various formations in Texas.

Gastar Exploration Ltd. reported total production of 22.6 million cubic feet per day of natural gas equivalents during the third quarter of 2010. This was a slight year over year decline from the 23.3 million cubic feet per day of natural gas equivalents reported in the corresponding quarter of 2009. Almost all of this production in both quarters was natural gas.

Most of the company’s current production comes from the Hilltop area in East Texas, where Gastar Exploration Ltd. reported average daily production of 20.1 million cubic feet per day of natural gas equivalents during the third quarter of 2010, up from 13.6 million cubic feet per day of natural gas equivalents in the same quarter of 2009.

Gastar Exploration Ltd. attributed the strong year over year growth to a well in the Hilltop area that resumed production after being shut down for repairs in the previous quarter. The company also brought a new well onto production during the third quarter of 2010.

Gastar Exploration Ltd. drilled the company’s first well into the Marcellus Shale and spent $6 million in capital in the Appalachian Basin during the third quarter of 2010.

For more information on the company, go to http://www.gastar.com

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