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Gastar Cuts Operated Well Plans, Ups Budget for 2018; Pauses Drilling
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Gastar Exploration reported its Q2 2018 results.
Lowers Operated Well Plans for 2018; Ups Budget SlightlyGastar has decreased its operated well plans for 2018 as well as slightly increased its budget to $122 million (up +6%).
However, the company reported that it is increasing its non-op well activity.
Drilling Suspended to Analyze New Design, Strategic AlternativesThe Company recently elected to suspend its operated drilling program and release the rig to allow time to fully analyze results of its 35-stage completion design.
Earlier this month, Gastar announced that it is exploring strategic alternatives.
Ares Proposes Bankruptcy Filing: On July 20, 2018, the Company received a non-binding preliminary term sheet from funds affiliated with Ares Management LLC proposing a potential…
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