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Gastar Releasing STACK Rig After Latest IP; Will Focus on Derisking
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Gastar Exploration Inc. reported financial and operating results for the three months ended March 31, 2016.
Key Points: MidContinent - We have released the drilling rig to preserve liquidity as we focus our capital on recompletion activity and discretionary non-operated well participation while monitoring commodity prices. Well Completion - Completed the Holiday Road 2-1H, which was our second well testing the Meramec formation on our Mid-Continent acreage. The Holiday Road 2-1H was completed with a lateral length of approximately 4,300 feet and 34 frack stages using approximately 12 million pounds of proppant. The well commenced flow-back on April 11, 2016. Oil and natural gas production from the well is gradually increasing with a most recent 24-hour rate of 49 barrels of oil per day…- ✓ Full news archive — U.S., Canada & international coverage
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