Quarterly / Earnings Reports | First Quarter (1Q) Update | Drilling Activity | Drilling Program-Rig Count
Gastar STACK Production Up +38%; Exit Hunton Lime Asset
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Gastar reported its Q1 2018 results.
The company recently became a pure Oklahoma STACK Play operator with the sale of the West Edmund Hunton Lime Unit assets, which closed February 28, 2018.
Highlights:
- Q1 2018 STACK production of 5,500 BOEPD (up +38% from 4Q17 and up +125% YOY)
- Total average daily production increased 7% over fourth quarter 2017 total production and 30% over first quarter 2017 total production.
- one rig drilling program.
- spud 3 net wells and completed 2.7 net wells.
- current leasehold position of 69,700 net acres (68% HBP)
- net loss $19.1 million
Currently, Gastar is running one rig in its STACK Play acreage. During the first quarter of 2018, the Company spud four gross (3.7 net) operated Osage wells, completed three gross (2.7 net) Osage operated wells and participated in numerous third-party wells across its 67,900 net acre core STACK Play acreage position. This highly contiguous position is approximately 84% operated and 68% held by production.
During the second quarter of 2018, the Company expects to spud between three and four gross Osage operated wells and two gross Meramec operated wells on its acreage.
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