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Gastar Slims Down Spending Plans for 2015
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Gastar Exploration Inc.'s Board of Directors has approved a reduction in the previously announced 2015 capital budget of $173 million to approximately $103 million. The most recently revised budget is comprised of $79 million of drilling, completion and infrastructure costs, $17 million in leasing costs and $7 million for capitalized interest and administration costs.
We have allocated approximately $76 million of our 2015 capital budget to the Mid-Continent, of which $67 million is for drilling and completion and $9 million is for lease extensions.
J. Russell Porter, Gastar's President and CEO, commented, "The capital spending reduction was made in response to further commodity price declines and should allow us to maintain a strong balance sheet. As operator of the majority of our…
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