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  Economics : Rates of Return/ IRR

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WEHLU WEHLU-Hunton offers a substantial source of high return projects Upper Hunton Overview WEHLU Map 31 PUDs on northern WEHLU acreage Seven well average results: Peak rate of 568 Boe/d (86% oil) Lower Hunton Overview 18 PUDS on northern WEHLU acreage Ten well average results: Peak rate of 443 Boe/d (82% oil) WEHLU - Upper Summary Economics(1) EUR % Oil Well Cost IRR PV-10 402 MBoe 71% 3.0MM 48% 3.2MM Average Type Curve Daily Rate(2) Peak 1st 30 Days 1st 60 Days 1st 90 Days Boe/d 400 376 352 332 WEHLU - Lower Summary Economics(1) EUR % Oil Well Cost IRR PV-10 557 MBoe 71% 4.5MM 48% 5.1MM Average Type Curve Daily Rate(2) Peak 1st 30 Days 1st 60 Days 1st 90 Days Boe/d 373 365 353 341 1. EURs: three-phase estimated ultimate recoveries per well based on estimated future production type curves using assumptions and methodologies described on page 3 of this presentation 2. Cumulative daily rates calculated using unprocessed gas stream 2016 Gastar Exploration Inc. 22
Gastar Exploration Inc
September 2016

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