J. Russell Porter Chief Executive Officer August 2013 E X P A N D I N G O U R H O R I Z O N S 2013 Gastar Exploration Ltd.
Gastar Overview Listed on the NYSE MKT: GST 205.7 million market capitalization(1) 500.4 million enterprise value(2) 61.6 million shares outstanding(3) Focus in two areas Marcellus Shale in liquids-rich window of West Virginia…
Investment Highlights High Quality Resource Base Strong Historical Growth with Extensive Drilling Inventory Diverse Mix of Crude Oil and Natural Gas Opportunities Significant Horizontal Drilling Expertise and Operational…
Asset Overview YTD 2013 Net Production by Region Hunton Limestone Oil Play 96,400 net acres(1) Marcellus Shale Mid- Rich Gas Play Continent 63,300 net acres(1) 2.4 East TX MMcfe/d 10.3 5% MMcfe/d 21% Appalachia 36.4…
Historical Reserve Growth % of high-value liquids expected to increase substantially in 2013-2014 2012 proved reserve F&D cost of 1.97 per Mcfe Proved Reserves 300.0 PDP PDNP PUD 300.0 Gas Liquids 250.0 250.0 30% 31% 200.0…
Historical Production Total Daily Production Gas Condensate & Oil NGLs 60.0 50.0 14% 40.0 14% MMcfe/d 12% 30.0 8% 0.8% 2% 20.0 3% 72% 80% 10.0 99.2% 95% 0.0 2010 2011 2012 YTD 2013 YTD 2013 Marcellus…
Accelerating Liquids Growth Driving Stronger Economics New Hunton Oil Play Exposes GST to Additional Oil Production & Reserves 3000.0 2500.0 Barrels of Liquids/day 2000.0 1500.0 2,831 2,295 1000.0 1,680 1,753…
Aggressively Shifting Capital to Liquids ( in millions) Area Capital 2013 Capital Investment Capitalized Costs & Marcellus 60 Other 6MM Mid-Continent 56 3% Mid-Continent Acquisition 69 Marcellus 60MM 31% East Texas 2…
Field and Development Overview 2013 Gastar Exploration Ltd.
Strong Position in the Marcellus Shale Near-term activity concentrated in highly prospective liquids-rich portion of the play 63,300 net acres with Marcellus exposure(1) Marshall & Wetzel Counties, W. Va. JV partner Atinum 19,400…
Liquids-Rich Window of Marshall & Wetzel Counties High Btu gas and condensate yields Active development program 30-40 Bbls/MMcf condensate 40-50 Bbls/MMcf NGLs 57 gross horizontal Marshall County wells on production as of August…
Field and Development Overview Marcellus West 2013 Gastar Exploration Ltd. 13
Marcellus West Economics 6.7 Bcfe EUR 66% Gas 34% Liquids 38% IRR(1) Cost 6.7MM (5000 lateral) 1.18/MMcfe F&D Costs (1) Based on the NYMEX futures curve on July 29, 2013. 2013 Gastar Exploration Ltd. 14
Marcellus West Operated Drilling Overview Gastar has completed 57 gross wells as of today Historical Operated Marcellus West Drilling Results Gross Well Working Net Revenue Avg. Lateral Avg. Well Cost Date of First Avg. EUR/Well…
Pad Drilling Drives Attractive Economics Average drilling time reduced to 16 days per well Additional savings being realized on completion costs 2013 Gastar Exploration Ltd. 16
New Oklahoma Hunton Limestone Play Exposure to over 100 MMBOE of net resource potential, primarily oil Very encouraging early drilling results Play further de-risked by partners recent activity and historic vertical production in…
Overview of Transactions CHK Acquisition Acquired 157,000 net acres and 3.0 MMBOE proved reserves for 69 million Acquired 6.8 million GST common shares at 1.44 per share (9.8 million) 1 million allocated to litigation resolution…
AMI Horizontal Well Activity Encouraging Initial Results 2013 Gastar Exploration Ltd. 20
Hunton Oil Play Well Data Gastars Wells in Existing AMI: Most Recent First 10 Day County Production Average (BOE/D)(1) Mid-Con 1H Kingfisher 10/05/12 37 Mid-Con 2H Kingfisher 02/15/13 754 Mid-Con 3H Garfield 04/04/13 84…
Hunton Acreage Initial operated drilling will test overall acreage position for Hunton prospectivity 2013 Gastar Exploration Ltd. 22
Hunton Horizontal Oil Play Economics 436 MBOE EUR 35% Gas 65% Liquids 67% IRR(1) Cost 5.2MM (4,200 lateral) (1) Based on results of last 7 wells of JV partner and the NYMEX futures curve on July 29, 2013. 2013 Gastar…
Preliminary Hunton Drilling Plan 2013 10 total wells 6 gross (3 net) within existing AMI (non-operated) 3 gross (3 net) on new acreage (operated) 1 gross (0.8 net) on new acreage (non-operated) 2014 19 total wells 8 gross (4…
Financial Overview 2013 Gastar Exploration Ltd.
Balance Sheet Assets ( in millions) June 30, 2013 Cash and cash equivalents 10.8 Other current assets 14.0 Total current assets 24.8 Total property, plant and equipment, net 419.8 Other assets 5.6 Total assets 450.2…
200 million Senior Secured Notes Issued on May 15, 2013 at par Issuer: Gastar Exploration USA, Inc. Coupon: 8.625% Maturity: May 15, 2018. Two-year non call provision. Guarantees: Fully and unconditionally guaranteed by the…
8.625% Cumulative Preferred Stock 99.0 million issued to date(1) Issuer: Gastar Exploration USA, Inc. Symbol: NYSE MKT: GST.PRA Guarantor: Gastar Exploration Ltd. Annual Rate: 8.625% Face Value: up to 100,000,000 (4,000,000…
Strong Collateral Coverage Pro Forma Collateral Coverage 500 450.6 450 51.8 400 350 300 91.6 million 250 Net Debt(3) 398.8 398.8 200 150 100 200.0 50 0 New Senior Secured Notes Proved PV-10(1) Proved…
Financial Overview Credit Statistics Credit Statistics Year to Date as of (1) ( in millions) June 30, 2013 Total Debt 200.0 Net Debt 189.2 LTM Adjusted EBITDA (2) 53.0 LTM Normalized Adjusted EBITDA (2) (3) 66.2 Total Proved…
Hedging Program Natural Gas as of July 29, 2013 2013 Gastar Exploration Ltd. 32
Hedging Program (contd) Crude Oil and NGLs as of July 29, 2013 2013 Gastar Exploration Ltd. 33
Hedging Program (contd) Hedge Percentages as of July 29, 2013 Hedge Percentages (Reserve PDP) Crude % Nat Gas % NGLs % Bal 2013 89% 92% 46% 2014 99% 94% 0% 2015 78% 0% 0% 2016 78% 0% 0% 2017 78% 0% 0% 2013 Gastar…
Summary Well positioned for reserve & production growth with strong economics in 2013 & beyond 2013 production projected to grow materially over 2012 High-value liquids production expected to increase vs last year New oil play…
Gastar Exploration Ltd. Gastar Exploration is an independent energy company engaged in the exploration, development and production of natural gas and oil in the U.S. Our principal business activities include the identification,…
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