April 2012 IPAA Oil & Gas Investment Symposium J. Russell Porter President and CEO April 17, 2012 New York, NY E X P A N D I N G O U R H O R I Z O N S 2012 Gastar Exploration Ltd.
Gastar Overview 65.8 million shares outstanding 167 million equity market capitalization(1) 267 million enterprise value(2) Focused on exploration, development and production of natural gas and oil in the U.S. 119.7 Bcfe of proved…
Asset Overview 4Q 2011 Net Production by Region Marcellus Shale 22.1 MMcfe/d 2011 Proved Reserves by Region Bossier Shale 113,448 Net Acres Note: net acres as of 12/31/2011. 119.7 Bcfe 2012 Gastar Exploration Ltd. 4
Moving in the Right Direction Increased production, reserves, and liquids. Production Proved Reserves (MMcfe/d) (Bcfe) Borrowing Base Liquids Reserves ( in millions) (oil and NGLs) 2012 Gastar Exploration Ltd. 5
Major 2011 Accomplishments (1) More than doubled proved reserves to 120 Bcfe (1) Increased PV-10 by 223% to 217 million Increased production by 13% to 21.1 mmcfe/d Liquids increased to 8% of production in 4Q Announced new…
Setting the Stage for 2012 2012 capital budget of 134 million Production projected to grow materially Increased 1Q production guidance to 27-29 MMcfe/d Increase liquids to 20% of total production Majority of capex dedicated to…
Aggressively Shifting Capital to Liquids ( in millions) Area Capital 2012 Capital Investment M Marcellus ll 103 Mid-Continent 20 East Texas 6 Capitalized Costs 5 Total 134 Capital investment program of 134 million 97% of…
Great Assets with Room to Grow 2012 Gastar Exploration Ltd.
Unique Leverage to the Marcellus 76,100 net Marcellus acres. Net Marcellus Acres/MM of Enterprise Value Source: Company filings as of 12/31/2011. 2012 Gastar Exploration Ltd. 10
Strong Position in the Marcellus Shale Near-term activity concentrated in highly prospective liquids-rich portion of the play 76,100 net acres with Marcellus exposure Two rigs currently operating Marshall & Wetzel Counties JV…
Liquids-Rich Window of Marshall & Wetzel Counties High Btu gas and condensate yields 25-30 bbls/MMcf condensate Active development program 30-50 bbls/MMcf NGLs 28 horizontal wells drilled to date in Marshall County 17 completed…
Operational Excellence w/ Pad Drilling 2012 Gastar Exploration Ltd. 13
Microseismic Frac Technology Keeps Gastar On The Leading Edge All stages, all wells of the Corley Pad. Color Key Map View Corley 4H Stage 1 Stage 2 Corley 2H Stage 3 Stage 4 Corley 1H Stage 5 Stage 6 Corley 3H Stage 7 Stage…
Microseismic Frac Technology Keeps Gastar On The Leading Edge All stages, all wells of the Corley Pad. Color Key Depth View Stage 1 Stage 2 Stage 3 Stage 4 Stage 5 Stage 6 Stage 7 Stage 8 Stage 9 Stage 10 Stage 11 Stage…
Pennsylvania Consolidating in two core areas. B tl County Butler C t 2,450 net acres 4,900 JV net acres 3 wells completed in 2011 4 wells completed in 2012 Btu rich wet Btu-rich wet gas Fayette & Somerset Counties 3,450 net…
Marcellus East Large position Low entry price Acquired assets in November 2011 100% WI, 80% NRI Tested Marcellus potential in 2 wells Preston/Tucker tested 1.1 MMcf/d Pendleton tested 0.8-1.0 MMcf/d First horizontal has been…
Shallow Potential Combined With Proven Success in East Texas Combination of Eagle Ford/Woodbine liquids and Bossier gas. Leon Substantial Shallow Potential Identified Eagle g Ford/Woodbine (Eaglebine) ( g ) becomingg more active…
Solid Acreage Position in the Emerging Eagle Ford Trend Actively monitoring and evaluating as our peers de-risk the play. 16,100 Net Acres 2012 Gastar Exploration Ltd. 19
Abundant Supply of Eagle Ford/Woodbine Opportunities Potential for 100+ horizontal drilling locations. First Class Neighbors 2012 Gastar Exploration Ltd. 20
Financial Strength 2012 Gastar Exploration Ltd.
Liquidity to Execute Our Plan Sources for our 134 million capital budget have been secured. Base capital program funded from internally-generated cash flow supplemented by b borrowings i under d currentt credit dit facility f…
Balance Sheet Assets ( in millions) December 31, 2011 Cash and cash equivalents 10.6 Other current assets 31.4 Total current assets 42.0 Total property, plant and equipment, net 285.7 Other assets 6.8 Total assets 334.5…
Responsible Hedging Program Natural Gas Average Total of Base Settlement Derivative Daily Notional Fixed Floor Short Call Ceiling Period Instrument Volume Volume Price (Long) Put (Long) (Short) (in MMBtu's) 2012 Put spread…
Responsible Hedging Program Placed initial crude oil and NGL hedges in 2012. Crude Oil Average Total of Base Settlement Derivative Daily Notional Fixed Floor Short Call Ceiling Period Instrument Volume Volume Price (Long) Put…
8.625% Cumulative Preferred Stock is Being Well Received By The Market ( ) (1) 75 million issued to date. Issuer: Gastar Exploration p USA,, Inc. Symbol: NYSE Amex: GST.PRA Guarantor: Gastar Exploration Ltd. Annual Rate:…
Summary 2012 is an active, pivotal year for Gastar. Aggressively shifting to liquids Focusing on liquids-rich Marcellus acreage New Mid-Continent oil play Capital investment program fully funded Realized a 100% increase in our…
Gastar Exploration Ltd. General Information 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…
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