J. Russell Porter President and CEO August, 2012 Denver, CO 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 65.7 million shares outstanding 126.8 million equity market capitalization(1) 259.8 million enterprise value(2) Focused on exploration, development and production of natural gas and oil in the U.S. 167.0 Bcfe of…
Asset Overview 2Q 2012 Net Production by Region Marcellus Shale 34.8 MMcfe/d June 30, 2012 Proved Reserves by Region Bossier Play Eaglebine Play 105,900 Net Acres(1) (1) Net acres as of 6/30/2012; includes 9,900 net…
Moving in the Right Direction Increased production, reserves, and liquids. Production Proved Reserves 167.0 (MMcfe/d) (Bcfe) 119.7 48.9 50.3 Borrowing Base Liquids Reserves ( in millions) (oil and NGLs) 2012 Gastar…
Major 2011 Accomplishments More than doubled proved reserves to 120 Bcfe (1) Increased PV-10 by 223% to 217 million (1) 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 3Q production guidance of 35-37 MMcfe/d Increase liquids to 20-25% of total production Majority of capex dedicated to…
Aggressively Shifting Capital to Liquids ( in millions) Area Capital 2012 Capital Investment Marcellus 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.
Strong Position in the Marcellus Shale Near-term activity concentrated in highly prospective liquids-rich portion of the play 75,700 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 30-50 bbls/MMcf condensate 40-50 bbls/MMcf NGLs Active development program 31 horizontal wells drilled to date in Marshall County 23 completed…
Operational Excellence w/ Pad Drilling 2012 Gastar Exploration Ltd. 12
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. Butler County 2,400 net acres 4,800 JV net acres 3 wells completed in 2011 4 wells completed in 2012 Btu-rich wet gas Fayette & Somerset Counties 3,500 net acres 7,000 JV 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 Ford/Woodbine (Eaglebine) becoming more active Encana and…
Solid Acreage Position in the Emerging Eagle Ford Trend Actively monitoring and evaluating as our peers de-risk the play. 20,300 Net Acres 2012 Gastar Exploration Ltd. 18
Abundant Supply of Eagle Ford/Woodbine Opportunities Potential for 100+ horizontal drilling locations. First Class Neighbors 2012 Gastar Exploration Ltd. 19
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 borrowings under current credit facility and remaining…
Balance Sheet Assets ( in millions) June 30, 2012 Cash and cash equivalents 8.0 Other current assets 31.9 Total current assets 39.9 Total property, plant and equipment, net 269.9 Other assets 7.2 Total assets 317.0…
Responsible Hedging Program Natural Gas Gas Hedging Strategy Daily Volumes Hedged, MMBtu/day 25,230 MMBtu/d 25,000 2,000 MMBtu/d 4.00 / 4.50 Call Spread 15,821 MMBtu/d 20,000 15,338 MMBtu/d 15,000 6.00 / 4.00 Put Spread…
Responsible Hedging Program Crude Oil and NGL 2012 Gastar Exploration Ltd. 24
8.625% Cumulative Preferred Stock is Being Well Received By The Market (1) 91 million issued to date. Issuer: Gastar Exploration USA, Inc. Symbol: NYSE Amex: GST.PRA Guarantor: Gastar Exploration Ltd. Annual Rate: 8.625% Face…
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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