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PRITCHARD CAPITAL PARTNERS ENERGIZE CONFERENCE – Gastar Exploration, Ltd.

Gastar Exploration, Ltd. · Jan 4, 2012 · 27 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. PRITCHARD CAPITAL PARTNERS ENERGIZE CONFERENCE – Gastar Exploration, Ltd. – slide 1
    Gastar Exploration Ltd. NYSE Amex: GST & GST.PRA Pritchard Capital Partners Energize 2012 J. Russell Porter, President & CEO
  2. PRITCHARD CAPITAL PARTNERS ENERGIZE CONFERENCE – Gastar Exploration, Ltd. – slide 2
    Key Investment Considerations Two core areas Marcellus Shale Development program underway with positive early results 74,400 net acres provides scale Atinum JV provides funds East Texas Legacy Bossier position Possible…
  3. PRITCHARD CAPITAL PARTNERS ENERGIZE CONFERENCE – Gastar Exploration, Ltd. – slide 3
    Gastar Overview Our assets provide significant exploitation opportunities and long-term growth potential Common Exchange / Ticker: NYSE AMEX: GST Share Price(1): 3.10/share Common Shares Outstanding: 64.7 million Market…
  4. PRITCHARD CAPITAL PARTNERS ENERGIZE CONFERENCE – Gastar Exploration, Ltd. – slide 4
    GST.PRA Summary Terms GASTAR EXPLORATION USA, INC. SERIES A CUMULATIVE PREFERRED SECURITIES Issuer: Gastar Exploration USA, Inc. Symbol: GST.PRA on the NYSE Amex Guarantor: Gastar Exploration Ltd. Securities Offered: Up to 100…
  5. PRITCHARD CAPITAL PARTNERS ENERGIZE CONFERENCE – Gastar Exploration, Ltd. – slide 5
    Asset Discussion 6
  6. PRITCHARD CAPITAL PARTNERS ENERGIZE CONFERENCE – Gastar Exploration, Ltd. – slide 6
    Highly Leveraged to Marcellus Shale 350 310 300 250 Acres/1< in EV 200 147 150 126 110 100 64 54 53 53 52 48 45 50 36 32 31 31 30 25 23 18 17 14 11 7 7 5 - GST NFG REXX RRC MHR CHK EQT CRZO PETD PDC CNX SGY…
  7. PRITCHARD CAPITAL PARTNERS ENERGIZE CONFERENCE – Gastar Exploration, Ltd. – slide 7
    Marcellus Shale Overview 74,400 net acres with Marcellus exposure Two rigs operating in the Marcellus Marshall & Wetzel 7,700 net acres (15,300 JV net acres) Atinum JV partner Focus of initial development program Ultra rich gas…
  8. PRITCHARD CAPITAL PARTNERS ENERGIZE CONFERENCE – Gastar Exploration, Ltd. – slide 8
    Marshall & Wetzel 15,300 joint venture net acres Full development planned and drilling program underway Position characterized by high Btu gas and high condensate yields (30 to 40 bbls/MMcf) Promising preliminary drilling results…
  9. PRITCHARD CAPITAL PARTNERS ENERGIZE CONFERENCE – Gastar Exploration, Ltd. – slide 9
    Marshall & Wetzel 6,700 net acres (13,400 joint venture net acres) Simms Pad Corley Pad Hendrickson Pad Wengerd Pad 10
  10. PRITCHARD CAPITAL PARTNERS ENERGIZE CONFERENCE – Gastar Exploration, Ltd. – slide 10
    Marshall & Wetzel 6,700 net acres (13,400 joint venture net acres) Simms Pad Corley Pad Hendrickson Pad Wengerd Pad 11
  11. PRITCHARD CAPITAL PARTNERS ENERGIZE CONFERENCE – Gastar Exploration, Ltd. – slide 11
    Event Analysis Wengerd1H All stages Wengerd 1H Map View Color Key Stage 1 Stage 2 Stage 3 Stage 4 Stage 5 Stage 6 Stage 7 Stage 8 Stage 9 Stage 10 Stage 11 Stage 12 500 Stage 13 Stage 14 Stage 15 Events colored by stage…
  12. PRITCHARD CAPITAL PARTNERS ENERGIZE CONFERENCE – Gastar Exploration, Ltd. – slide 12
    Event Analysis Wengerd7H All stages Wengerd 7H Map View Color Key Stage 1 Stage 2 Stage 3 Stage 4 Stage 5 Stage 6 Stage 7 Stage 8 Stage 9 Stage 10 Stage 11 Stage 12 Stage 13 500 Stage 14 Stage 15 Stage 16 Events…
  13. PRITCHARD CAPITAL PARTNERS ENERGIZE CONFERENCE – Gastar Exploration, Ltd. – slide 13
    Event Analysis All Wells-All stages Depth View Looking North 100 ft 500 ft Depth view of the well. The grid size is 100 feet in depth Events colored by stage and sized by energy (compressed dynamic range) 2011 Microseismic.…
  14. PRITCHARD CAPITAL PARTNERS ENERGIZE CONFERENCE – Gastar Exploration, Ltd. – slide 14
    Pennsylvania 9,800 net acres (19,600 JV net acres) Butler County 2,450 net acres (4,900 JV net acres) Btu rich gas Rex Energy operator 3 wells completed in 2011 and 4 wells to be completed in 2012 Fayette & Somerset 3,400…
  15. PRITCHARD CAPITAL PARTNERS ENERGIZE CONFERENCE – Gastar Exploration, Ltd. – slide 15
    Marcellus East 54,500 net acres Acquired assets in November 2011 Gastar tested Marcellus potential in two vertical wells prior to exercising option to purchase Tucker/Preston area tested at 1.1 MMCFD from vertical Marcellus…
  16. PRITCHARD CAPITAL PARTNERS ENERGIZE CONFERENCE – Gastar Exploration, Ltd. – slide 16
    East Texas (Bossier) Overview Significant Consolidated Acreage Position Leon 19,400 net acres with 50-67% WI 100% Operated Prolific, Deep Bossier Production Individual well IPs 20 MMcfe/day; Strong IRRs Robertson Multiple stacked…
  17. PRITCHARD CAPITAL PARTNERS ENERGIZE CONFERENCE – Gastar Exploration, Ltd. – slide 17
    Deep Bossier Development Plans Hilltop Area East Texas Gastar has successfully implemented development program Lower Bossier Offset Locations Initial GST Deep Bossier well completed in 2004 Successfully drilled 25 out of 27 wells…
  18. PRITCHARD CAPITAL PARTNERS ENERGIZE CONFERENCE – Gastar Exploration, Ltd. – slide 18
    GST Acreage within Eagle Ford Oil Window 19
  19. PRITCHARD CAPITAL PARTNERS ENERGIZE CONFERENCE – Gastar Exploration, Ltd. – slide 19
    Eagle Ford / Woodbine Possible Locations 160 AC Horizontal Drilling Location Map 20
  20. PRITCHARD CAPITAL PARTNERS ENERGIZE CONFERENCE – Gastar Exploration, Ltd. – slide 20
    Financial Overview 21
  21. PRITCHARD CAPITAL PARTNERS ENERGIZE CONFERENCE – Gastar Exploration, Ltd. – slide 21
    Financial Overview Production Texas Other US Revenue & Pricing Revenues Price (MMcfe/d) (/Mcfe) ( in millions) 6.66 30 80 7 5.68 4 5.22 6 4.98 60 20 6 4.37 5 2 3 4.12 4 5 40 3 10 5 22 57 17 19 18 2 20 41 13 35 32 27…
  22. PRITCHARD CAPITAL PARTNERS ENERGIZE CONFERENCE – Gastar Exploration, Ltd. – slide 22
    Condensed Consolidated Balance Sheet September 30, ( in millions) ASSETS Cash and cash equivalents 7.0 Other current assets 22.0 Total current assets 29.0 Total property, plant and equipment, net 266.3 Other assets 6.3 Total…
  23. PRITCHARD CAPITAL PARTNERS ENERGIZE CONFERENCE – Gastar Exploration, Ltd. – slide 23
    Drilling Program 2011 Capital Expenditures Allocation ( in millions) 2011 Drilling Program Project Area Operator Gross Net Net Capital (MM) Capitalized Costs(3) 1.4 Bossier GST 2.0 1.3 19.2 Land & Seismic Glen Rose - Oil GST 2.0…
  24. PRITCHARD CAPITAL PARTNERS ENERGIZE CONFERENCE – Gastar Exploration, Ltd. – slide 24
    Hedging Overview Hedging Summary December 31, 2011 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…
  25. PRITCHARD CAPITAL PARTNERS ENERGIZE CONFERENCE – Gastar Exploration, Ltd. – slide 25
    Summary 26
  26. PRITCHARD CAPITAL PARTNERS ENERGIZE CONFERENCE – Gastar Exploration, Ltd. – slide 26
    Key Investment Considerations Two core areas Marcellus Shale Development program underway with positive early results 74,400 net acres provides scale Atinum JV provides funds East Texas Legacy Bossier position Possible…
  27. PRITCHARD CAPITAL PARTNERS ENERGIZE CONFERENCE – Gastar Exploration, Ltd. – slide 27
    Gastar Exploration Ltd. (NYSE Amex: GST & GST.PRA) Gastar Exploration Ltd. J. Russell Porter CEO Michael Gerlich CFO 1331 Lamar, Suite 650 Houston, TX 77010 (713) 739-1800 28

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