Barclays CEO Energy/Power Conference September 2015 E XPANDING 2015 Gastar Exploration Inc. O UR H ORIZONS 1
Company Profile Asset Overview (06/30/2015) Q215 Net Prod. by Region Appalachia Mid-Continent Utica Dry Gas(1) Marcellus Shale Play 7.7 MBoe/d 6.2 MBoe/d 8,600 net acres leased 46,700 net acres 55% 45% 1,900 net acres pending…
Key Investment Criteria Strong drilling results in the Hunton Limestone oil play High-Quality Resource Offset STACK Play wells (Meramec and Woodford) successful Base NE stack play of prolific high rate dry gas Utica under…
Proven Track Record of Growth Significant reserves and production growth through acquisitions and the drill bit Proved Reserves by Product(1) 120.0 Gas Liquids 96.0 91.4 72.0 53% MMBoe 54% 48.0 45% 24.0 23% 28% 47%…
Production Growth YTD Average Production has grown 29% over 2014 average Total Daily Production(1) 15.0 13.2 12.0 2.9 10.2 53% 8.9 Liquids 9.0 2.2 1.4 4.1 MBoe/d 31% 48% Liquids Liquids 1.4 2.7 6.0 3.0 6.1…
Summary Target Economics 704 net locations for Hunton, Marcellus and Utica, additional 349 net locations in STACK Play Operated and Non- Operated WEHLU Operated WEHLU Operated Hunton Upper Hunton Lower Hunton Marcellus Utica Number…
2015 Capital Budget 91% of drilling budget operated, provides financial flexibility Current 2015 Budget Area Capital (MM) % of Total Mid-Continent Operated 65 54% Drilling and Infrastructure Land Mid-Continent Non-Operated 9 8% 97…
HUNTON & STACK PLAYS 2015 Gastar Exploration Inc. 10
Hunton: First Mover Advantage Large, contiguous acreage position with multiple horizontal targets Asset Overview Hunton Asset Map 103,900 net acres Low all-in acreage cost due to non-core lease sales WEHLU acquisition increased oil…
Oklahoma Hunton Play Overview Hunton Activity Map Successful drilling results, leading to development De-risking by industry activity and historic vertical production in the area Oklahoma Hunton Statistics 1P Reserves: 38.1…
Operated Hunton Development 2015 Development Plan Operated Activity Map Focus is on WEHLU Two rigs currently drilling Lower Hunton Development 11 horizontal operated wells drilled over large geographic area to date Still…
Operated Hunton Potential - WEHLU Hunton offers a substantial source of high return projects Upper Hunton Overview Lower Hunton Overview 45 PUDs on northern WEHLU acreage Previous operator drilled no horizontal producing wells on…
Non-Operated AMI Activity Overview Non-Operated Activity Map AMI established in 2012 to focus on Lower Hunton development Have drilled 37 wells in the Lower Hunton and 2 wells in the Upper Hunton Currently re-drilling one well 55…
Non-Operated AMI Average Well Performance Production averages in line with current type curve 800 640 74% (Boe and % Oil) 480 72% 320 77% 74% 70% 70% 72% 67% 68% 66% 67% 65% 160 66% 76% 0 Peak Peak…
STACK - Meramec Overview Meramec / Miss Lime Activity Map(1) Offset operator IPs range up to 1,600 Boe/d (98% oil) Meramec play naturally fractured carbonate similar to Hunton Other operator activity de-risking the play…
STACK - Woodford Overview Woodford Activity Map(1) Offset operator IPs up to 1,000 Boe/d (84%+ oil) Gastar acreage unexplored Other operator activity de-risking the play Non-operated participation Woodford Statistics Net…
MARCELLUS AND UTICA 2015 Gastar Exploration Inc. 20
Core Position in the Marcellus and Utica Acreage position lies near other leading players in the basin Appalachia Overview Marcellus and Utica Map Core acreage proven in both the Utica Marcellus wet gas and the Utica dry gas Dry…
Infrastructure Overview Operational Improved run-time No flow restrictions expected Processing Total system capacity to 720 MMcf/d Central receipt point capacity 155 MMcf/d Adequate takeaway capacity Firm transport 50…
NE Basis Gas and NGL basis differentials widened in 2015 Gas infrastructure buildout to alleviate REX reversal to west August 1, 2015 1.8 Bcf 15 Bcf/d of incremental takeaway capacity announced since YE 2013 Source: Tudor…
Marcellus Shale Activity concentrated in liquids-rich portion of the play Marshall & Wetzel Counties, W. Va. Gross Appalachia Production Atinum 50% JV Partner High Btu gas and condensate yields 3040 Bbls/MMcf condensate 4050…
Marcellus Shale Development Development Plan Marcellus Drilling Locations Gastar has drilled and completed Marshall Co. - Marcellus Wells 74 gross (35.4 net) horizontal wells Producing - 74 PUDS 51 and one vertical well to date…
Utica Shale Acreage position lies in core of the Dry Gas Window Overview Utica Activity Map(2) Underlies core 11,000 acre Marcellus Rice GPOR Hess 2 wells 1 well position IP: 42 MMcfe/d (Bigfoot 9H) IP: 2945 MMcfe/d IP: 25 MMcfe/d…
Utica Shale Development Development Plan Utica Drilling Locations Blake well completed, 6,600 lateral Marshall Co. - Utica Wells Blake U-7H with 34 stage frac 6600 Lateral Length Producing - 2 Future Locations - 77 15.3MM D&C…
Utica Shale Development Blake U-7H and Simms U-5H demonstrate the repeatability of dry gas Utica across Gastars Marshall County position Blake U-7H Simms U-5H Initial production date 05/18/15 08/29/14 Initial 48 hours sales rate…
Point Pleasant Paleography and SSTVD Structure East and West Appalachian Acreage on same shelf with similar features Point Pleasant Paleogeography Point Pleasant SSTVD Structure GST SIMMS IP: 29.4 MMCF/D BLAKE IP: 36.8…
Appalachia Summary 2015 Capital Activity Complete 7.0 gross (3.5 net) Marcellus wells Complete 1.0 gross (0.5 net) Utica wells Net Drilling Locations 57 net Marcellus locations on existing acreage 54 net Utica locations on…
FINANCIAL OVERVIEW 2015 Gastar Exploration Inc. 31
Financial Strategy Goal: Grow NAV and reserves per share through exploitation of existing assets Maintain acceptable leverage and coverage ratios given commodity price environment Leverage Ratios and Financial flexibility through…
Capitalization and Liquidity Capitalization ( in millions) 06/30/2015 Cash 9.4 Long Term Debt Senior Secured Notes due 2018, net (maturity value) 325 Revolving Credit Facility 95.0 Total Debt 420.0 Total Stockholders Equity…
Key Investment Criteria Strong drilling results in the Hunton Limestone oil play High-Quality Resource Offset STACK Play wells (Meramec and Woodford) successful Base NE stack play of prolific high rate dry gas Utica under…
APPENDIX 2015 Gastar Exploration Inc. 39
Lower Hunton Non-Operated Drilling Overview Well Results Cumulative Production Averages(2) Date Flowback Peak Approx. NRI % Commenced Rate(1) 30 Day 60 Day 90 Day 180 Day 270 Day 360 Day Current 5 Day Average(3) % Oil(4) (Boe/d)…
AMI Drilling Results Lower Hunton Wells are in line with current type curve Thrasher 1H 300,000 40 Bledsoe 128H 37 Gritz 17H 36 Henley 111H 35 State School Land 136H 34 Stevens 136H 33 Jet 112H 32 Jones 121H 240,000 31 32…
Lower/Upper Hunton Drilling Overview Well Results Approx. NRI Date Flowback Peak Current 5 Day % Commenced Rate(1) 30 Day 60 Day 90 Day 180 Day 270 Day 360 Day Average(3) % Oil(4) Operated Hunton WEHLU Lower Easton 22-1H 80.5%…
Utica Acreage is the dry gas Core of the Core Point Pleasant Shale Point Pleasant Shale Porosity Cross-Section Porosity Cross-Section A A GASTAR SIMMS U-5H 4-6% Porosity Up to 17% Porosity VERY HIGH Landing point…
Utica Shale Development Utica Dry Gas Comparative Statistics(1) 1. Other operator data obtained from third-party company data, investor presentations, public filings and other sources that have not been independently verified by…
Point Pleasant Gross Isopach Thickness Low thickness variations in the Point Pleasant across Gastars acreage GPOR Irons 4H EQT IP: 30.3 MMcf/d CVX Scotts Run Pad Conner 6H IP: 72.9 MMcf/d IP: 25 MMcf/d Eclipse Shroyer 2H &…
Utica Activity around Marshall & Wetzel Counties (1) 1. Other operator data obtained from third-party company data, investor presentations, public filings and other sources that have not been independently verified by Gastar…
Simms/Dangel Cross-Section Statoil USA Onshore Prop Inc Dangel 1-H Gastar Simms U-5H 5 Miles to west of Gastars acreage Target Depth: 11,350 TVD Porosity: 6 12% Porosity: Avg. 11% (up to 17%) Net pay of +/- 74 Net pay of 92…
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