Gastar Overview 89,600 net surface acres: 62,600 core STACK surface acres Mid-Continent STACK Play STACK Optionality STACK STACK Oswego 11,400 net acres(1) STACK Meramec 23,600 net acres(1) WEHLU + WEHLU STACK Osage…
Key Investment Criteria Pure play Mid-Continent STACK operator STACK (Sooner-Trend-Anadarko-Canadian-Kingfisher) is one of the most coveted assets in N. America High-Quality STACK Resource Base Strong drilling results in the Meramec,…
2017 Capital Budget 2017 Budget Detail Area Capital (MM) % of Total STACK DrillCo Drilling 5.1 6% STACK Osage Drilling 34.1 41% STACK Non-Operated Drilling 3.5 4% Land 30.8 37% Recompletions 3.3 3% Other Capital Costs 7.2 9% Total 83.9…
STACK Play - Overview Overview Five prospective formations across acreage position Multiple formations may be stacked depending on specific area Multiple benches within prospective formations Offers large quantity of drilling…
Summary Target Economics Based on Wright & Co. proved reserve type curve projections(1) Meramec WEHLU Upper Hunton WEHLU Lower Hunton Gross locations per 640 6 3 3 Number of net drilling locations 212 111 108 EURs Processed 716…
STACK Regional Activity 2012-2013 2014-2015 2016-2017 +356 +418 98 wells completed 454 wells completed 872 wells completed Note: Obtained from Drillinginfo as of 5/1/2017 2017 Gastar Exploration Inc. 12
Mid-Continent STACK Operator Map One of the most active horizontal plays in North America, currently 54 rigs running in the area Note: Rig data obtained from Drillinginfo as of 5/1/2017 2017 Gastar Exploration Inc. 13
Mid-Continent Focused Operator Large, contiguous acreage position with multiple stacked horizontal targets Mid-Continent Asset Overview Mid-Continent Asset Map 89,600 net surface acres 62,600 core STACK 27,000 WEHLU and other…
STACK - Meramec Overview Activity Map(5) Meramec activity - 103 active permits and 354 completed wells in the area(1) Non-operated participation in 11 wells 7 producing Meramec potential net acres: 23,600(2) Est. locations(3):…
Meramec Structure and Isopach Maps Gastars acreage is situated in the active up-dip region of the Meramec Play Meramec Structure Map Meramec Isopach Map Note: Includes wells permitted and completed 2017 Gastar Exploration Inc. 16
STACK - Osage Overview Activity Map(4) Non-operated elected participation in 10 wells 7 producing Osage activity 83 active permits and 195 completed wells in the area(1) Osage potential net acres: 47,700(2) Est. locations(3):…
Osage Structure and Isopach Maps Thick Osage on trend with offset operator activity with multi-bench potential Osage Structure Map Osage Isopach Map Note: Includes wells permitted and completed 2017 Gastar Exploration Inc. 18
STACK - Oswego Overview Activity Map(4) Offset operator IPs up to 2,100 Boe/d (93%+ oil) A growing horizontal target in the basin Up to four porosity-driven targets within the Oswego Non-operated elected participation in 4…
Oswego Structure and Isopach Maps Oswego Structure Map Oswego Gross Thickness Map The Oswego Limestone was deposited as shallow shoal bars trending East-West that can be oolitic in nature Historically the Oswego has been a…
STACK - Woodford Overview Activity Map(4) Offset operator IPs up to 1,500 Boe/d (80%+ oil) Other operator activity de-risking the play Non-operated elected participation in 3 wells 3 producing Woodford activity 23 active…
Woodford Structure and Isopach Maps Woodford Structure Map Woodford Isopach Map Note: Includes wells permitted and completed 2017 Gastar Exploration Inc. 22
WEHLU WEHLU-Hunton offers a substantial source of high return projects - Acreage 100% HBP Upper Hunton Overview WEHLU Map 8 PUDs on northern WEHLU acreage Seven well average results: Peak rate of 568 Boe/d (86% oil) Lower Hunton…
Northern Hunton Development Northern Hunton Development Northern Hunton Activity Map Established position in 2012 to focus on Lower Hunton development Took over operatorship with closing of acquisition in December 2015 39…
Earthquake Seismicity Map Low seismicity around Gastar leasehold Gastar recently re- completed a SWD well in the Wilcox to mitigate limitations of disposing in the Arbuckle Other operators are following this trend Gastar…
Financial Overview
Ares Upsized Issuance Transaction Overview Upsized Convertible Notes Sources Uses and Capitalization ( in millions) New upsized 75MM convertible Upsized Note Issuance and Conversion Sources of Funds Uses of Funds issuance to fund…
Ownership Summary Top-20 Holders(1) Current Ownership Summary(1) Firm / Person Shares Held (MM) % of Total Outstanding Ares Management, LP 54.9 26% Ares Kleinheinz Capital Partners 6.6 3% Management, Wilks Brothers, LLC 6.5 3% Retail…
Acquisition Overview Core acreage bolt-on, strengthens operated position Deal Overview Asset Map March 22, 2017 announced STACK leasehold Acquisition Effective March 1, 2017 Closed March 22, 2017 51.4MM purchase price Financed…
Financial Strategy Continue to review strategic opportunities to reduce leverage and enhance liquidity Refinanced all near term debt and extended maturities Leverage Ratios and Closed sale of non-core South acreage to enhance…
STACK Drilling Overview Well Results Well Results Post IP Production Averages(1) Peak 30 Day Post 60 Day Post 90 Day Post 180 Day Post 270 Day Post 360 Day Post Current 5 Day Production Well Rate Peak Peak Peak Peak Peak Peak…
Hedge Detail Natural Gas Oil Period Contract Type Volume Hedged Price Period Contract Type Volume Hedged Price May - Dec 17 3-Way 5,000 MMBtu/d 3.00 / 2.35 / 4.00 Apr - Dec 17 3-Way 280 Bbl/d 80.00 / 65.00 / 97.25 May- Jun 17 Swap 2,200…
DrillCo Joint Venture DrillCo Overview Announced development agreement with large global investment fund on 10/20/2016 Drilling program will target Meramec and Osage formations located in three townships totaling 21,200 net acres…
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