Gastar Exploration (GST) reported that the company has purchased 59,000 net acres of leases in West Virginia that are prospective for the Marcellus Shale. The acreage is located in Preston, Tucker and Pendleton Counties. The company did not disclose the seller or the price paid for the Marcellus Shale acreage.
Gastar Exploration tested two existing vertical wells on the acreage and found that they both produced from the Marcellus Shale formation. The company will also receive forty one miles of pipeline used in a gathering system, a salt water disposal well and seven producing conventional wells with daily production of 500,000 cubic feet per day of natural gas.