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| Natural
gas has long been the fuel of choice for home heating and
domestic use because it is clean burning and economical.
Demand is steadily rising. And coalbed methane is proving
to be a growing source for North American natural gas
supplies. Gastar Explorations has three leasehold properties including 37,000 acres in Wyoming's Powder River Basin with options on another 100,000 acres and 2200 acres in the San Joaquin Valley in California. The latter is where a consortium led by Berkley Petroleum made some major discoveries. The third property is in Australia. The company acquired 23 wells already drilled with its leasehold in Wyoming. These are in the de-watering phase and follow up drilling is planned. Gastar also has a royalty interest in 740 acres two miles northwest of Berkley # 2 well. The company only went public in June of 2000 following a reverse takeover of CopperQuest Inc.. It has exploded in price since, more than doubling from $5 a share on June 13th to $12.50 on July 21st. Investment house A.G. Edwards has called the Powder River Basin the "hottest oil and gas play in the U.S." If the action in Gastar's stock is any indication, it looks like Edwards is right. On July 26th, the company announced the acquisition of a 40% interest in a leashold in the Bossier Sand play in the East Texas Basin. Anadarko Petroleum, the major player in the region, has had only one dry hole out of more than 150 drilled there since 1996. Shares Outstanding: 22,879,638
Address: U.S. Address: Phone: 517-773-7050 This page first published:
July 23, 2000 |
Stock Symbol: YGA (CDNX) News: Forums: |