Gastar Exploration Ltd. announced the closing of its previously announced sale of the Company's interests in approximately 76,000 net undeveloped acres in Kingfisher and Canadian counties, Oklahoma, to an undisclosed third party for expected total proceeds of approximately $60.1 million in cash and 1,850 net acres of undeveloped leasehold the Company acquired from the buyer. Additional details about the transaction are available in the Company's news release dated July 2, 2013.

"Through this transaction, we have recouped most of our investment in the original Oklahoma acreage acquisition from Chesapeake while retaining our core Hunton-prospective acreage," said J. Russell Porter, Gastar's President and CEO. "We are now very well positioned for an active Hunton exploration and development program, with a healthy balance sheet and a favorable acreage position."

Tags: Gastar Exploration Ltd.