Gastar Exploration, Ltd. is a Houston-based independent E&P company engaged in the exploration, development and production of natural gas and oil in the United States. Our drilling activities are focused on exploiting our multi-year inventory of drilling locations in the Deep Bossier Sands and Knowles Limestone plays in the Hilltop area of East Texas and the emerging Marcellus Shale play in Appalachia, along with coalbed methane, or "CBM" development in the Rocky Mountains. We are a Canadian corporation incorporated in Alberta in 1987. We are publicly traded on the NYSE Amex under the ticker symbol GST.

Deep Natural Gas Plays
In East Texas, Gastar and its partners control approximately 33,000 gross (15,350 net) acres located midway between Dallas and Houston in Leon and Robertson counties. This is one of the most active areas in the Lower 48 for deep natural gas exploration and development.

Deep Bossier Sands - Gastar has successfully completed 16 of 17 Bossier wells drilled to date. It is continuing an active drilling program in the lower and middle Bossier sands, which underlay a large portion of Gastar's leasehold. Gastar is using advanced drilling, fracturing and well completion technologies to increase production and recovery rates and reduce drilling and completion costs.

Knowles Limestone - Using horizontal drilling and advanced completion technologies, Gastar has recently begun exploring and developing natural gas reserves in the shallower Knowles Limestone, which lies above the Bossier formation. The Company has successfully completed five out of five Knowles wells drilled to date.

Shale Play

Marcellus Shale - Gastar has approximately 40,000 net acres under lease in northern West Virginia and southwestern Pennsylvania in an area that is at the center of one of the most exciting unconventional resource plays in North America. The Company expects to begin drilling Marcellus Shale prospects in late 2008 or early 2009.

Powder River Basin - Gastar also has interests in approximately 55,000 gross (21,900 net) acres in Wyoming's Powder River Basin, one of the most active coalbed methane plays in the U.S. Gastar has commercial production from the Squaw Creek and Ring of Fire fields north of Gillette.