As of June 30, 2013, Gastar held an interest in approximately 300,300 gross (183,400 net) acres in Major, Garfield and Kingfisher counties, Oklahoma , including acreage acquired from Chesapeake Energy in June 2013 (Click here for more information on the Chesapeake transaction). Our objective is to develop a low-cost, repeatable horizontal drilling program to develop the conventional oil-bearing Hunton formation. A portion of our Oklahoma acreage position is being developed through a joint venture with a third party operator that consists of three Areas of Mutual Interest (AMI).
On July 2, we announced that we signed a purchase and sale agreement (PSA) with an undisclosed third party for the sale of our interests in approximately 76,000 net acres in Kingfisher and Canadian counties, Oklahoma. (Click here for more information on the pending transaction) We believe the acreage to be sold is less prospective for oil production in the Hunton Limestone formation and offers us the opportunity to monetize a portion of our earlier investment at a very attractive valuation. This transaction is expected to be completed in the third quarter of 2013. After completing the pending transaction, Gastar will own an interest in approximately 136,800 gross (96,400 net) acres in Oklahoma.
In 2013, we currently plan to drill approximately 12 wells in Oklahoma, including operated wells on the newly acquired acreage and several non-operated wells with our partner in the AMI. We expect the first well in the newly acquired acreage to be spud sometime in the third quarter. Our Hunton Limestone horizontal wells are expected to be drilled with 12,000 to 13,000 foot total measured depths including 4,000 to 4,500 foot horizontal lateral sections, with gross drilling and completion costs of approximately $5.2 million per well.