HOUSTON, Aug. 31, 2016 /PRNewswire/ — Gastar Exploration Inc. (NYSE MKT: GST) (“Gastar” or the “Company”) announced that it has executed a release and settlement agreement (the “Settlement Agreement”) regarding the Company’s claim for reimbursement under its directors and officers liability insurance coverage to recover settlement and legal defense expenses incurred by the Company in connection with litigation settled in December 2010. Gastar expects to receive $10.1 million within fourteen business days of execution of the Settlement Agreement.
The Company currently has approximately $40.6 million in available cash and cash equivalents and, after giving pro forma effect to receipt of the settlement funds, will have $50.7 million in available cash and cash equivalents.
About Gastar Exploration
Gastar Exploration Inc. is a pure play Mid-Continent independent energy company engaged in the exploration, development and production of oil, condensate, natural gas and natural gas liquids. Gastar’s principal business activities include the identification, acquisition, and subsequent exploration and development of oil and natural gas properties with an emphasis on unconventional reserves, such as shale resource plays. Gastar holds a concentrated acreage position in what is believed to be the core of the STACK Play, an area of central Oklahoma which is home to multiple oil and natural gas-rich reservoirs including the Meramec, Oswego, Osage, Woodford and Hunton formations. For more information, visit Gastar’s website at www.gastar.com.