Gastar Exploration Ltd. (NYSE Amex: GST), together with its joint venture partner, Atinum Marcellus I LLC, has leased an additional approximate 3,300 gross acres in Marshall County, West Virginia to develop the liquids-rich Marcellus Shale formation. Under the joint venture agreement, Gastar will pay 45% of the lease acquisition cost for a 50% interest. Initial drilling and completion activities on the acreage will be eligible for the drilling carry that is a part of the 2010 joint venture between Gastar and South Korea-based investment firm Antinum Partners Co. Ltd.

The acreage is located at PPG Industries' Natrium, West Virginia chemicals site along the Ohio River and provides access to water and natural gas infrastructure. As operator, Gastar expects to begin drilling during the second half of 2011 and has identified as many as 30 locations to be drilled over the next several years. 

According to theflyonthewall.com, PPG estimates the net present value of the future before-tax cash flows generated by the lease will total nearly $50 million over the life of the anticipated well development, which is estimated to be over 30 years. The $50 million value includes an initial cash payment of roughly $10 million.