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    Gastar Exploration sees base increase to $145M

    Gastar Exploration Inc. (NYSE MKT: GST) reported that the borrowing base under its revolving credit facility has been increased to $145 million. This represents a $25 million increase over Gastar's previous borrowing base effective March 2014.  Currently, Gastar has drawn $20 million under the revolving credit facility, resulting in $125 million of unused borrowing capacity.

    Michael A. Gerlich, Gastar's CFO, commented, "Cash on hand, internally generated cash flow and available borrowings under our revolving credit facility should give Gastar more than adequate liquidity to fund our recently expanded 2014 capital expenditures budget. The previously announced $32 million increase in our budgeted capital spending is a direct reflection of our successful drilling efforts in the first half of 2014 and our continuing ability to identify additional reserves and increase production in both our Appalachia and Mid-Continent plays."

    The company “put nine wells (gross) on production in 1H:14 and expects to add 36 wells to production in the back half of the year,” noted analysts at Global Hunter Securities following the announcement. The “36 planned wells should contribute to additional reserve growth and future borrowing base increases, further enhancing GST's liquidity heading into 2015,” they continued.

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