gst

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mkarpoff
Posts: 810
Joined: Fri May 30, 2014 4:27 pm

gst

Post by mkarpoff »

Gastar announced the re-approval of their $200mm loan revolver. I was hoping it might tick up today, but I guess the down market prevented that. Nevertheless, it does confirm your belief that the preferreds are safe.
dan_s
Posts: 34648
Joined: Fri Apr 23, 2010 8:22 am

Re: gst

Post by dan_s »

It just took awhile for the market to notice the press release.

HOUSTON, Aug. 31, 2015 /PRNewswire/ -- Gastar Exploration Inc. (NYSE MKT: GST) ("Gastar") today announced that it has completed its second scheduled borrowing base redetermination of its revolving credit facility for 2015 and, as a result, the borrowing base has been reaffirmed by the lending participants at $200.0 million. Currently, Gastar has drawn $65.0 million under its revolving credit facility, resulting in $135.0 million of unused borrowing capacity. The next scheduled borrowing base redetermination is to occur by May 1, 2016.

Michael A. Gerlich, Gastar's Chief Financial Officer, commented, "Our successful drilling activity in 2015 combined with our strong hedging program allowed us to maintain our borrowing base in a difficult commodity price environment. The available borrowings under this credit facility, along with our cash on hand and internally generated cash flow, will give Gastar more than adequate liquidity to fund our recently expanded 2015 capital expenditures budget and provide for a strong liquidity position as we enter 2016."
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> Gastar is hosting our luncheon in Houston on Friday, September 4. YOU MUST REGISTER ON THE EPG WEBSITE TO ATTEND AS WE ARE EXPECTING A FULL HOUSE.

> The call it "Preferred Stock" for a reason. Both Gastar preferred stocks are solid and I see nothing that will keep them from paying the monthly dividends.
Dan Steffens
Energy Prospectus Group
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