Gastar Settlement
Posted: Wed Aug 31, 2016 11:18 am
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.
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.