Gastar Exploration Ltd. is a Houston-based independent company engaged in the exploration, development and production of natural gas, natural gas liquids, condensate and oil. Our current focus is on the Marcellus Shale play in Appalachia, where were are in the early stages of developing and producing natural gas reserves that also yield significant quantities of condensate and high-value NGLs. Our legacy assets are in the deep Bossier natural gas play in East Texas, where we currently have gas production from 25 wells, and we are testing oil potential in other shallower formations in four others. In addition, we are a non-operating partner in a small coalbed methane project in the Powder River Basin. Gastar is a Canadian corporation incorporated in Alberta in 1987. The Company is publicly traded on the NYSE Amex exchange under the ticker symbol GST.

Marcellus Shale

Gastar has approximately 99,300 gross (74,400 net) acres under lease in northern West Virginia and southwestern Pennsylvania in an area that is at the center of one of the most exciting unconventional resource plays in North America. A portion of Gastar's acreage is prospective for high-Btu natural gas that also contains significant amounts of condensate and high-value natural gas liquids. We are early in the development phase of our Appalachian assets, and we expect the majority of our capital budget over the next several years to be focused in the Marcellus Shale play. We drilled our first operated horizontal Marcellus well in the first quarter of 2011 and began sales of our first Marcellus production in the third quarter of 2011. Our initial focus is in Marshall County, West Virginia. We also hold Company-operated acreage in six other counties in West Virginia and both operated and non-operated interests in Butler, Fayette and Somerset counties in Pennsylvania.

East Texas

Gastar controls approximately 35,300 gross (19,400 net) acres in the Hilltop area, located midway between Dallas and Houston in Leon and Robertson counties in East Texas. Our primary focus on this acreage has been the deep Bossier sands, whose vertical wells are characterized by high initial natural gas production, attractive estimated ultimate recoverables and long-lived reserves from multiple pay zones. Gastar is currently producing natural gas from about 25 lower and middle Bossier wells and has identified multiple additional infill locations which we plan to develop when commodity prices improve. We are also studying shallower potential in the upper Bossier sands, using horizontal drilling technology, as well as gas potential in the Knowles Limestone, which lies above the Bossier sands. In addition, we are studying shallow oil potential from the Eagle Ford/Woodbine Shale and the Glen Rose Limestone beneath the same East Texas acreage, with four test wells drilled to date and increasing industry activity in the immediate area.

Powder River Basin

Gastar has non-operated interests in approximately 43,400 gross (19,600 net) acres primarily in Wyoming in the Powder River Basin. The Company has production from approximately 513 gross (225.5 net) wells located north of Gillette.