SOURCE: Gastar Exploration, Ltd.

May 17, 2005 17:13 ET

Gastar Exploration, Ltd. Announces Addition to Senior Management Team

HOUSTON, TX -- (MARKET WIRE) -- May 17, 2005 -- Gastar Exploration, Ltd. (TSX: YGA) (OTC: GSREF) is pleased to announce that Michael Gerlich has joined Gastar Exploration, Ltd as Chief Financial Officer. Mr. Gerlich was until recently Senior Vice-President - Accounting and Finance for Calpine Natural Gas L.P., formerly known as Sheridan Energy, Inc. Mr. Gerlich joined Sheridan Energy, Inc. in July 1994 as CFO. Prior to joining Sheridan, Mr. Gerlich held various accounting and finance positions over a 10-year period with Trinity Resources, Ltd with his last position being Executive Vice-President and CFO. Mr. Gerlich was also with a big four accounting firm, where the focus of his practice was with energy related clients. Mr. Gerlich, a Certified Public Accountant, graduated with honors from Texas A&M University in 1978 with a degree in Accounting.

Gastar's President and CEO, J. Russell Porter, commenting on the announcement, said, "We are pleased that an executive of Michael's experience and talent is joining Gastar's management team. Michael has substantial public accounting and reporting experience as well as expertise in designing, implementing and monitoring internal controls that are increasingly required in the current regulatory environment. I look forward to working with Michael and in utilizing his abilities as Gastar continues to be an active company with unique operational and financial opportunities. I would like to thank our controller, Fred Lambert, for his efforts as the interim CFO and for his continuing contributions as we increase Gastar's level of activity in the future."

Gastar Exploration, Ltd. is an exploration and production company focused on finding and developing natural gas assets in North America and Australia. The Company pursues a balanced strategy combining low-risk CBM development with select higher risk, deep natural gas exploration prospects. Gastar's CBM activities are conducted within the Powder River Basin of Wyoming and upon the approximate 3.5 million acres controlled by Gastar and its Joint Development partners in Australia's Gunnedah Basin, PEL 238 and Gastar's Gippsland Basins located in New South Wales and Victoria respectively.

Safe Harbor Statement and Disclaimer

This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement identified by the words "expects," "projects," "plans," and certain of the other foregoing statements may be deemed "forward-looking statements." Although Gastar believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this press release. These include risks inherent in the drilling of oil and natural gas wells, including risks of fire, explosion, blowout, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks inherent in oil and natural gas drilling and production activities, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of drilling operations; risks with respect to oil and natural gas prices, a material decline in which could cause the Company to delay or suspend planned drilling operations or reduce production levels; and risks relating to the availability of capital to fund drilling operations that can be adversely affected by adverse drilling results, production declines and declines in oil and gas prices and other risk factors as described in the Company's Annual Information Form filed as of March 30, 2005, on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Contact Information:
    Gastar Exploration, Ltd.
    2480 West Campus Drive, Bldg C
    Mt. Pleasant, MI 48858
    (989) 773-7050
    FAX (989) 773-0006
    Attention J. Russell Porter
    E-Mail: rporter@gastar.com
    Web Site: www.gastar.com