Gastar

Midcontinent pure-player Gastar Exploration Inc. emerged from bankruptcy protection as a private company on Tuesday, after completing a financial restructuring and eliminating more than $350 million of debt and preferred equity obligations from its balance sheet.

Gastar Exploration Inc. has extended its marketing efforts to sell the company entirely, announcing recently that it would accept proposals from interested parties until next month as it continues with Chapter 11 bankruptcy proceedings.

Midcontinent pure-play Gastar Exploration Inc. has entered a restructuring support agreement (RSA) with affiliates of Ares Management LLC, the company’s largest shareholder and only funded-debt creditor, and plans to file for Chapter 11 bankruptcy protection in the coming days.

The New York Stock Exchange has delisted Gastar Exploration Inc. common and preferred stock after it failed to meet listing standards. Gastar plans to soon be traded on the OTCQB over-the-counter market. Gastar said in July it could be sold or instead restructure the balance sheet. Gastar is a Midcontinent pure-play that works in the Anadarko Basin.

Houston-based Gastar Exploration Inc. said in a regulatory filing on Monday it has hired advisers to explore strategic alternatives, including the possibility of selling the company or restructuring the balance sheet.

Midcontinent pure-play Gastar Exploration Inc. has reached an agreement to sell a big package of its Oklahoma assets to direct more funding to other stacked reservoirs in the state.

Gastar Exploration Inc. has acquired additional working and net revenue interests in 66 gross (9.5 net) producing wells and 5,670 net acres of additional STACK oil and gas leasehold in Kingfisher County, OK.

Gastar Exploration Inc. has a new financial partner in Ares Management LP, announcing last week that the investment firm has agreed to provide $425 million to help refinance its balance sheet and provide the liquidity the company needs to continue de-risking its Midcontinent assets.

Midcontinent pure-play operator Gastar Exploration Inc. said it has closed on the sale of certain noncore assets in Oklahoma to an undisclosed buyer for $74.7 million, and that its borrowing base has been trimmed to $85 million.