Gastar to sell assets in West Virginia in $80 million deal

Gastar Exploration has signed an agreement to sell certain of its oil and natural gas assets in the Marcellus and Utica shale region of West Virginia to an affiliate of Tug Hill in a deal valued at $80 million, reports Hydrocarbons-Technology.com. The energy news site says Gastar will sell all of its producing assets and proved reserves in addition to a portion of its undeveloped acreage in the Appalachian Basin. "The assets being divested, which we believe are high-quality Marcellus and Utica properties, are generating limited cash flow due to poor realized pricing in the Appalachian Basin,” said Gastar CEO Russell Porter. For more, read the full story.

West Virginia