Gastar Exploration Inc. reported that estimated proved reserves of natural gas, oil and condensate and natural gas liquids (NGLs) as of June 30, 2014 totaled 78.0 million barrels of oil equivalent (BOE), a 43% increase over December 31, 2013 proved reserves of 54.6 million BOE, as estimated by our third-party reserve engineers in accordance with SEC regulations. Of the 78.0 million BOE of mid-year reserves, 54% were natural gas, 26% were oil and condensate and 20% were NGLs, compared to 55% natural gas, 27% oil and condensate and 18% NGLs at year-end 2013.

Using SEC pricing, the pre-tax present value discounted at 10% (PV-10) of proved reserves increased to $826.3 million at June 30, 2014, an increase of 39% versus $592.5 million at year-end 2013. Marcellus reserves in the Appalachian Basin represented 71% of proved reserve volumes and 51% of the PV-10 value, while Hunton Limestone reserves in Oklahoma represented 29% of proved reserve volumes and 49% of the PV-10 value.

Tags: Gastar Exploration Ltd.