Gastar Exploration Ltd. has signed a purchase and sale agreement (PSA) with an undisclosed third party for the sale of Gastar's interests in approximately 76,000 net acres in Kingfisher and Canadian counties, Oklahoma for approximately $62.0 million in cash. The agreement also provides for the trading of certain acreage between Gastar and the third party to create more concentrated acreage blocks for both parties. The transaction is subject to customary closing conditions and is expect to close in mid-third quarter of 2013.

The acres to be sold are part of the undeveloped leases acquired by Gastar on June 7, 2013 in a transaction with Chesapeake Energy that included drilling rights on approximately 157,000 net acres in Oklahoma, along with approximately 2.8 MMBoe of proved developed producing (PDP) reserves.

Tags: Gastar Exploration Ltd.