Gastar Exploration lifts revolver borrowing base to $100 million

By Marisa Wong

Madison, Wis., Dec. 11 - Gastar Exploration, Inc. said that the borrowing base under its senior secured revolving credit facility has been increased to $100 million from $50 million.

Gastar has no borrowings drawn under the revolver, according to a press release.

The next borrowing base determination is scheduled for May 2014.

"This increase in our credit facility reflects the higher value of our asset base following the completion of our West Edmond Hunton Lime Unit (WEHLU) acquisition in Oklahoma and successful drilling in our areas of focus," chief financial officer Michael A. Gerlich said in the release.

"We believe the additional liquidity provided by this borrowing base increase, internally generated cash flow and cash on hand will support continued development of our Hunton Lime and Marcellus assets."

The energy company is based in Houston.

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