Gastar Exploration increases revolver borrowing base to $145 million

By Jennifer Chiou

New York, Aug. 13 – Gastar Exploration Inc. said the borrowing base under its revolving credit facility has been increased to $145 million from $120 million.

According to an 8-K filing with the Securities and Exchange Commission, the company has drawn $20 million under the revolver, leaving $125 million of unused borrowing capacity.

“Cash on hand, internally generated cash flow and available borrowings under our revolving credit facility should give Gastar more than adequate liquidity to fund our recently expanded 2014 capital expenditures budget,” chief financial officer Michael A. Gerlich said in a company news release.

“The previously announced $32 million increase in our budgeted capital spending is a direct reflection of our successful drilling efforts in the first half of 2014 and our continuing ability to identify additional reserves and increase production in both our Appalachia and Mid-Continent plays.”

Gastar Exploration is Houston-based oil and natural gas company.

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