Gastar Exploration: $145 million borrowing base available at end of Q3

By Lisa Kerner

Charlotte, N.C., Nov. 7 – Gastar Exploration Inc. had $46.6 million available cash and cash equivalents as well as an undrawn $145 million borrowing base on its revolving credit facility at Sept. 30.

The company expects to fund its remaining 2014 capital program using existing cash balances, cash flow from operations and borrowings under the revolving credit facility, or some combination thereof, according to its third-quarter earnings news release.

Net income at quarter-end was $9.8 million, or $0.15 per diluted share, while adjusted net income was $2.2 million, or $0.03 per diluted share.

Gastar had a net loss for the quarter of $3.9 million, or a loss of $0.07 per diluted share, and third-quarter 2013 adjusted net income of $1.9 million, or $0.03 per diluted share.

Third-quarter adjusted EBITDA was up 48% year over year at $25.2 million but down 14% from the second quarter.

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

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