Gastar Exploration, Ltd. consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net loss attributable to the company common shareholders of $4.59 million, or $0.07 per basic and diluted share compared to net loss attributable to the company common shareholders of $6.31 million, or $0.10 per basic and diluted share for the same period a year ago. Total revenues were $11,264,000 compared to $9,154,000 last year. Loss from operations was $1,849,000 compared to $5,052,000 last year. Loss before provision for income taxes was $2,456,000 compared to $5,074,000 last year. Net loss was $2,456,000 compared to $5,074,000 last year. Net cash provided by operating activities was $10,929,000 compared to $3,733,000 last year. Purchase of furniture and equipment was $19,000 compared to $120,000 last year. Development and purchase of natural gas and oil properties was $33,829,000 compared to $35,494,000 last year. Excluding the impact of an unrealized hedging loss of $9.6 million and a litigation settlement expense of $1.0 million, adjusted net income attributable to common shareholders was $6.1 million, or $0.09 per basic and diluted share compared to an adjusted net loss of $3.5 million, or $0.06 per basic and diluted share, for the first quarter of 2012. Adjusted cash flows from operations were $13,130,000 compared to $2,922,000 last year. Net cash provided by operating activities before working capital changes, reduced for dividend expense and adjusted for other special items (adjusted cash flows from operations) for the first quarter of 2013 increased to $13.1 million, or $0.21 per share, compared to $2.9 million, or $0.05 per share, for the first quarter of 2012. The company consolidated operating results for the first quarter ended March 31, 2013. For the quarter, the company reported total production of 3,646 MMcfe compared to total production of 2,678 MMcfe for the same period a year ago. The company reported average daily production decreased 5% in the first quarter of 2013 from fourth quarter 2012 production of 42.5 MMcfe per day as a result of continuing curtailment of its Marcellus production by the third-party mid-stream operator. Liquids production represented approximately 26% of total production volumes for the first quarter of 2013, compared to 24% for the fourth quarter of 2012 and 16% for the first quarter of 2012. First quarter 2013 production volumes were negatively impacted by six days of 100% system shut-in time during February 2013 along with continuing high line pressures throughout the quarter on the third-party-operated gathering system. For the second quarter of 2013, the company expects net average production of 52 MMcfe per day to 55 MMcfe per day, and liquids percentage of production of 30% to 34%. Capital expenditures for the remainder of 2013 are expected to be approximately $56.3 million, excluding acquisitions. In addition, 2013 capital expenditures related to drilling on the Mid-Continent assets to be acquired from Chesapeake are expected to be $10.7 million. The company plans to fund its 2013 capital program and pending acquisition through existing cash balances, internally generated cash flow from operating activities, borrowings under the revolving credit facility, the issuance of debt or preferred equity securities, proceeds from the pending divestiture of its East Texas assets and the potential formation of a joint venture in Oklahoma.

Gastar Exploration, Ltd., Q1 2013 Earnings Call, May 03, 2013

Gastar Exploration, Ltd. announced that they will report Q1, 2013 results at 5:00 PM, Eastern Standard Time on May 02, 2013