Rodman & Renshaw Maintains Outperform on Gastar Exploration

Rodman & Renshaw has published a research report on Gastar Exploration

after the company started production from its Corley wells. In the report, Rodman & Renshaw writes, "The wells are currently producing at a capacity-constrained, combined rate of ~14.6 MMcfe/d (9.9 MMcf/d, 680 Bbl/d of NGLs, 100 Bbl/d of condensate), equating to an average rate of ~3.65 MMcfe/d per well. GST expects condensate rates to increase as the recovery of stimulation fluids is completed. While the company is optimistic that results from the Corley wells could ultimately match the Wengerd wells, we need more data before we are able to compare the results to the Wengerd wells or our own typecurve." Rodman & Renshaw maintains its Market Outperform rating and $4 price target on Gastar Exploration, which closed yesterday at $3.07.