Gastar Exploration Prices Its Upsized Offering AT $0.95 A Share

Gastar Exploration Inc. (NYSEMKT:GST) revealed that it priced a public offering of 50.0 million shares at $0.95 per share following an effective shelf registration statement previously filed with the SEC. According to the company, the offering was upsized from 40.0 million shares disclosed previously. Gastar said that it granted the underwriters a 30-day option to acquire a maximum an additional 7.5 million shares. The company expects to receive net proceeds of about $44.6 million or about $51.4 million if the underwriters exercised their option to acquire the addition shares.The company indicated that it would use the net proceeds from the offering for general corporate purposes. That included funding of an expanded drilling program in Oklahoma. Also, the company expects to close the offering on May 17, subject to customary closing conditions. Seaport Global Securities LLC and Johnson Rice & Company L.L.C. were the joint book-running managers for the offering.The stock traded 1.76% down on Thursday.