Gastar leases Bayer property in W.Va. for drilling

Feb 15, 2012, 11:57 AM

NEW MARTINSVILLE, W.Va. (AP) – Gastar Exploration plans to drill for natural gas on 1,400 acres at Bayer Corp.’s plant site in West Virginia’s Northern Panhandle.

Houston-based Gastar is leasing the property near New Martinsville from Bayer. Bayer expects to earn $30 million from the deal over the next 30 years.

Gastar vice president Michael McCown tells The Intelligencer and Wheeling News-Register (
http://bit.ly/yv1VX5) that the lease will give the company a large block of acreage to develop in the Marcellus shale field.

Gastar signed a drilling contract with PPG Industries last year to drill on about 3,300 acres north of Bayer’s plant.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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Gastar leases Bayer property in W.Va. for drilling