February 4, 2010 (FinancialWire) — Gastar Exploration Ltd. (AMEX: GST) said that, through an affiliate, it expects to receive around $12.5 million in additional after-tax consideration for the 2009 sale of its interests in PEL 238, a coal seam natural gas project in New South Wales, Australia.

The company said that year-end reserves for the PEL 238 project disclosed this week by project operator Eastern Star Gas exceeded the 2P target of 1.3 Tcf under the sale agreement. As a result, Gastar has earned an additional AU$20 million payment from the purchaser, affiliates of Santos Ltd.

In addition to the reserve upside payment from Santos, Gastar also has the right to receive up to $10 million in future cash payments from Eastern Star if certain previously negotiated production thresholds are achieved in the future.

Houston-based Gastar Exploration is an exploration and production company focused on finding and developing natural gas assets in North America

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