New York (April 2nd, 2013) - Gastar Exploration, Ltd. (NYSE: GST) announced that it has entered into a definitive agreement to acquire proven reserves and undeveloped leasehold interests in Kingfisher and Canadian counties, Oklahoma from Chesapeake Energy Corporation, repurchase Chesapeake's common shares of the Company and settle all litigation for $85 million.
The acquisition includes drilling rights omin approximately 157,000 net acres that adjoin Gastar's existing Mid-Continent acreage and approximately 2.8 MMBoe of proven reserves.
The transaction is expected to close on or before June 7, 2013, subject to customary closing adjustments, and with a property purchase effective date of October 1, 2012.
Gastar Exploration Ltd. is an independent company engaged in the exploration, development and production of natural gas and oil in the United States.
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Bank of America analyst Steve Byrne reiterated a Buy rating on MannKind Corporation (NASDAQ: MNKD), and raised the price target from $3.00 to $5.00.
MannKind Corporation (MannKind) is a development-stage biopharmaceutical company. The Company is focused on the discovery, development and commercialization of therapeutic products for diseases such as diabetes and cancer. The Company’s product candidate, AFREZZA (insulin human) inhalation powder, is insulin that is in late-stage clinical investigation for the treatment of adults with type I or type II diabetes for the control of hyperglycemia.
The AFREZZA inhalation powder is centered on a class of potential of hydrogen (pH)-sensitive organic molecules. AFREZZA utilizesitsTechnosphere formulation technology.
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