Gastar Selects P2 Land and P2 Reporting to Better Manage Its Leasehold Position in the STACK and Make Optimal Drilling Decisions05/16/2017
Solutions will allow Gastar to quickly visualize and report on its assets in one of North America’s most desirable plays
DENVER – (May 16, 2017) – P2 Energy Solutions announced today that Gastar Exploration Inc., a leading producer in the STACK (Sooner-Trend-Anadarko-Canadian-Kingfisher) play in central Oklahoma, has selected P2 Land and P2 Reporting to better manage its acreage position and make more profitable drilling decisions.
“Because the STACK consists of several reservoirs ‘stacked’ on top of one another, we need to be able to administer what we own in each of the five formations,” said Henry Hansen, Gastar’s Vice President of Land. “Not only that, but acreage values in the STACK have increased dramatically in recent years, so we want to be sure we’re always making the most cost-effective drilling decisions. P2 Land will display all our leases on its embedded map, which will enable us to visualize our operations and answer the questions ‘When are these leases going to expire?’ and ‘To save the most money, in what order should we drill them?’ That’s critical.”
Gastar, which holds a 62,400-net-acre position in the STACK, one of the most coveted oil and gas plays in North America, will use P2 Reporting to generate the multi-formation acreage reports needed to get a more granular look at its assets. “P2 Reporting is going to save us a significant amount of time when it comes to generating reports,” Hansen added. Additionally, with P2 Reporting’s real-time dashboard, everyone at Gastar – the management, geology, land and finance teams – will have the latest information on the status of the company’s assets in front of them.
Said Erik Schneider, who oversees P2’s land and accounting solutions as a Senior Vice President of Product Management: “We’re excited to support Gastar as it upgrades and expands its P2 Oil & Gas software footprint to take advantage of the latest functionality available across the Platform.”
P2 QuickStart, a software deployment and configuration standard that minimizes companies’ time to value, allowed the project to be delivered on time and on budget.
Gastar Exploration Inc. is an independent energy company engaged in the exploration, development and production of oil, condensate, natural gas and natural gas liquids in the United States. Gastar's principal assets are in Oklahoma, referred to as its Mid-Continent area, where it is developing the primarily oil-bearing reservoirs of the Hunton Limestone horizontal play and testing the Meramec Shale/Middle Mississippi Lime formation. Gastar believes its Mid-Continent acreage is prospective for the Meramec Shale/Mississippi Lime formation, the Woodford Shale and the Osage and Oswego formations, which Gastar collectively refers to as the Mid-Continent STACK Play. The Company is publicly traded on the NYSE MKT exchange under the ticker symbol GST, and its Series A Preferred Stock and Series B Preferred Stock are traded under the ticker symbols GST.PRA and GST.PRB, respectively.
P2 Energy Solutions empowers the people who power the world. Upstream oil and gas professionals from more than 1,600 companies around the globe rely on P2’s oil and gas accounting, data, land, production, and reserves technology and solutions to optimize their business processes and performance. Visit www.p2energysolutions.com to learn more.