Gastar leases Bayer property in W.Va. for drilling

AP News
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Posted: Feb 15, 2012 6:57 AM
Gastar leases Bayer property in W.Va. for drilling

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.