The company increased the size of a recently initiated convertible debenture financing from $20 million to $30 million.
Funds from the financing effort will help boost Gastar's deep Bossier drilling programme from three wells in 2004 to six wells in 2005.
A majority of the company's 2005 budget will go toward its east Texas exploration and development activities. The remaining capital will be allotted to its coalbed methane interests in Wyoming's Powder River basin and the Gippsland and Gunnedah basins in south-eastern Australia.
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