Gastar Exploration Limited (USA) (NYSEMKT:GST) announced an extension of the company’s East Texas properties sale


Dallas, Texas 07/22/2013 (Financialstrend) – It had not all been positive for the exploration and mining firm with its sale of Texas property being further extended for another two weeks. Gastar Exploration Limited (USA) (NYSEMKT:GST) had announced that it had provided an extension of the company’s East Texas properties sale which had been agreed to be purchased by Cubic Energy. This extension of time for sale up to July 31, 2013 had been announced to provide the purchasing company with some time to finalize the financing requirements for the deal.

However, this extension of time would be effectively compensated through the reduction of certain negative adjustments to the purchase price for an aggregate value of $350,000. This announcement on the sales postponement by another two weeks had seemed to have sent signals of worry to the investors who had tried to shed off their holdings on the stock on Friday. While the stock had recently moved on to touch new peaks on Thursday, the last day of the week had witnessed decline in share prices. It is further expected that this declining trend might continue for this week too with the investors trying to shed off any additional risk owing to the extension of sales.

The stock had moved down by 5.99% to close at $3.45 on Friday, after the opening price at $3.67 per share. Gastar Exploration Limited (USA) (NYSEMKT:GST) had throughout the trading session moved between $3.40 and $3.69 per share and presently has 52 week lowest price at $0.70 and 52 week highest price at $3.70 per share. The market cap of the stock is at $235.89 million with 68.38 million shares outstanding and 42% institutional ownership of capital. The trading volume on Friday was at 1.11 million shares on the stock and the average level is at 604,388.00 shares per day.