Gastar Exploration Ltd. (NYSE: GST) received the proceeds from the previously announced sale of its East Texas properties to Cubic Energy Inc. (OTC: CBNR), the company announced on Oct. 2.
Gastar released the closing documents dated Sept. 30 from escrow. Gastar received $39.2 million in cash proceeds in addition to the $4.7 million cash deposit previously paid by Cubic Energy.
Commenting on the sale, J. Russell Porter, Gastar's president and CEO, remarked in the release, "Finally!"
Additionally, Cubic Energy closed on an additional transaction to acquire a minority working interest ...