Gastar Exploration Ltd. (NYSE: GST) has granted Cubic Energy Inc. (OTC: CBNR) an additional extension to the closing deadline of the previously announced sale of its East Texas properties to Sept. 30.
Under the terms of the extension agreement, Cubic Energy has paid an additional deposit of $100,000 and has agreed to pay Gastar an additional $250,000 at closing as compensation for the extension, bringing the total transaction value to $47.25 million before closing adjustments.
Gastar Exploration Ltd. and Cubic Energy Inc. are independent energy companies engaged in the exploration, development, and production of natural gas, condensate, oil, and NGLs in the U.S. Gastar is based in Houston. Cubic Energy is based in Dallas.
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