Houston-based Gastar Exploration Ltd. (NYSE: GST) is buying interest in an oil-producing property in Oklahoma for $187.5 million.
The company is picking up a 98.3 percent working interest and 80.5 percent revenue interest in 24,000 acres of the West Edmund Hunton Lime Unit, located in Oklahoma. The property is located near assets that Gastar acquired earlier in 2013 from Chesapeake Energy Corp. (NYSE: CHK).
The property produces oil, natural gas, and natural gas liquids.
Gastar, which explores for, develops and produces oil, says the deal is part of a plan to balance its production between liquids and natural gas. The deal was announced Sept. 5.
Whiting Petroleum Corp. (NYSE: WLL),