Gastar-May q1 Vfinal5

GASTAR Click to edit Master subtitle style
EXPLORATION INC
Investor
Presentation
May 2018
Forward-Looking Statements
Cautionary statements relevant to forward-looking information for the purpose of
“Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995
This presentation of Gastar Exploration Inc. contains forward-looking statements relating to Gastar’s operations that are based on
management’s current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries.
Words such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “projects,” “believes,” “seeks,” “schedules,” “estimates,”
“budgets” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of
future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond the company’s control
and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such
forward-looking statements. The reader should not place undue reliance on these forward-looking statements, whether as a result of
new information, future events or otherwise.
Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are:
changing crude oil and natural gas prices; changing refining, marketing and chemical margins; actions of competitors or regulators;
timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternative-energy sources or product substitutes;
technological developments; the results of operations and development activities; the potential failure to achieve expected net
production from existing and future crude oil and natural gas development projects; potential delays in the development,
construction or start-up of planned projects; the potential disruption or interruption of the company’s net production or
manufacturing facilities or delivery/transportation networks due to war, accidents, political events, civil unrest, severe weather or
crude oil production quotas that might be imposed; the potential liability for remedial actions or assessments under existing or future
environmental regulations and litigation; significant investment or product changes under existing or future environmental statutes,
regulations and litigation; the potential liability resulting from other pending or future litigation; the company’s future acquisition or
disposition of assets and gains and losses from asset dispositions or impairments; government-mandated sales, divestitures,
recapitalizations, industry-specific taxes, changes in fiscal terms or restrictions on scope of company operations; foreign currency
movements compared with the U.S. dollar; the effects of changed accounting rules under generally accepted accounting principals
promulgated by rule-setting bodies; and the factors set forth under the heading “Risk Factors” in the company’s 2017 Annual Report
on Form 10-K. In addition, such statements could be affected by general domestic and international economic and political
conditions. Unpredictable or unknown factors not discussed in this presentation could also have material adverse effects on forward-
looking statements. The company undertakes no obligation to publicly update or revise any forward-looking statements except as
required by law.
2
© 2018 Gastar Exploration Inc.
Statement on Hydrocarbon Quantities
The SEC requires oil and gas companies, in their filings with the SEC, to disclose proved reserves, which are those quantities of oil and gas, which, by analysis of
geoscience and engineering data, can be estimated with reasonable certainty to be economically producible—from a given date forward, from known
reservoirs, and under existing economic conditions (using unweighted average 12-month first day of the month prices), operating methods, and government
regulations—prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless
of whether deterministic or probabilistic methods are used for the estimation. The SEC also permits the disclosure of separate estimates of probable or
possible reserves that meet SEC definitions for such reserves, however, we currently do not disclose probable or possible reserves in our SEC filings.
We may use the terms “resource potential” and “EUR” in this presentation to describe estimates of potentially recoverable hydrocarbons that the SEC rules
prohibit from being included in filings with the SEC. These are based on the Company’s internal estimates of hydrocarbon quantities that may be potentially
discovered through exploratory drilling or recovered with additional drilling or recovery techniques. These quantities do not constitute “reserves” within the
meaning of the Society of Petroleum Engineer’s Petroleum Resource Management System or SEC rules. “EUR,” or Estimated Ultimate Recovery, refers to our
management’s internal estimates based on per well hydrocarbon quantities that may be potentially recovered from a hypothetical future well completed as a
producer in the area. For areas where the Company has no or very limited operating history, EURs are based on publicly available information relating to
operations of producers operating in such areas. For areas where the company has sufficient operating data to make its own estimates, EURs are based on
internal estimates by the Company’s management and reserve engineers. Early well results are not always indicative of future well performance.
“Well costs” are based on internally generated company estimates and actual results may vary. “Drilling locations” represent the number of locations that we
currently estimate could potentially be drilled in a particular area estimated by well spacing and geological characteristic assumptions applicable to that area.
The actual number of locations drilled and quantities that may be ultimately recovered from the Company’s interests may differ substantially. There is no
commitment by the Company to drill all of the drilling locations which have been attributed these quantities. “Net prospective acreage” and “net surface
acreage” is calculated using geologic characteristic assumptions and anticipated drilling unit sizes.
Factors affecting ultimate recovery include: (1) the scope of our on-going drilling program, which will be directly affected by factors that include the
availability of capital, drilling and production costs, availability of drilling services and equipment, drilling results, lease expirations, transportation constraints,
regulatory approvals and other factors; and (2) actual drilling results, including geological and mechanical factors affecting recovery rates. In addition, our
production forecasts and expectations for future periods are dependent upon many assumptions, including estimates of production decline rates from
existing wells and the undertaking and outcome of future drilling activity, which may be affected by significant commodity price declines or drilling cost
increases.
The following is a description of the referenced terms we have used to refer to hydrocarbon quantities:
1P reserves: estimates of proved reserves which in this presentation are estimated by Wright & Company as of December 31, 2017 using SEC pricing and
definitions.
EURs: estimated ultimate recoveries per well based on estimated 35 year future production type curves using flat pricing of $60.00/Bbl for WTI-oil and
$3.00/Mmbtu for HH-gas:
 Meramec and Osage based on December 31, 2017 Wright & Company proved reserve type curve assuming 4,950’ lateral
3
Corporate
Overview
Corporate Overview
GST GST-PA GST-PB STACK
Sooner-Trend-Anadarko-Canadian-Kingfisher
$656MM Enterprise Value (1)
Field Office:
$176MM Market Capitalization Oklahoma City (1) Garfield
~ 67,900 Core STACK Surface Acres (2)
Undeveloped Net Drilling

~ 1,548 Locations (2)
Kingfisher
STACK Optionality(2)
Net
Net Prospective
Formation Undeveloped Headquarters:
Acres
Well Loc. Houston
Oswego 15,900 99
Mid-Con Proved NGLs Q1’18 Net NGLs
Manning 38,000 237 21% Gas 19% Gas
Reserves(3) 29% Prod.(4) 28%
Meramec 26,000 220 23.0 5.5
Osage 62,600 661 MMBoe MBoe/d
Woodford 18,200 170
Oil Oil
Hunton 39,800 161 50% 53%
(1) Stock price as of 5/9/18. Includes issued and outstanding preferred shares of $154.6MM face value, $425.7MM of debt and a cash balance of $100.2MM as of 3/31/18.
(2) Acreage and well counts developed by the Company based on assumptions and methodology described on page 3 of this presentation as of 4/2/18.
(3) Based on 12/31/17 Wright & Company Inc. report utilizing SEC pricing. Excludes reserves associated with WEHLU asset sale closed 2/28/18.
(4) Excludes production associated with WEHLU asset sale closed announced 2/28/18.
5
Corporate Highlights
 67,900 core STACK Acres(1) in Kingfisher and Garfield Counties, Oklahoma
Quality Asset  Highly contiguous position is 84%(2) operated and 68% held by production
Robust Drilling  3,438 gross and 1,548 net drilling locations(1)

Inventory  Highly attractive IRRs: Meramec and Osage IRR of 50% and 45%, respectively(3)
Significant Operational  34% improvement in drilling times from 1H’17 to date

 Enhanced completion design resulting in initial well performance at or exceeding type curve
Improvements  Implementing cost reduction initiatives to further improve well level IRRs and NAV
 Significant oil within reservoir system, net unrisked resource potential of ~277(3) MMBbls
Oil Weighted Reserves among Meramec, Osage, Oswego and Hunton formations
 Excluding WEHLU, current proved reserves have grown 184%(4) over YE 2016
No Near Term Debt

 Post refinancing in March 2017, no debt maturities before 2022
Maturity
 With WEHLU sale proceeds, ample liquidity to execute current drilling plan
Liquidity  Operational control provides ability to manage timing and level of expenditures
 Significant hedges to mitigate downside pricing environment

Strong Hedge Position  100%+ of oil and 94% of gas PDP volumes hedged for 2018
(1) Acreage and well counts developed by the Company based on assumptions and methodology described on page 3 of this presentation as of 4/2/18.
(2) Calculated using prospective net acres as of 4/2/18 and based on assumptions generated by the Company.
(3) EURs, related type curves and drilling locations are developed by the Company based on assumptions and methodologies described on page 3 of this presentation.
(4) Based on 12/31/17 Wright and Company, Inc. reserve report utilizing SEC pricing.
6
2018 Capital Budget
Operational control of over 86% of budget
2018 Budget Detail 2018 Budget Distribution

Capital
STACK Operated Capitalized Interest +
Area ($MM) % of Total G&G
Drilling
STACK Operated Drilling $69.5 60% $69.5 $11.6
STACK Non-Operated Drilling 15.7 14% 60% 10%
Land 18.2 16%
STACK Non-
Capitalized Interest + G&G 11.6 10% Operated
Total $115.0 100% Drilling
$15.7
No. of Wells Spud Gross Net $115.0 14%
STACK Operated 20 15.6 MM
STACK Non-Operated 16 2.9
Total 36.0 18.5
No. of Wells Completed Gross Net Land

STACK Operated 20 15.6 $18.2
STACK Non-Operated 16 2.9 16%
Total 36.0 18.5
7
STACK Type Log
Gamma Resistivity Porosity
 Seven prospective formations across Cleveland
acreage position 200 Oswego
 Multiple formations may be stacked
depending on specific area 400
 Multiple benches within prospective 600

formations
Manning
800
1000
 Offers large quantity of drilling
Meramec
projects and optionality to select 1200
highest returns and strategic benefits Osage
1400
1600
 Multiple formations can be pad Woodford
1800 Hunton
drilled from the same site
 Possible stacked horizontal wellbores or 2000
saw tooth horizontal placement Sylvan
2200
Proved
Additional Upside
8
Regional Cross Section
 Northeastern up-dip extension of the  Target formations are very continuous
STACK play
 Enhanced porosity from fractures and
 Over 1,000’ of combined prospective multiple unconformities throughout the
formations STACK column
 Primary source rock (Woodford) underlies
all of Gastar’s acreage
9
Summary Target Economics
Based on third party proved reserve type curve projections (1)
Meramec Economic Overview Meramec IRR Sensitivities(2)
Meramec 100%
(2)
2-Stream EUR 453 MBoe
80%
% Oil 58%
3-Stream EUR(2) 502 Mboe 60%
% Liquids 73%
40%
IRR(2) 50%
PV-10 ($MM)(2) $2.7 20%
Gross Loc. per 640 acre section 6
0%
Net Undeveloped Drilling Locations 220 $5 MM $4.75 MM $4.5 MM $4.25 MM $4 MM
Drilling & Completion Cost ($MM)(3) $4.5 $50 $60 $70 NYMEX STRIP 2018.05.01
Osage Economic Overview Osage IRR Sensitivities(2)

Osage 100%
(2)
2-Stream EUR 447 MBoe
80%
% Oil 59%
3-Stream EUR(2) 494 Mboe 60%
% Liquids 74%
IRR(2) 45% 40%
PV-10 ($MM)(2) $2.5 20%

Gross Loc. per 640 acre section 7
Net Undeveloped Drilling Locations 661 0%
$4.75 MM $4.5 MM $4.25 MM $4 MM $3.75 MM
Drilling & Completion Cost ($MM)(3) $4.0
$50 $60 $70 NYMEX STRIP 2018.05.01
(1) EURs, related type curves and drilling locations are developed by the Company based on assumptions and methodologies described on page 3 of this presentation.
(2) Assumes $3.00 gas with 100% WI and 78% NRI.
(3) Assumes pad drilling cost.
10
Regional STACK
Overview
STACK Overview
Mid-Continent Asset Overview Mid-Continent Asset Map
~ 67,900 Core STACK Surface Acres (1)
Undeveloped Net Drilling

~ 1,548 Locations(1)
Undeveloped STACK Drilling Potential(1)
Operated Wells Non-Operated Total
Wells Garfield
Zone Gross Net Gross Net Gross Net
Oswego 104 68 165 31 269 99
Manning 317 185 278 52 595 237
Meramec 300 195 157 25 457 220
Osage 1,000 599 376 62 1,376 661
Woodford 243 144 141 26 384 170
Hunton 233 138 124 23 357 161
Kingfisher
Total STACK 2,197 1,329 1,241 219 3,438 1,548
Large, contiguous acreage position with
multiple stacked targets
(1) Acreage and well counts developed by the Company based on assumptions and methodology described on page 3 of this presentation as of 4/2/18. Spacing assumptions: Oswego (4), Manning (4), Meramec (6), Osage (7), Woodford (6) and Hunton (3).
12
Mid-Continent STACK Operator Map
One of the most active horizontal plays in North America
Note: Rig data obtained from Drillinginfo as of 4/17/18.

13
STACK Regional Completed Wells
1,528 Cumulative Wells Completed 2012 - April 2018
Completed 2012-
Formation
April 2018
 Oswego 119
 Manning 1
 Meramec 694
 Osage 417
 Woodford 228
 Hunton 69
Total 1,528
Note: Data obtained from IHS as of 4/26/18. Area includes wells in the following counties: Major, Dewey, Custer, Blaine, Canadian, Oklahoma, Logan, Garfield, Kingfisher, and North Caddo.
14
STACK: Significant Multi-Zone Development
Description Operators
Up to 30 wells per section
15
Days to TD
10
20
25
30
35
15
0
5
Ma Stucki 30-1H
Great Divide 12-1H
Bradbury 28-1H
Pickle 33-1H
Johnny 32-1H

Hane 14-1H
Pedlik 10-1H
Stitt 32-1H
Gungoll 20-1H
19.6 Average
Pudge 1908 28-1H

Ohm 28-1H
Bennie Racer 14-1H
Harold and Dorothy 1907 6-1H
Meritt 12-1H
Pre June 2017
Milacek 2007 27-1H

Drilling Improvements
Junior 1909 24-1H
Bagwell 1808 24-1H

Pribil 2007 21-1H
Drilling Days to TD
practices should drive continued efficiencies

Weber 1806 15-1MH
 Post-June 2017, averaged seven fewer days per well
Barr 1807 35-1LOH
Post June 2017
Barney 1808 35-1MH

 Represents 34% improvement in drilling efficiency
Winfield 1807 31-1MH

Homier 1808 36-1MH
Pollard Farm 1806 7-1LOH
Yogi 1808 8-1UOH
13.0 Average
Dr J. 1807 7-1UOH
Broadhead 2007 34-1LOH
Gary Hajek 2008 18-1LOH
Dizzy 2008 17-1LOH
Mack 2007 15-1LOH
Biggio 1909 7-1LOH
Willie 2008 24-1LOH
 Improved geosteering, drilling fluids, lost circulation and equipment selection
Chicken Man 2008 26-1LOH

16
Completion Design Improvements
Meramec Stage Spacing Analysis
Avg. Actuals Plan
Meramec(1,2)
Lateral Length (ft) 4,771 4,700
45 41 15
Avg. 120 Day Cum. Oil (Mbo)
38 Effective Lateral Length (ft) 4,517 4,700

36 32 12 Frac Stages (#) 33 35
12 Stage Spacing (ft) 141 ~130
Well Count
27 9
Total Proppant (MM lbs) 13 12.5
18 6 Proppant Loading (lbs/ft) 2,841 ~2,700
Pump Rate (bpm) 88 80-100
9 3
3 Diverter (lb/stage) 34 50
0 0 Well Count (#) 15
<30 30+ Meramec TC
Osage Stage Spacing Analysis

Osage(2) Avg. Actuals Plan
34 Lateral Length(3) (ft) 4,655 4,700
35 15
30 30
Avg. 120 Day Cum. Oil (Mbo)
Effective Lateral Length(3) (ft) 4,406 4,700

28 12 Frac Stages (#) 27 35
Well Count
21 9 Stage Spacing (ft) 160 ~130

Total Proppant (MM lbs) 7 7
14 6 Proppant Loading (lbs/ft) 1,603 ~1,500
7 5 3 Pump Rate (bpm) 91 80-100
3 Diverter (lb/stage) 21 30
0 0
Well Count (#) 8
<30 30+ Osage TC
(1) Well count includes Gen 2.5/3.0 wells.
(2) Normalized to 4,700 ft.
(3) Excludes one well which experienced mechanical issues.
17
STACK:
Meramec
Meramec Overview
~ 26,000
Net Prospective Acres(1) Gross Isopach and Activity Map
89% Operated (2) and 76% HBP
Activity
24
Operated
Operated
Wells Drilled 24
16
Non-Op
Participated
16
694 wells completed in the STACK area

Activity
STACK
(3)
94 currently active permits (3)
Undeveloped Potential(1)
457 Gross Wells 220Net Wells

(1)
(2)
46 Gross PUDs
Acreage and drilling locations developed by the Company based on assumptions and methodology described on page 3 of this presentation. Meramec assumes six wells per section.
Calculated using prospective net acres as of 4/2/18 and based on assumptions generated by the Company.
(3) Based on data obtained from IHS as of 4/26/18.
19
Meramec Activity Map
1 27 26 25 24 23 22
Ma Stucki 30-1H Holiday Road 2-1H Weber 1806 15-1MH Ohm 28-1H Katy 21-1H Ingle 29-1H Mott 20-2H
Max 30: 227 Boe/d (75% Oil) Max 30: 503 Boe/d (76% Oil) Max 30: 597 Boe/d (70% Oil) Max 30: 469 Boe/d (77% Oil) Max 30: 373 Boe/d (55% Oil) Max 30: 880 Boe/d (78% Oil) Max 30: 686 Boe/d (74% Oil)
4,756’ Eff. Lat. Length 4,395’ Eff. Lat. Length 4,803’ Eff. Lat. Length 2,580’ Eff. Lat. Length 4,470’ Eff. Lat. Length 4,713’ Eff. Lat. Length 4,884’ Eff. Lat. Length
2
Geis 31-1H 21
Max 30: 654 Boe/d (70% Oil) Deep River 30-1MH
4,706’ Eff. Lat. Length Max 30: 970 Boe/d (71% Oil)
4,929’ Eff. Lat. Length
3
Kramer 29-1H
Max 30: 614 Boe/d (81% Oil) 20
Mott 19-1H
Max 30: 610 Boe/d (68% Oil)
4
Johnny 32-1H
Max 30: 396 Boe/d (74% Oil)
19
High Valley 1UMH-36
Max 30: 652 Boe/d* (52% Oil)
5 4,588’ Lat. Length
Lilly 28-1H
Max 30: 560 Boe/d (85% Oil)
4,254’ Eff. Lat. Length 18
Victoria 25-1H
Max 30: 447 Boe/d (68% Oil)
6 3,966’ Eff. Lat. Length
The Cowboy 1808 33-1H
Initial Flowback
4,514’ Lat. Length
17
Pickle 33-1H
7 Max 30: 408 Boe/d (57% Oil)
Snowden 27-1H
Max 30: 517 Boe/d (86% Oil)
16
8 Bradbury 28-1H
Eldon 34-1H Max 30: 236 Boe/d (77% Oil)
Max 30: 679 Boe/d (81% Oil) 7,243’ Eff. Lat. Length
9 10 11 12 13 14 15
Preacher Creek 1-14MH Barney 35-1MH Bagwell 24-1H Homier 36-1MH Winfield 31-1MH Best 20-1H Stitt 32-1H
Initial Flowback Max 30: 470 Boe/d (66% Oil) Max 30: 679 Boe/d (73% Oil) Max 30: 689 Boe/d (69% Oil) Max 30: 586 Boe/d (71% Oil) Max 30: 270 Boe/d (74% Oil) Max 30: 509 Boe/d (79% Oil)
4,534’ Lat. Length 4,904’ Eff. Lat. Length 4,542’ Eff. Lat. Length 4,284’ Eff. Lat. Length 3,563’ Eff. Lat. Length 4,897’ Eff. Lat. Length 4,916’ Eff. Lat. Length
Note: Other operator production rates obtained from third-party company data, investor presentations, public filings and other sources that have not been independently verified by Gastar Exploration Inc.
* Represents three phase.
20
Operated Meramec Results
Cumulative Oil Production(1) Map of Wells
80,000 15
Cum. Oil Production (bbls)
64,000
10
Well Count
48,000
32,000
5
16,000
0 0
0 25 50 75 100 125 150 175
Days
Type Curve Gen 2.5 Gen 3.0, 30+ Stages Gen 3.0, <30 Stages Gen 2.5 / 3.0 Well Count
Cumulative Gas Production(1)

160,000 15
Cum. Gas Production (Mcf)
128,000
10  Gen 3.0 wells with 30+
Well Count
96,000
stage spacing currently
64,000
5 out-performing all other
32,000 results
0 0  Represents latest
0 25 50 75 100 125 150 175
Days design
Type Curve Gen 2.5 Gen 3.0, 30+ Stages Gen 3.0, <30 Stages Gen 2.5 / 3.0 Well Count
(1) Represents production adjusted for downtime and normalized to a lateral length of 4,700’.
21
Meramec Economics
Type Curve Assumptions/Economics Meramec Type Curve
Production Profile
Peak Rate (bbl/d) 50 – 550 (1 month)
Decline Rate 80.5%
Daily Rate (Bbl/d|Mcf/d)

Terminal Decline 6.0% 1,000
B-Factor 1.1
Peak Rate (Mcf/d) 200 - 1,100 (2 months)
Decline Rate 60.0%
Terminal Decline 6.0%
B-Factor 1.1
WOR (Year 1-3) 2.5 100
WOR (Thereafter) 1.9
Processing
Shrink (% Dry Gas Remaining) 72.0%
Yield (bbl/MMcf) 90.5
Residue BTU 1 10
Operating Costs
0 10 20 30 40
$ / Well / Month $9,800
Water ($ / Bbl) $1.90 Month
Sales Gas Fee ($/Mcf)(1) $0.96 Oil Gas
Differentials
Oil ($/Bbl) ($2.12)
Gas (% of HH) 90.0% Meramec IRR Sensitivities(2)
NGL (% of WTI) 51.0%
Taxes
Severance Tax (1st 3 years) 5.0% 100%
Severance Tax (thereafter) 7.0% 90%
Ad-Valorem NA 80%
EUR - Two Phase (MBoe) 453 70%
% Oil 57.8%
60%
% Gas 42.2%
EUR - Three Phase (MBoe) 502 50%
40%
% Oil 52.2%
% Gas 27.4% 30%
% NGL 20.4% 20%
% Liquids 72.5% 10%
Economics(2) 0%
Well Costs ($MM) $4.5
$5 MM $4.75 MM $4.5 MM $4.25 MM $4 MM
IRR 50.1%
PV-10 ($MM) $2.7 $50 $60 $70 NYMEX STRIP 2018.05.01
(1) Per most recent revenue recognition standards, fee will be applied as a revenue deduct and split between NGLs. Approximately 40% is allocated to NGL and 60% to gas.
(2) Assumes $3.00 gas with 100% WI and 78% NRI..
22
STACK:
Osage
Osage Overview
~ 62,600
Activity
23
Operated
Operated
Wells Drilled
22 1
29
Non-Op
Participated
26

Activity
STACK
(3)
131 currently active permits (3)
Undeveloped Locations(1)
1,376 Gross Wells 661 Net Wells
(1)
(2)
24 Gross PUDs
Acreage and drilling locations developed by the Company based on assumptions and methodology described on page 3 of this presentation. Osage assumes seven wells per section.
Calculated using prospective net acres as of 4/2/18 and based on assumptions generated by the Company.
24
Osage Activity Map
1 28 27 26 25 24 23
Gary Hajek 18-1LOH Maral 2007 33-1H Flying Monkey 2109 1-23MH Lankard 1706 6-34MH Ash 1705 3-19MH Schilde 1706 3-15MH Borelli 1705 4-8MH
Initial Flowback Max 30: 507 Boe/d (79% Oil) Producing Max 30: 1,585 Boe/d (69% Oil) Max 30: 852 Boe/d Max 30: 831 Boe/d (80% Oil) Max 30: 1,200 Boe/d (72% Oil)
4,628’ Eff. Lat. Length 4,722’ Lat Length. 4,945’ Lat. Length 4,855’ Lat. Length 4,810’ Lat. Length 4,966’ Lat. Length 4,845’ Lat. Length
2 22
Dizzy 17-1LOH Hoskins 1705 2-9MH
Max 30: 447 Boe/d (56% Oil) Max 30: 637 Boe/d
4,258’ Eff. Lat. Length 4,693’ Lat. Length
3 21
Biggio 1909 7-1LOH Fazio 1705 1-13MH
Initial Flowback Max 30: 909 Boe/d (73% Oil)
4 20
Dr J 1808 7-1UOH Oltmanns 1805 6-14MH
5 19
Yogi 8-1UOH Vadder 1805 2-12MH
6 18
Willie 2008 24-1LOH Pollard 1805 3-2MH
Initial Flowback Max 30: 549 Boe/d
7 17
Pribil 21-1H McNulty 1806 1-33MH
8 16
Mack 2007 15-1LOH Farrar 1806 1MH-6
Initial Flowback Max 30: 613 Boe/d (76% Oil)
9 10 11 12 13 14 15
Milacek 27-1H* Broadhead 34-1H Pollard Farm 7-1LOH Barr 35-1LOH Low Valley 1LMH-36 Bugabago 1-31MH Towne 1806 1-31MH
Max 30: 376 Boe/d (81% Oil) Max 30: 317 Boe/d (90% Oil) Max 30: 389 Boe/d (67% Oil) Max 30: 782 Boe/d (69% Oil) Max 30: 1,174 (73% Oil) Max 30: 678 Boe/d (71% Oil) Max 30: 834 Boe/d (91% Oil)
3,140’ Eff. Lat. Length 4,412’ Eff. Lat. Length 4,685’ Eff. Lat. Length 3,890’ Eff. Lat. Length 4,925’ Lat. Length 5,054’ Lat. Length 4,793’ Lat. Length
Note: Other operator production rates obtained from third-party company data, investor presentations, public filings and other sources that have not been independently verified by Gastar Exploration Inc.
* Mechanically Impaired.
25
Operated Osage Results
Cumulative Oil Production(1) Map of Wells
60,000 10
Cum. Oil Production (bbls)
48,000 8
Well Count
36,000 6
24,000 4
12,000 2
0 0
0 25 50 75 100 125 150 175
Days
Type Curve Gen 3.0, 35 stage spacing Gen 3.0, <35 stage spacing Gen 3.0 Well Count
Cumulative Gas Production(1)

150,000 10
Cum. Gas Production (Mcf)
120,000 8
 Of the most recent completions,
three used a 35 stage spacing
Well Count
90,000 6
frac design
60,000 4
 These wells are currently
30,000 2 out-performing the other
0 0
Gen 3.0 wells oil
0 25 50 75 100 125 150 175 production
Days
Type Curve Gen 3.0, 35 Stage spacing Gen 3.0, <35 Stage spacing Gen 3.0 Well Count  Represents latest design
(1) Represents production adjusted for downtime and normalized to a lateral length of 4,700’.
26
Osage Economics
Type Curve Assumptions/Economics Osage Type Curve
Production Profile
Peak Rate (bbl/d) 50 – 450 (2 months)
Daily Rate (Boe/d|Mcf/d)

Decline Rate 78.0%
Terminal Decline 6.0% 1,000
B-Factor 1.2
Peak Rate (Mcf/d) 150 – 900 (3 months)
Decline Rate 58.0%
Terminal Decline 5.0%
B-Factor 1.2 100
WOR (Year 1-3) 3.5
WOR (Thereafter) 2.5
Processing
Shrink (% Dry Gas Remaining) 72.0%
Yield (bbl/MMcf) 90.5
Residue BTU 1 10
Operating Costs 0 10 20 30 40
$ / Well / Month $9,800
Water ($ / Bbl) $1.90
Month
Sales Gas Fee ($/Mcf)(1) $0.96 Oil Gas
Differentials
Oil ($/Bbl) ($2.12)
Gas (% of HH) 90.0% Osage IRR Sensitivities(2)
NGL (% of WTI) 51.0%
Taxes
Severance Tax (1st 3 years) 5.0% 100%
Severance Tax (thereafter) 7.0%
Ad-Valorem NA 80%
EUR - Two Phase (MBoe) 447
% Oil 59.3%
% Gas 40.7%
60%
EUR - Three Phase (MBoe) 494
% Oil 53.5% 40%
% Gas 26.5%
% NGL 20.0% 20%
% Liquids 73.4%
Economics(2)
Well Costs ($MM) $4.0 0%
IRR 45.1% $4.75 MM $4.5 MM $4.25 MM $4 MM $3.75 MM
PV-10 ($MM) $2.5 $50 $60 $70 NYMEX STRIP 2018.05.01
(1) Per most recent revenue recognition standards, fee will be applied as a revenue deduct and split between NGLs. Approximately 40% is allocated to NGL and 60% to gas.
(2) Assumes $3.00 gas with 100% WI and 78% NRI.
27
Additional
Upside
Oswego Overview
~ 15,900
Net Prospective Acres(1) Net Isopach and Activity Map
Activity
1
Operated
Hill 2-18-6 1H Farrar 11-18-6 1H

Max 30: 1,223 Boe/d (86% Oil) Max 30: 1,059 Boe/d (87% Oil)
Operated 4,654’ Lat. Length 4,697’ Lat. Length
Well Drilled 1
Lightle 4-18-6 1H
9
Max 30: 1,462 Boe/d (88% Oil)
Non-Op
Tomahawk 7-1H
Participated Max 30: 291 Boe/d (100% Oil)
7
Trifecta 1807 1OH-14

Max 30: 788 Boe/d (91% Oil)
Activity
STACK
(3)
14 currently active permits

Hughes Trust 33-18-7 1H
Max 30: 1,326 Boe/d (95% Oil)
(3) 4,346’ Lat. Length
Morris 31-18-6 1H
Undeveloped Potential(1) Max 30: 881 Boe/d (92% Oil)
269 Gross Wells 99 Net Wells

Caldwell 22-18-6 1H
Max 30: 1,813 Boe/d (80% Oil)
(1) Acreage and drilling locations developed by the Company based on assumptions and methodology described on page 3 of this presentation. Oswego assumes four wells per section.
29
Woodford Overview
~ 18,200
Activity
4
Non-Op
Participated
4

Activity
STACK
(3)
20 currently active permits (3) Chisholm Trail 19-18-16-9W

IP 30day Avg: 1,600 Boe/d
Laura 1H-17X*
384 170
IP 30day Avg: 1,326 Boe/d
(66% Oil)
Gross Wells Net Wells
* IP Denotes three stream rate (oil / gas / NGLs)

(1) Acreage and drilling locations developed by the Company based on assumptions and methodology described on page 3 of this presentation. Woodford assumes six wells per section.
(2) Calculated using prospective net acres as of4/2/18 and based on assumptions generated by the Company.
30
Hunton Overview
~ 39,800
Activity
The River 01-22H
Max 30: 1,182 Boe/d (43% oil) Thrasher 01-01H
41
3,897’ Lat. Length Max 30: 1,274 Boe/d (75% oil)
Operated
Operated
Wells Drilled 41
Kodiak 01-29H
1
Max 30: 1,322 Boe/d (83% oil)
Non-Op
Participated
1
Activity
STACK
69 wells completed in the STACK area(3)

School Land 01-36H
Shimanek 01-02H Max 30: 1,353 Boe/d (62% oil)
Max 30: 1,527 Boe/d (75% oil) 4,261’ Lat. Length

(1) Acreage and drilling locations developed by the Company based on assumptions and methodology described on page 3 of this presentation. Hunton assumes three wells per section.
31
Manning Overview
~ 38,000
Net Prospective Acres(1) Manning Gross Isopach
Activity
 Historical vertical well production from the
Manning shows to be a prolific formation
 Nearby operator commenced horizontal
drilling in 2017
 ~400’ shallower than Meramec
 Quartz-rich carbonate with high porosity
stringers
 Majority of acreage position has greater than
100’ of gross Manning thickness
 Log data indicates reservoir is fractured
similar to Meramec and Osage
(1) Acreage and drilling locations developed by the Company based on assumptions and methodology described on page 3 of this presentation. Manning assumes four wells per section.
32
Oswego Fracture Overview
 The Oswego formation blankets Gross Isopach Map
100% of Gastar’s acreage
 Gross Oswego thickness ranges

from 150 to 275 feet thick
across the position
 Well data indicates the Oswego

is fractured and is self-sourced
from TOC-rich shale stringers
 Upside potential utilizing larger

completion techniques as used
@ 2017 Gastar Exploration Inc.
in Meramec and Osage plays
33
Appendix
Type Curve Assumptions
Formation Meramec Osage
Production Profile
Peak Rate (Bbl/d) 50 – 550 (1 month) 50 – 450 (2 months)
Decline Rate 80.5% 78.0%
Terminal Decline 6.0% 6.0%
B-Factor 1.1 1.2
Peak Rate (Mcf/d) 200 - 1,100 (2 months) 150 – 900 (3 months)
Decline Rate 60.0% 58.0%
Terminal Decline 6.0% 5.0%
B-Factor 1.1 1.2
WOR (Year 1-3) 2.5 3.5
WOR (Thereafter) 1.9 2.5
Processing
Shrink (% Dry Gas Remaining) 72.0% 72.0%
Yield (bbl/MMcf) 90.5 90.5
Residue BTU 1 1
Operating Costs
$ / Well / Month $9,800 $9,800
Water ($ / Bbl) $1.90 $1.90
Sales Gas Fee ($/Mcf)(1) $0.96 $0.96
Differentials
Oil ($/Bbl) ($2.12) ($2.12)
Gas (% of HH) 90.0% 90.0%
NGL (% of WTI) 51.0% 51.0%
Taxes
Severance Tax (1st 3 years) 5.0% 5.0%
Severance Tax (thereafter) 7.0% 7.0%
Ad-Valorem NA NA
EUR - Three Phase (MBoe) 502 494
% Oil 52.2% 53.5%
% Gas 27.4% 26.5%
% NGL 20.4% 20.0%
% Liquids 72.5% 73.4%
Well Cost
Drilling & Completion Costs ($MM) $4.5 $4.0
(1) Per most recent revenue recognition standards, fee will be applied as a revenue deduct and split between NGLs (40%) and gas (60%).
35
Earthquake Seismicity Map
 As of 4/1/18, Gastar has implemented a 24/7  The industry has been recompleting into
surveillance of seismicity events during company the Wilcox to mitigate seismic concerns
operated completions in Kingfisher Co(OCC area of of disposing in the Arbuckle
Interest)  Gastar uses third parties for a majority of
 Gastar has also implemented a protocol addressing the water disposal
appropriate response to any seismic events detected  Contracts for transportation and
above 2.0 magnitude during completion activities disposal at fixed $/bbl
OK Earthquake Magnitude > 3.0 Low seismicity around Gastar leasehold

1000
887
Number of Earthquakes per Year
800
639
585
600
400
200 137
109 Nemaha
~1.6/ 43 63 35
yr. 0 0 3 0 2 1 3 1 2 20 Ridge
0
Year
Source: USGS-NEIC ComCat & Oklahoma Geological Survey; Preliminary as of July 4,2017
36
PDP Hedging Program
100%+ of PDP oil hedged through 2019, 94% of PDP gas hedged for 2018
Oil and NGLs Hedging Strategy

Crude Oil (1) Q2 2018 Q3 2018 Q4 2018 FY 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 FY 2019
Upside Hedges (Bbl/d) 3,121 2,883 2,800 2,935 2,700 2,700 2,700 2,439 2,635
Downside Hedges (Bbl/d) 3,121 2,883 2,800 2,935 2,700 2,700 2,700 2,439 2,635
Average Ceiling $58.32 $58.15 $57.10 $57.86 $57.29 $57.29 $57.29 $57.66 $57.38
Average Floor $52.68 $52.38 $50.81 $51.96 $48.25 $48.25 $48.25 $48.14 $48.22
% Hedged 100%+ 100%+ 100%+ 100%+ 100%+ 100%+ 100%+ 100%+ 100%+
Gas Hedging Strategy

Gas Q2 2018 (2) Q3 2018 Q4 2018 FY 2018
Upside Hedges (Mcf/d) 6,550 6,550 6,550 6,550
Downside Hedges (Mcf/d) 6,550 6,550 6,550 6,550
Average Ceiling $3.77 $3.77 $3.77 $3.77
Average Floor $3.00 $3.00 $3.00 $3.00
% Hedged 90% 100%+ 100%+ 94%
Note: hedges as of 5/6/18. Average floor price represents average floor of swap and long put.
(1) Hedgeable oil includes heavy NGL barrel uplift, calculated as 35% of total NGL barrel. Q2’18 excludes April.
(2) Does not include the months of April and May.
37
Realized Prices: STACK
Realized Oil Prices Realized Gas Prices(1)
$80.00 97% 97% 110% $5.00 91% 100%
86%
$64.00 88% $4.00 80%
$61.23 $2.70
$48.00 66% $3.00 $2.57 60%
$49.54
$32.00 44% $2.00 40%
$2.20
$1.87
$16.00 22% $1.00 20%
$0.00 0% $0.00 0%
2017 Q1'18 2017 Q1'18
% of NYMEX (post-treat/gath) Realized Price (Post-treat/gath) % of HH (pre-treat/gath) Realized Price (pre-treat/gath)
Realized Price (post-treat/gath)
Realized NGL Price(1) Realized Boe Price

$45.00 47% 50% $60.00 80%
42% 66% 66%
$36.00 40% $48.00 64%
$41.79
$26.18 $33.84
$27.00 $23.96 30% $36.00 48%
$39.90
$18.00 $22.55 20% $24.00 $32.27 32%
$20.89
$9.00 10% $12.00 16%
$0.00 0% $0.00 0%
2017 Q1'18 2017 Q1'18
% of NYMEX (pre-treat/gath) Realized Price (pre-treat/gath) % of NYMEX (pre-treat/gath) Realized Price (pre-treat/gath)
Realized Price (post-treat/gath) Realized Price (post-treat/gath)
(1) 2017 realized prices reduced for transport fees allocated between gas (60%) and NGLs (40%). Represents $0.50/Mcf for gas and $3.07/Bbl for NGLs.
38
Production Costs ($/Boe): STACK
Lease Operating Expense Production Tax

$12.00 $10.79 $1.12
$9.86 $0.91 $1.10
$9.60 $0.33 $1.10
$7.20 $1.08
$4.80 $9.53 $9.88 $1.06

$1.05
$2.40 $1.04
$0.00 $1.02 (1)

2017 Q1'18 2017 Q1'18
LOE Workover Prod. Tax
Total Direct Costs vs. Daily Production Revenue Deducts(1)

$15.00 10,000 $4.00 $3.63
$11.84 $3.07
$12.00 $10.96 8,000 $3.20
$0.91
$0.33
$9.00 5,486 6,000 $2.40
(Boe/d)
($/Boe)
$6.00 3,161 4,000 $1.60

$0.70
$3.00 2,000 $0.80 $0.50
$10.63 $10.92
$0.00 0 $0.00
2017 Q1'18 2017 Q1'18
Total Direct Costs Workover Daily Production NGL Revenue Deduct ($/bbl) Gas Revenue Deduct ($/mcf)
(1) 2018 represents values that reduce reported revenue per new revenue recognition standard. 2017 reported as expense., shown for comparison only.
39

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GASTAR Click to edit Master subtitle style

$656MM Enterprise Value (1)

~ 67,900 Core STACK Surface Acres (2)

Undeveloped Net Drilling

Robust Drilling  3,438 gross and 1,548 net drilling locations(1)

Significant Operational  34% improvement in drilling times from 1H’17 to date

No Near Term Debt

 Significant hedges to mitigate downside pricing environment

2018 Budget Detail 2018 Budget Distribution

No. of Wells Completed Gross Net Land

Total 36.0 18.5

 Multiple benches within prospective 600

Osage Economic Overview Osage IRR Sensitivities(2)

PV-10 ($MM)(2) $2.5 20%

~ 67,900 Core STACK Surface Acres (1)

Undeveloped Net Drilling

Note: Rig data obtained from Drillinginfo as of 4/17/18.

© 2018 Gastar Exploration Inc.

Pudge 1908 28-1H

Milacek 2007 27-1H

Junior 1909 24-1H

Bagwell 1808 24-1H

practices should drive continued efficiencies

Barney 1808 35-1MH

Winfield 1807 31-1MH

Chicken Man 2008 26-1LOH

38 Effective Lateral Length (ft) 4,517 4,700

Osage Stage Spacing Analysis

Effective Lateral Length(3) (ft) 4,406 4,700

21 9 Stage Spacing (ft) 160 ~130

694 wells completed in the STACK area

94 currently active permits (3)

457 Gross Wells 220Net Wells

Cumulative Gas Production(1)

Daily Rate (Bbl/d|Mcf/d)

417 wells completed in the STACK area

131 currently active permits (3)

Cumulative Gas Production(1)

Daily Rate (Boe/d|Mcf/d)

Hill 2-18-6 1H Farrar 11-18-6 1H

4,548’ Lat. Length

119 wells completed in the STACK area

14 currently active permits

269 Gross Wells 99 Net Wells

228 wells completed in the STACK area

20 currently active permits (3) Chisholm Trail 19-18-16-9W

* IP Denotes three stream rate (oil / gas / NGLs)

4,832’ Lat. Length

4,570’ Lat. Length

69 wells completed in the STACK area(3)

357 Gross Wells 161 Net Wells

595 Gross Wells 237 Net Wells

 Gross Oswego thickness ranges

 Well data indicates the Oswego

 Upside potential utilizing larger

in Meramec and Osage plays

OK Earthquake Magnitude > 3.0 Low seismicity around Gastar leasehold

Oil and NGLs Hedging Strategy

Gas Hedging Strategy

Realized NGL Price(1) Realized Boe Price

Lease Operating Expense Production Tax

$4.80 $9.53 $9.88 $1.06

$0.00 $1.02 (1)