Gastar Exploration Ltd. is an independent energy company engaged in the exploration, development and production of natural gas and oil in the United States and Australia. Its principal business activities include the identification, acquisition, and exploration and development of natural gas and oil properties. Its emphasis is on prospective deep structures identified through seismic and other analytical techniques, as well as unconventional natural gas reserves, such as coal bed methane (CBM). As of December 31, 2008, the Company was pursuing additional unconventional natural gas exploration in the deep Bossier play in the Hilltop area in East Texas. Its primary CBM properties are in the Powder River Basin in Wyoming, United States, and in the Gunnedah Basin of New South Wales, Australia. In July 2009, the Company announced the sale its Petroleum Exploration Licenses 238, 433 and 434 in New South Wales, Australia, and the sale of its Gastar Power Pty Ltd, to affiliates of Santos Ltd.