latest news releases from the newsroom
Gastar Exploration Ltd.
Gastar Announces Closing of Lease Exchange and Purchase Agreement That Increases its Powder River Basin Acreage Position to 40,000 Net Acres
MT. PLEASANT, Mich., June 26, 2002 (PRIMEZONE) -- Gastar Exploration, Ltd. (TSE:YGA) is pleased to announce that it has signed a Lease Exchange and Purchase Agreement with Lance Oil & Gas Company, Inc., Williams Production RMT Company and Western Gas Resources, Inc. (collectively "Lance/Williams/WGR") that results in Gastar and its affiliates trading approximately 5,457 net acres of coal bed methane rights in the Amos Draw area of the Powder River Basin for approximately 21,828 net acres of coal bed methane leases in an area immediately adjacent to Gastar's existing Squaw Creek development area. In addition, Gastar acquired 2,999 additional net acres of coal bed methane leases in the Squaw Creek area and has reimbursed Lance/Williams/WGR for its costs in 35 wells drilled by itself and other operators on a portion of the leases acquired through trade or acquisition. As a result of the transactions described above, Gastar has paid a total of $1,134,594 in cash to Lance/Williams/WGR, subject to adjustments subsequent to closing. No Gastar stock or any other securities have been or will be issued as a result of these transactions.
Ocwen Financial Corp.
Regions Mortgage Selects Ocwen Technology Xchange for Enhanced Vendor Management
WEST PALM BEACH, Fla., June 26, 2002 (PRIMEZONE) -- Ocwen Technology Xchange, Inc. (OTX), a subsidiary of Ocwen Financial Corporation (NYSE:OCN), announced today that Regions Mortgage, Incorporated has selected the REALTrans(r) platform as its enterprise-wide vendor management and transaction system. REALTrans provides a single Internet-based platform from which to order, confirm, manage and fulfill third party mortgage-related products and services.