Exhibit 99.1

     Gastar Exploration Announces Closing of Common Share Private Offering

    HOUSTON--(BUSINESS WIRE)--Nov. 20, 2006--Gastar Exploration Ltd.
(AMEX:GST) (TSX:YGA) announced that on November 17, 2006 it closed the
previously announced private placement of 25,000,000 of its common
shares at US$2.00 per share. The common shares were sold to
institutional accredited investors in the United States, including
Chesapeake Energy Corporation.

    Gastar Exploration Ltd. is an exploration and production company
focused on finding and developing natural gas assets in North America
and Australia. The Company pursues a balanced strategy combining
select higher risk, deep natural gas exploration prospects with
low-risk CBM development. The Company owns and controls exploration
and development acreage in the Deep Bossier gas play of East Texas and
in the Appalachian Basin. Gastar's CBM activities are conducted within
the Powder River Basin of Wyoming and upon the approximate 3.0 million
gross acres controlled by Gastar and its Joint Development partners in
Australia's Gunnedah Basin (PEL 238) and Gippsland Basin (EL 4416)
located in New South Wales and Victoria, respectively.

    THIS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE
SOLICITATION OF AN OFFER TO PURCHASE, NOR SHALL THERE BE ANY SALE OF
THE SECURITIES IN ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE
WOULD BE UNLAWFUL. THE SHARES HAVE NOT BEEN REGISTERED UNDER THE U.S.
SECURITIES ACT OF 1933 OR APPLICABLE STATE SECURITIES LAWS, AND MAY
NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN
APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT AND APPLICABLE STATE LAWS.

    Safe Harbor Statement and Disclaimer:

    This Press Release includes "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Act of 1934. A statement identified by the words
"expects", "projects", "plans", and certain of the other foregoing
statements may be deemed forward-looking statements. Although Gastar
believes that the expectations reflected in such forward-looking
statements are reasonable, these statements involve risks and
uncertainties that may cause actual future activities and results to
be materially different from those suggested or described in this
press release. These include risks inherent in the drilling of natural
gas and oil wells, including risks of fire, explosion, blowout, pipe
failure, casing collapse, unusual or unexpected formation pressures,
environmental hazards, and other operating and production risks
inherent in natural gas and oil drilling and production activities,
which may temporarily or permanently reduce production or cause
initial production or test results to not be indicative of future well
performance or delay the timing of sales or completion of drilling
operations; risks with respect to oil and natural gas prices, a
material decline in which could cause the Company to delay or suspend
planned drilling operations or reduce production levels; and risks
relating to the availability of capital to fund drilling operations
that can be adversely affected by adverse drilling results, production
declines and declines in natural gas and oil prices and other risk
factors described in the Company's Annual Report on Form 10-K, as
filed on March 31, 2006 with the United States Securities and Exchange
Commission at www.sec.gov and on the System for Electronic Document
Analysis and Retrieval (SEDAR) at www.sedar.com.

    The American Stock Exchange and Toronto Stock Exchange have not
reviewed and do not accept responsibility for the adequacy or accuracy
of this release.

    CONTACT: Gastar Exploration Ltd., Houston
             J. Russell Porter, 713-739-1800
             Fax: 713-739-0458
             rporter@gastar.com
             www.gastar.com