SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
SCHEDULE 13G*
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO 13d-2(b)
Gastar Exploration Ltd.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
367299104
(CUSIP Number)
November 17, 2006
(Date of event which requires filing of this statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule 13G is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
(Page 1 of 13 Pages)
----------------
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act
of 1934 ("Act") or otherwise subject to the liabilities of that section of the
Act but shall be subject to all other provisions of the Act (however, see the
Notes).
CUSIP No. 367299104 13G Page 2 of 13 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Ospraie Management, LLC
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES --------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
12,308,100
OWNED BY --------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING --------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
12,308,100
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
12,308,100
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(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
6.4%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
OO
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CUSIP No. 367299104 13G Page 3 of 13 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Ospraie Holding I, L.P.
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES --------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
12,308,100
OWNED BY --------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING --------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
12,308,100
-----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
12,308,100
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
6.4%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
PN
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CUSIP No. 367299104 13G Page 4 of 13 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Ospraie Management, Inc.
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
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(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES --------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
12,308,100
OWNED BY --------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING --------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
12,308,100
-----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
12,308,100
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
6.4%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
CO
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CUSIP No. 367299104 13G Page 5 of 13 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Ospraie Advisors, L.P.
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES --------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
5,239,207
OWNED BY --------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING --------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
5,239,207
-----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
5,239,207
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
2.7%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
PN
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CUSIP No. 367299104 13G Page 6 of 13 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Ospraie Advisors, LLC
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES --------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
5,239,207
OWNED BY --------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING --------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
5,239,207
-----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
5,239,207
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
2.7%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
OO
-----------------------------------------------------------------------------
CUSIP No. 367299104 13G Page 7 of 13 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Dwight Anderson
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES --------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
12,308,100
OWNED BY --------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING --------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
12,308,100
-----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
12,308,100
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
6.4%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
IN
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CUSIP No. 367299104 13G Page 8 of 13 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
John Duryea
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES --------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
5,239,207
OWNED BY --------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING --------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
5,239,207
-----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
5,239,207
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
2.7%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
IN
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CUSIP No. 367299104 13G Page 9 of 13 Pages
Item 1(a). Name of Issuer:
The name of the issuer is Gastar Exploration Ltd. (the "Company").
Item 1(b). Address of Issuer's Principal Executive Offices:
The Company's principal executive offices are located at 1331 Lamar Street,
Suite 1080, Houston, Texas 77010.
Item 2(a). Name of Person Filing:
This statement is filed by:
(i) Ospraie Management, LLC, a Delaware limited liability
company ("Investment Manager"), which serves (a) as
investment manager to The Ospraie Portfolio Ltd.
("Portfolio"), a Cayman Islands exempted company, with
respect to the shares of Common Stock (as defined in Item
2(d) below) directly owned by Portfolio, and (b) as managing
member of Advisors LLC (as defined below), with respect to
the shares of Common Stock directly owned by Ospraie Special
Opportunities Master Holdings Ltd. ("Master Holdings"), a
Cayman Islands exempted company;
(ii) Ospraie Holding I, L.P., a Delaware limited partnership
("Ospraie Holding"), which serves as the managing member of
Investment Manager, with respect to the shares of Common
Stock directly owned by Portfolio and Master Holdings;
(iii) Ospraie Management, Inc., a Delaware corporation ("Ospraie
Management"), which serves as the general partner of Ospraie
Holding, with respect to the shares of Common Stock directly
owned by Portfolio and Master Holdings;
(iv) Ospraie Advisors, L.P., a Delaware limited partnership
("Advisors LP"), which serves as the investment manager to
Master Holdings with respect to the shares of Common Stock
directly owned by Master Holdings;
(v) Ospraie Advisors, LLC, a Delaware limited liability company
("Advisors LLC"), which serves as the general partner of
Ospraie Advisors, L.P., with respect to the shares of Common
Stock directly owned by Master Holdings;
(vi) Dwight Anderson ("Mr. Anderson"), the sole shareholder of
Ospraie Management, with respect to the shares of Common
Stock held by Portfolio and Master Holdings; and
(vii) John Duryea ("Mr. Duryea"), a portfolio manager of Advisors LP,
with respect to the shares of Common Stock held by Master
Holdings.
The foregoing persons are hereinafter sometimes collectively
referred to as the "Reporting Persons." Any disclosures herein with respect to
persons other than the Reporting Persons are made on information and belief
after making inquiry to the appropriate party.
Item 2(b). Address of Principal Business Office or, if None, Residence:
The address of the business office of each of the Reporting Persons is 320
Park Avenue, 27th Floor, New York, New York 10022, U.S.A.
CUSIP No. 367299104 13G Page 10 of 13 Pages
Item 2(c). Citizenship:
Investment Manager is a limited liability company organized under the laws
of the State of Delaware. Ospraie Holding is a limited partnership organized
under the laws of the State of Delaware. Ospraie Management is a corporation
organized under the laws of the State of Delaware. Advisors LP is a limited
partnership organized under the laws of the State of Delaware. Advisors LLC is a
limited liability company organized under the laws of the State of Delaware. Mr.
Anderson is a United States citizen. Mr. Duryea is a United States citizen.
Item 2(d). Title of Class of Securities:
Gastar Exploration Ltd., common stock, no par value per share (the "Common
Stock").
Item 2(e). CUSIP Number:
367299104
Item 3. If this statement is filed pursuant to Rules 13d-1(b) or 13d-2(b) or
(c), check whether the person filing is a:
(a) [ ] Broker or dealer registered under Section 15 of the Act,
(b) [ ] Bank as defined in Section 3(a)(6) of the Act,
(c) [ ] Insurance Company as defined in Section 3(a)(19) of the
Act,
(d) [ ] Investment Company registered under Section 8 of the
Investment Company Act of 1940,
(e) [ ] Investment Adviser in accordance with Rule 13d-1
(b)(1)(ii)(E),
(f) [ ] Employee Benefit Plan or Endowment Fund in accordance
with 13d-1 (b)(1)(ii)(F),
(g) [ ] Parent Holding Company or control person in accordance
with Rule 13d-1 (b)(1)(ii)(G),
(h) [ ] Savings Association as defined in Section 3(b) of the
Federal Deposit Insurance Act,
(i) [ ] Church Plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the Investment
Company Act of 1940,
(j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
If this statement is filed pursuant to Rule 13d-1(c), check the box.[X]
CUSIP No. 367299104 13G Page 11 of 13 Pages
Item 4. Ownership.
A. Ospraie Management, LLC
(a) Amount beneficially owned: 12,308,100 shares of Common Stock.
(b) Percent of class: 6.4% The percentages used herein and in the
rest of Item 4 are calculated based upon the 193,165,436 shares of Common Stock
issued and outstanding as of November 20, 2006 as reflected in the Company's
Form 424B3, dated November 15, 2006, and Form 8-K, dated November 20, 2006.
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 12,308,100
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
12,308,100
B. Ospraie Holding I, L.P.
(a) Amount beneficially owned: 12,308,100 shares of Common Stock.
(b) Percent of class: 6.4%
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 12,308,100
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
12,308,100
B. Ospraie Management, Inc.
(a) Amount beneficially owned: 12,308,100 shares of Common Stock.
(b) Percent of class: 6.4%
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 12,308,100
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
12,308,100
C. Ospraie Advisors, L.P.
(a) Amount beneficially owned: 5,239,207 shares of Common Stock.
(b) Percent of class: 2.7%
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 5,239,207
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
5,239,207
D. Ospraie Advisors, LLC
(a) Amount beneficially owned: 5,239,207 shares of Common Stock.
(b) Percent of class: 2.7%
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 5,239,207
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
5,239,207
E. Dwight Anderson
(a) Amount beneficially owned: 12,308,100 shares of Common Stock.
(b) Percent of class: 6.4%
CUSIP No. 367299104 13G Page 12 of 13 Pages
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 12,308,100
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
12,308,100
F. John Duryea
(a) Amount beneficially owned: 5,239,207 shares of Common Stock.
(b) Percent of class: 2.7%
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 5,239,207
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
5,239,207
Item 5. Ownership of Five Percent or Less of a Class.
Not applicable.
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Investment Manager, in its capacity as the investment manager to Portfolio, has
the power to direct the investment activities of Portfolio, including decisions
with respect to the disposition of the proceeds from the sale of Common Stock,
and is the managing member of Advisors LLC and in that capacity directs its
operations. Ospraie Holding is the managing member of the Investment Manager and
in that capacity directs its operations. Ospraie Management is the general
partner of Ospraie Holding and in that capacity directs its operations. Advisors
LP, in its capacity as the investment manager to Master Holdings, has the power
to direct the investment activities of Master Holdings, including decisions with
respect to the disposition of the proceeds from the sale of Common Stock.
Advisors LLC is the general partner of Advisors LP and in that capacity directs
its operations. Mr. Anderson is the president and sole shareholder of Ospraie
Management and in that capacity, directs its operations. Mr. Duryea is a
portfolio manager of Advisors LP and in that capacity has the power to direct
the investment activities of Master Holdings. The shareholders of Portfolio and
Master Holdings have the right to participate in the dividends from, or proceeds
from the sale of, the shares of Common Stock held by Portfolio and Master
Holdings, respectively, in accordance with their ownership interests in
Portfolio and Master Holdings, respectively.
Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on by the Parent Holding Company or Control Person.
Not applicable.
Item 8. Identification and Classification of Members of the Group.
See Item 2.
Item 9. Notice of Dissolution of Group.
Not applicable.
Item 10. Certification.
Each of the Reporting Persons hereby makes the following certification:
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
CUSIP No. 367299104 13G Page 13 of 13 Pages
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
DATED: December 14, 2006
OSPRAIE MANAGEMENT, LLC
By: Ospraie Holding I, L.P.,
its Managing Member
By: Ospraie Management, Inc.,
its General Partner
By: /s/ Michael Fischer
--------------------------
Michael Fischer
Authorized Signatory
OSPRAIE HOLDING I, L.P.
By: Ospraie Management, Inc.,
its General Partner
By: /s/ Michael Fischer
--------------------------
Michael Fischer
Authorized Signatory
OSPRAIE MANAGEMENT, INC.,
By: /s/ Michael Fischer
--------------------------
Michael Fischer
Authorized Signatory
OSPRAIE ADVISORS, L.P.
By: Ospraie Advisors, LLC,
its General Partner
By: Ospraie Management, LLC,
its Managing Member
By: Ospraie Holding I, L.P.,
its Managing Member
By: Ospraie Management, Inc.,
its General Partner
By: /s/ Michael Fischer
--------------------------
Michael Fischer
Authorized Signatory
OSPRAIE ADVISORS, LLC
By: Ospraie Management, LLC,
its Managing Member
By: Ospraie Holding I, L.P.,
its Managing Member
By: Ospraie Management, Inc.,
its General Partner
By: /s/ Michael Fischer
--------------------------
Michael Fischer
Authorized Signatory
DWIGHT ANDERSON
By: /s/ Michael Fischer
--------------------------
Michael Fischer, Attorney-in-fact
JOHN DURYEA
By: /s/ Michael Fischer
--------------------------
Michael Fischer, Attorney-in-fact
EXHIBIT INDEX
Exhibit 99.1 - Power of Attorney, dated December 13, 2006, granted by
Dwight Anderson in favor of Kirk Rule, Eric Vincent and
Michael Fischer.
Exhibit 99.2 - Power of Attorney, dated December 13, 2006, granted by
John Duryea in favor of Kirk Rule, Eric Vincent and
Michael Fischer.