SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
GLOBAL UNDERVALUED SECURITIES MASTER FUND LP

(Last) (First) (Middle)
301 COMMERCE STREET
SUITE 1900

(Street)
FORT WORTH TX 76102

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Gastar Exploration Inc. [ GST ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director X 10% Owner
Officer (give title below) X Other (specify below)
Member of a 13(d) 10% Group
3. Date of Earliest Transaction (Month/Day/Year)
02/22/2016
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 02/22/2016 S 50,000 (1) (2) D $0.9861 10,099,519 (3) (4) (5) D
Common Stock 02/24/2016 S 99,519 (1) D $0.6585 10,000,000 (3) (4) (5) D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
1. Name and Address of Reporting Person*
GLOBAL UNDERVALUED SECURITIES MASTER FUND LP

(Last) (First) (Middle)
301 COMMERCE STREET
SUITE 1900

(Street)
FORT WORTH TX 76102

(City) (State) (Zip)
1. Name and Address of Reporting Person*
KLEINHEINZ CAPITAL PARTNERS, INC.

(Last) (First) (Middle)
301 COMMERCE STREET
SUITE 1900

(Street)
FORT WORTH TX 76102

(City) (State) (Zip)
1. Name and Address of Reporting Person*
KLEINHEINZ JOHN B

(Last) (First) (Middle)
301 COMMERCE STREET
SUITE 1900

(Street)
FORT WORTH TX 76102

(City) (State) (Zip)
Explanation of Responses:
1. The transactions described in this Form 4 did not result in any short swing profits under Section 16(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act").
2. A Form 4 reporting this transaction was filed on February 24, 2016 under Gastar Exploration, Inc. (CIK 0001170154) and is now being reported again in this Form 4 on February 26, 2016 under Gastar Exploration Inc. (CIK 0001431372).
3. Represents shares of common stock, par value $0.001 (the "Common Stock"), of Gastar Exploration Inc. (the "Issuer") directly beneficially owned by Global Undervalued Securities Master Fund, L.P. (the "Master Fund").
4. As general partner of the Master Fund, Kleinheinz Capital Partners, Inc. ("Kleinheinz Inc.") may be deemed to beneficially own the shares of Common Stock directly beneficially owned by the Master Fund. As sole owner of the Master Fund and Kleinheinz Inc., John B. Kleinheinz ("Mr. Kleinheinz") may be deemed to beneficially own the shares of Common Stock directly beneficially owned by the Master Fund. In addition, each reporting person may be deemed to beneficially own more than 10% of the Common Stock under Rule 16a-1(a)(1) under the Exchange Act as a result of being deemed a member of a group under Sections 13(d)(3) and 13(d)(5) of the Exchange Act. (Continued in Footnote 5.)
5. Kleinheinz Inc. and Mr. Kleinheinz disclaim beneficial ownership of all of the Common Stock described herein, except to the extent of any pecuniary interest therein.
See Exhibit 99.1 02/26/2016
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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