Form of Warrant




 Exhibit 4.15 
  
 Form of Warrant 
  
 Attached to 10% Subordinated Note 










 THE PURCHASE WARRANTS REPRESENTED BY THIS CERTIFICATE WILL BE VOID AND OF NO VALUE UNLESS EXERCISED NO SOONER THAN
NINETY (90) DAYS AFTER THE CLOSING DATE OF YOUR INVESTMENT AND NO LATER THAN 4:30 p.m. (TORONTO TIME) SIXTY (60) MONTHS FROM THE DATE OF YOUR INVESTMENT. 
  
 EXCEPT AS OTHERWISE PROVIDED HEREIN, NO SALE, TRANSFER, PLEDGE OR OTHER DISPOSITION OF THIS WARRANT OR THE SHARES PURCHASABLE HEREUNDER SHALL BE MADE EXCEPT PURSUANT
TO REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AN EXEMPTION THEREFROM, OR PURSUANT TO AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER THAT REGISTRATION IS NOT REQUIRED. TRANSFER OF THIS WARRANT IS ALSO SUBJECT TO AN AGREEMENT DATED
APRIL 2004, A COPY OF WHICH IS AVAILABLE FROM THE ISSUER. 
  
 WARRANT CERTIFICATE 
 GASTAR EXPLORATION LTD. 
  
 (A Corporation subsisting under the laws of the Province of Alberta) 
  

			
	 WARRANT
 CERTIFICATE NO.
            
	  	                  PURCHASE WARRANTS
entitling
 the holder to acquire, subject to adjustment,
                              Common Shares for each
 Purchase Warrant represented hereby.

	  

  
 THIS IS TO CERTIFY THAT
                             (hereinafter referred to as the “holder”) is the registered
holder of that number of Purchase Warrants to acquire Common Shares (as hereinafter defined) of Gastar Exploration Ltd. (the “Corporation”) as set forth in this Warrant certificate (“Warrant Certificate”). Each Purchase Warrant
represented hereby entitles the holder thereof to acquire, in the manner and subject to the restrictions and adjustments set forth herein, beginning ninety (90) days after the closing date of the investment and at any time from time to time until
4:30 p.m. (Toronto Time) (the “Time of Expiry”) on                     , 2009 (the “Expiry Date”),
                         fully paid and non-assessable common shares (“Common Shares”) of the Corporation,
without nominal or par value, as such shares were constituted on                 , 2004 at a price of
US$             per share, as further determined in the private placement memorandum. 
  
 The Purchase Warrants may, at the holder’s option, be exercised on a cashless basis (“Cashless Basis”) whereby the Corporation retains the number of Common
Shares which, when multiplied by the last closing trading price and applicable Warrant Strike Price Premium (as defined in the private placement memorandum) on the date the Exercise Form is delivered to the Corporation, equals the aggregate exercise
price for all of the Common Shares then exercised. The Corporation shall have the final determination of the closing price of the market upon which the Common Shares trade, the applicable Warrant Strike Price Premium and the number of Common Shares
retained by the Corporation. 
  
 The right to acquire Common Shares hereunder may
only be exercised by the holder within the time set forth above by: 
  

	a.	duly completing and executing the Exercise Form attached hereto; 

  

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	b.	surrendering this Warrant Certificate to the head office of the Corporation; and 

  

	c.	unless exercising the Purchase Warrants on a Cashless Basis, remitting cash, certified cheque, bank draft or money order in lawful money of the United States, payable to or to the
order of the Corporation at par where this Warrant Certificate is so surrendered, for the aggregate purchase price of the Common Shares so subscribed for. 

  
 These Purchase Warrants may be surrendered only upon personal delivery hereof or, if sent by mail or other means of transmission, upon
actual receipt thereof by the Corporation at the office referred to above. 
  
 Upon surrender of these Purchase Warrants, the person or persons in whose name or names the Common Shares issuable upon exercise of the Purchase Warrants are to be issued shall be deemed for all purposes (except as provided in the PPM
hereinafter referred to) to be the holder or holders of record of such Common Shares and the Corporation has covenanted that it will (subject to the provisions of the PPM) cause a certificate or certificates representing such Common Shares to be
delivered or mailed to the person or persons at the address or addresses specified in the Exercise Form within 30 Business Days. 
  
 The registered holder of this Warrant Certificate may acquire any lesser number of Common Shares than the number of Common Shares which may be acquired for the Purchase
Warrants represented by this Warrant Certificate. In such event, the holder shall be entitled to receive a new certificate for the balance of the Common Shares which may be acquired. To the extent that the Warrant holder is entitled to receive on
the exercise or partial exercise thereof a fraction of a Common Share, such right may only be exercised in respect of such fraction in combination with another Purchase Warrant or other Purchase Warrants which in the aggregate entitles the Warrant
holder to receive a whole number of Common Shares. 
  
 If the Warrant holder is
not able to or elects not to, combine Purchase Warrants so as to be entitled to acquire a whole number of Common Shares, the Corporation shall make an appropriate cash settlement. However, in respect of any Warrant holder, the Corporation shall only
be required to make such a cash adjustment once and for one Purchase Warrant and no more. The amount of the cash adjustment with respect to the Common Share shall be equal to the fraction of the Common Share to which the Warrant holder would be
entitled multiplied by the Current Market Price (as defined in the PPM). 
  
 In
the event of any alteration of the Common Shares, including any subdivision, consolidation or reclassification, and in the event of any form of reorganization of the Corporation including any amalgamation, merger or arrangement, the holders of
Purchase Warrants shall, upon exercise of the Purchase Warrants following the occurrence of any of those events, be entitled to receive the same number and kind of securities that they would have been entitled to receive had they exercised their
Purchase Warrants immediately prior to the occurrence of those events. 
  
 The
registered holder of this Warrant Certificate may, at any time prior to the Expiry Date, upon surrender hereof to the Corporation at its principal offices in the city of Mt. Pleasant, exchange this Warrant Certificate for other certificates
entitling the holder to acquire, in the aggregate, the same number of Common Shares as may be acquired under this Warrant Certificate. 
  
 The holding of the Purchase Warrants evidenced by this Warrant Certificate shall not constitute the holder hereof a shareholder of the Corporation or entitle the holder
to any right or interest in respect thereof except as expressly provided in the PPM or in this Warrant Certificate. 
  

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 The PPM and other documents provide that all holders of Purchase Warrants shall be bound by any resolution passed at a
meeting of the shareholders or by resolution of the board of directors in accordance with the provisions of the agreements and resolutions signed by the holders of Purchase Warrants entitled to acquire a specified majority of the Common Shares which
may be acquired pursuant to all then outstanding Purchase Warrants. 
  
 The
Purchase Warrants evidenced by this Warrant Certificate may be transferred on the register kept at the principal offices of the Corporation at its principal offices in Mt.Pleasant, Michigan by the registered holder hereof or its legal
representatives or its attorney duly appointed by an instrument in writing in form and execution satisfactory to the Corporation. 
  
 This Warrant Certificate shall not be valid for any purpose whatever unless and until it has been certified by or on behalf of the Corporation. 
  
 Time shall be of the essence hereof. This Warrant Certificate shall be governed by and
construed in accordance with the laws of the State of Michigan and the federal law applicable therein and shall be treated in all respects as a Michigan contract. 
  
 IN WITNESS WHEREOF the Corporation has caused this Warrant Certificate to be signed by its duly authorized officers. 
  

			
	 GASTAR EXPLORATION LTD.

		
	 By:
	 	 
		
	 Name:
	 	 
		
	 Title:
	 	 
		
	 Dated:
	 	 


  

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 TRANSFER OF PURCHASE WARRANTS 
  
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers to
                                        ,
                     Purchase Warrants of Gastar Exploration Ltd. (the “Corporation”) registered in the name of the undersigned on
the records of the Corporation represented by the Warrant Certificate attached and irrevocably appoints                      the attorney of
the undersigned to transfer the said securities on the books or register with full power of substitution. 
  
 If less than all the Purchase Warrants represented by this Warrant Certificate are being transferred, the Warrant Certificate representing those Purchase Warrants not transferred will be registered in the name
appearing on the face of this Warrant Certificate and such certificates (please check one): 
  

			
	 (a)  ̈ should be sent
by first class mail to the following address:

	
	 _______________________________________________________________________________________

	
	 _______________________________________________________________________________________

	
	 (b)  ̈ should be held
for pick up at the principal office of the Corporation in Mt. Pleasant, Michigan, at which this Warrant Certificate is deposited.


  

					
	DATED the      day of                     ,
        	 	 	 	 
			
	 	 	 	 	  
	Signature Guaranteed	 	 	 	 (Signature of Warrant holder)


  

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 Exhibit A 
 NOTICE OF EXERCISE OF WARRANTS AND PURCHASE OF COMMON STOCK 
  

	To:	Gastar Exploration Ltd. 

 Attention: Chief Executive
Officer 
 2480 W. Campus Drive, Bldg. C 
 Mt. Pleasant, Michigan 48858 
  
 Dear Sir or Madam: 
  
 The undersigned (the “Holder”) is the owner of the following
note (the “Note”) of Gastar Exploration Ltd. (the “Company”): 
  
 Note No.: 
  
 Principal Amount: 
  
 Name of Registered Holder: 
  
 Signature of Registered Holder:
                                        
                                        

  
 Maturity Date: 
  
 Warrant Strike Price: 
  
 (a) The Holder hereby elects to exercise the attached Warrants to acquire
                                 shares of the Company’s common stock
(“Common Stock”), in accordance with the terms and conditions set forth in the Note and in the Company’s Private Placement Memorandum dated April 14, 2004, as such Private Placement Memorandum may be supplemented or amended
from time to time. 
  
 (b) (Mark Yes or No)
             This number of Common Shares assumes that this Purchase Warrant has been exercised on a cashless basis whereby the Corporation will retain the number of Common Shares
which, when multiplied by the closing trading price and the applicable Warrant Strike price Premium (as defined in the private placement memorandum) on the day this Exercise Form is delivered to the Corporation, equals the aggregate exercise price
for all of the Common Shares exercised hereby (those Common Shares retained by the Corporation as well as the number of Common Shares delivered to the Holder). 
  

Please deliver a stock certificate for the number of whole shares of Common Stock issuable upon this exercise of the Warrants to the registered holder
set forth above at the following address: 
  

			
	 Address:
	  	___________________________________________________________________________
		
	 	  	___________________________________________________________________________
		
	 	  	___________________________________________________________________________

  
 Social Security or other Taxpayer
Identification No.: _______________________________________________ 
  

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 Instructions: 
  

	1.	The registered holder may exercise its right to receive Common Shares by completing this form and surrendering this form and the original Warrant Certificate representing the
Purchase Warrants being exercised to the Corporation at its principal office in Mt. Pleasant, Michigan. Certificates for Common Shares will be delivered or mailed within 30 business days after the exercise of the Purchase Warrants.


  

	2.	Signature of the Warrant holder must be the signature of the person appearing on the face of this Warrant Certificate. 

  

	3.	If the Transfer Form is signed by a trustee, executor, administrator, curator, guardian, attorney, officer of a corporation or any person acting in a judiciary or representative
capacity, the certificate must be accompanied by evidence of authority to sign satisfactory to the Corporation. 

  

	4.	The signature on the Transfer Form must be guaranteed by an authorized officer of a chartered bank, trust company or an investment dealer who is a member of a recognized stock
exchange. 

  

	5.	The Purchase Warrants and the Common Shares issuable upon exercise thereof have not been registered under the United States Securities Act of 1933, as amended (the “U.S.
Securities Act”), or the securities laws of any state of the United States, and may not be transferred in the United States or to a U.S. Person unless the Purchase Warrants and the Common Shares have been registered under the U.S. Securities
Act and the securities laws of all applicable states of the United States or an exemption from such registration requirements is available. In connection with any transfer of Purchase Warrants, the holder will be required to provide to the
Corporation an opinion of counsel, or other evidence, in form reasonably satisfactory to the Corporation, to the effect that such transfer of Purchase Warrants does not require registration under the U.S. Securities Act or any applicable state laws
and regulations governing the offer and sale of securities. 

  

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