This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Gulfport Energy Reports Utica Shale Results And Provides Operational Update

OKLAHOMA CITY, Oct. 9, 2012 (GLOBE NEWSWIRE) -- Gulfport Energy Corporation (Nasdaq:GPOR) today reported production results on its Shugert 1-1H well in the Utica Shale and provided an operational update.

Utica Shale

  • Gulfport's Shugert 1-1H tested at a peak rate of 20.0 million cubic feet ("MMCF") per day of natural gas, 144 barrels of condensate per day, and 2,002 barrels of natural gas liquids ("NGLs") per day assuming full ethane recovery and a natural gas shrink of 17%, or 4,913 barrels of oil equivalent ("BOE") per day.

Gulfport's Shugert 1-1H well was recently brought online from its resting period. When the test began the wellhead shut in casing pressure ("SICP") was 5,200 psi. The well was flow tested for 32 hours at a maximum rate of 20.0 MMCF per day of natural gas and 144 barrels of condensate per day on a 26/64" choke and a flowing casing pressure ("FCP") of 4,840 psi. Subsequent to the test, the 14 hour SICP was 5,300 psi. Based upon composition analysis, the gas being produced is 1,204 BTU rich gas. Assuming full ethane recovery, the composition above is expected to produce an additional 100 barrels of NGLs per MMCF of natural gas and result in a natural gas shrink of 17%. In ethane rejection mode, the composition is expected to yield 40 barrels of NGLs per MMCF of natural gas and result in a natural gas shrink of 9%. Gulfport currently anticipates it will begin flowing the Shugert 1-1H into a sales pipeline by early December.

Oil Sand Update

Grizzly Oil Sands ("Grizzly"), a company in which Gulfport owns a 24.9% interest, has recently closed on a $125 million revolving credit facility ("facility"), of which $75 million is initially available for borrowing. The facility will be available for funding additional infrastructure relating to the Algar Lake project and other future development projects. In connection with the facility, Gulfport entered into an agreement with Grizzly in which Gulfport committed to make monthly payments from October 2012 to May 2013 in the aggregate amount of approximately $8.5 million to fund the construction and development of the Algar Lake facility. Gulfport also agreed to fund its share of cost overruns in the excess of $2 million.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs