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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.

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