Gulfport reaffirms its 2012 guidance and continues to estimate 2012 production to be in the range 2.9 million to 3.1 million BOE. Third quarter 2012 production is currently estimated to be in the range of 6,950 to 7,050 BOE per day. Production results during the third quarter were adversely impacted by the shut in and evacuation of West Cote Blanche Bay during Hurricane Isaac and regulatory delays associated with initial midstream infrastructure build out in the Utica Shale. Gulfport currently anticipates the Boy Scout 1-33H to begin flowing into a sales pipeline by mid-November, and expects to have six additional wells brought online by the end of December. Gulfport estimates its exit rate on daily production at the end of 2012 to be in the range of 13,000 to 13,500 BOE per day.
Gulfport currently expects capital expenditures for 2013 to be in the range of $365 million to $375 million, excluding potential capital expenditures relating to Grizzly Oil Sands. However, if Gulfport completes the previously announced contribution of its Permian Basin oil and natural gas interests to Diamondback Energy Inc. ("Diamondback Energy"), in connection with its proposed initial public offering, Gulfport currently estimates that its 2013 capital expenditures would be reduced to a range of $317 million to $327 million, excluding potential capital expenditures relating to Grizzly Oil Sands.
Gulfport Energy Corporation is an Oklahoma City-based independent oil and natural gas exploration and production company with its principal producing properties located along the Louisiana Gulf Coast and in the Permian Basin in West Texas. Gulfport has also acquired acreage positions in the Utica Shale of Eastern Ohio and Niobrara Formation of Western Colorado. In addition, Gulfport holds a sizeable acreage position in the Alberta Oil Sands in Canada through its interest in Grizzly Oil Sands ULC and has interests in entities that operate in Southeast Asia, including the Phu Horm gas field in Thailand.
CONTACT: Investor & Media Contact:
Paul K. Heerwagen
Director, Investor Relations