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Gulfport Energy Provides Operational Update And Schedules Fourth Quarter And Full-Year 2012 Financial And Operational Results Conference Call

OKLAHOMA CITY, Feb. 6, 2013 (GLOBE NEWSWIRE) -- Gulfport Energy Corporation (Nasdaq:GPOR) ("Gulfport") today provides an operational update and schedules fourth quarter and full-year 2012 financial and operational results conference call.


For the fourth quarter of 2012, net production was 540,558 barrels of oil, 366,258 thousand cubic feet ("MCF") of natural gas and 289,728 gallons of natural gas liquids ("NGL"), or 608,499 BOE. Net production for the fourth quarter of 2012 by region was 293,906 BOE at West Cote Blanche Bay, 217,686 BOE at Hackberry, 69,667 BOE in the Utica Shale, 17,100 BOE in the Permian Basin, and an aggregate of 10,140 BOE in the Bakken, Niobrara and other areas. For 2012, Gulfport recorded net production of 2,323,373 barrels of oil, 1,107,744 MCF of natural gas and 2,714,085 gallons of NGL, or 2,572,618 BOE.

Realized price for the fourth quarter of 2012 including transportation costs was $101.89 per barrel of oil, $3.00 per MCF of natural gas and $1.01 per gallon of NGL, for a total equivalent of $92.80 per BOE. Realized price for the full-year 2012 including transportation costs was $104.46 per barrel of oil, $2.91 per MCF of natural gas and $0.98 per gallon of NGL, for a total equivalent of $96.63 per BOE.
Production Volumes: 4Q2012 4Q2011 2012 2011
Oil (MBbls) 540.6 617.9 2,323.4 2,128.1
Natural Gas (MMcf) 366.3 186.3 1,107.7 878.1
NGL (MGal) 289.7 535.4 2,714.1 2,468.5
Oil equivalents (MBOE) 608.5 661.7 2,572.6 2,333.2
Average Realized Price:        
Oil (per Bbl) $101.89 $109.18 $104.46 $104.33
Natural Gas (per Mcf) $3.00 $3.67 $2.91 $4.37
NGL (per Gal) $1.01 $1.39 $0.98 $1.25
Oil equivalents (BOE) $92.80 $104.11 $96.63 $98.13

Year-End 2012 Reserves

Gulfport reported year-end 2012 total proved reserves of 13.88 million BOE, consisting of 8.25 million barrels of oil ("MMBBL") and 33.77 billion cubic feet ("BCF") of natural gas. At year-end 2012, 59.8% of Gulfport's proved reserves were classified as proved developed reserves. Pro forma of Gulfport's contribution of all of its oil and gas interests in the Permian Basin to Diamondback Energy, Inc. ("Diamondback"), year-end total proved reserves increased 114% over 2011.
  Oil Natural Gas Oil Equivalent
Proved Developed Producing  1.88  4.95  2.70
Proved Developed Non-Producing  3.34  13.53  5.60
Proved Undeveloped  3.03  15.29  5.58
Total Proved Reserves  8.25  33.77  13.88

The Wagner 1-28H,  Gulfport's longest producing well in the Utica Shale, was assigned gross proved estimated ultimate recovery ("EUR") reserves of 65.8 thousand barrels of oil, 9.5 BCF of natural gas, and 117.3 thousand barrels of NGL, or 1.8 MMBOE of proved reserve by third-party engineering firm Ryder Scott Company. In accordance with SEC guidelines ("SEC Case"), at year-end 2012, reserve calculations were based on the average first day of the month price for the prior 12 months. The prices utilized for Gulfport's year-end 2012 reserve report were $91.32 per barrel of crude oil and $2.76 per MMBTU of natural gas, in each case as adjusted by lease for transportation fees and regional price differentials. Utilizing these prices, the present value of Gulfport's total proved reserves discounted at 10% (referred to as "PV-10") was $437 million at December 31, 2012. The following table summarizes Gulfport's PV-10 values as of December 31, 2012.
DECEMBER 31, 2012 PV-10 
  SEC Case
Proved Developed Producing $119
Proved Developed Non-Producing $182
Proved Undeveloped $136
Total Proved Reserves $437

Grizzly Oil Sands

Reserves and Resource

Effective December 31, 2012, third party engineers GLJ Petroleum Consultants Ltd. ("GLJ") provided an assessment report to Grizzly Oil Sands ULC ("Grizzly"), a company in which Gulfport holds an approximate 25% equity interest, estimating that Grizzly has 67 million barrels of proved reserves, 71 million barrels of probable reserves, and 3.1 billion barrels of best estimate (P50) contingent resource.

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