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

Stocks in this article: GPOR

Grizzly is also pursuing the design, permitting and construction of rail terminals in northern Alberta and on the Lower Mississippi, with scalable capacity to accommodate unit trains to ship and receive up to 100,000 bpd. Grizzly anticipates beginning to transport the company's bitumen starting in the fourth quarter of 2013.

Utica Shale

  • Gulfport's Boy Scout 5-33H tested at a peak rate of 902 barrels of condensate per day, 2.9 million cubic feet ("MMCF") per day of natural gas, and 383 barrels of NGLs per day assuming full ethane recovery and a natural gas shrink of 22%, or 1,662 BOE per day.

Gulfport's Boy Scout 5-33H well was recently tested. The Boy Scout 5-33H was drilled to a true vertical depth of 7,867 feet with a 6,029 foot horizontal lateral. The well tested at a rate of 902 barrels of condensate per day and 2.9 MMCF per day of natural gas. Based upon composition analysis, the gas being produced is 1,259 BTU rich gas. Assuming full ethane recovery, the composition above is expected to produce an additional 132 barrels of NGLs per MMCF of natural gas and result in a natural gas shrink of 22%. In ethane rejection mode, the composition is expected to yield 58 barrels of NGLs per MMCF of natural gas and result in a natural gas shrink of 10%. Gulfport is currently flowing the Boy Scout 5-33H into a sales pipeline.

Gulfport is currently flowing three wells into sales. MarkWest Energy Partners, L.P. (NYSE:MWE) ("MarkWest") estimates that seven Gulfport wells will be producing by the end of the first quarter.

GULFPORT ENERGY CORPORATION
WELL SCHEDULE
   
  Projected Date to Begin Flowing into Sales
Wagner 1-28H Currently Producing
Boy Scout 1-33H Currently Producing
Boy Scout 5-33H Currently Producing
Shugert 1-1H 3/15/2013
Shugert 1-12H 3/15/2013
BK Stephens 1-14H 3/24/2013
Ryser 1-25H 3/24/2013
Clay 1-4H  4/1/2013
Stout 1-12H 4/1/2013
Stout 2-12H 4/1/2013
Groh 1-12H 6/1/2013
Lyon 1-27H 6/1/2013
Lyon 2-27H 6/1/2013
Stutzman 1-14H 6/1/2013

The delay in flowing the remainder of the wells drilled in 2012 is primarily associated with MarkWest's challenge to obtain right-of-way ("ROW") and acquire necessary state and federal permitting. Gulfport and MarkWest have been working closely to address these matters and expect all wells spud in 2012 to be connected and flowing by the beginning of June. 

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