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Gulfport Energy Corporation Reports First Quarter 2013 Results

Stocks in this article: GPOR

The Stout 2-28H was drilled to a true vertical depth of 8,093 feet with a 6,914 foot horizontal lateral. Following a 40-day resting period, the well was placed on production at a gross 24-hour peak sales rate of 413 barrels of condensate per day and 3.3 MMCF per day of natural gas. Based upon composition analysis, the gas being produced is 1,269 BTU rich gas. Assuming full ethane recovery, the composition above is expected to produce an additional 135 barrels of NGLs per MMCF of natural gas and result in a natural gas shrink of 20%. In ethane rejection mode, the composition is expected to yield 63 barrels of NGLs per MMCF of natural gas and result in a natural gas shrink of 9%.

Gulfport ended the first quarter of 2013 with three gross wells producing. Subsequent to the first quarter, Gulfport began flowing an additional six gross wells into sales pipelines. Gulfport also anticipates an additional four gross wells to begin flowing into sales pipelines by mid-June. Below is a schedule of the most recent 24-hour sales rates of the wells now flowing into sales pipelines:

GULFPORT ENERGY CORPORATION
24 - HOUR GROSS PRODUCTION RATES
     
  Gas (MMcf) Oil (Bbls)
Wagner 1-28H  10.1  108
Boy Scout 1-33H  1.5  449
Boy Scout 5-33H  1.3  205
Ryser 1-25H  2.7  312
Shugert 1-1H  14.9  83
Shugert 1-12H  16.3  109
BK Stephens 1-16H  3.6  390
Stout 1-28H  4.2  443
Stout 2-28H  3.3  413

Hackberry

At Hackberry, Gulfport drilled six wells, completing four wells as productive during the first quarter of 2013. Two wells were still being drilled at the end of the quarter. In addition, Gulfport performed nine recompletions at the field. At present, Gulfport has two rigs active at Hackberry drilling ahead on the seventh and eighth wells of 2013 at the field. 

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