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Gulfport Energy Corporation Reports First Quarter 2013 Results

Stocks in this article: GPOR


At WCBB, Gulfport commenced its 2013 drilling program on March 1, 2013 and drilled three wells, completing one well as productive during the first quarter of 2013. One well was waiting on completion and one well was still being drilled at the end of the quarter. In addition, Gulfport performed 22 recompletions at the field. At present, Gulfport has one rig active at WCBB drilling ahead on the sixth well of 2013 at the field.

Canadian Oil Sands

In the Canadian Oil Sands, Grizzly began commissioning at its first SAGD facility at Algar Lake and expects first production during the third quarter of 2013. From an exploratory standpoint, Grizzly continues to work towards filing a regulatory application to support an initial 12,000 barrel per day ("bpd") SAGD project at May River by the end of 2013.

2013 Guidance Update

Gulfport currently estimates 2013 production to be in the range of 7.8 million to 8.1 million BOE. Capital expenditures for drilling activities during 2013 are estimated to be in the range of $570 million to $590 million. The increase in capital expenditures for drilling activities is due to Gulfport's accelerated activity in the Utica Shale. Gulfport now currently plans to drill 55 to 60 gross (49 to 54 net) wells in the Utica Shale.

  Year Ending
Forecasted Production  
Oil Equivalent - BOE 7,800,000 - 8,100,000
Average Daily Oil Equivalent - BOEPD 21,370 - 22,192
Projected Year-Over-Year Production Increase¹ 203% - 215%
Projected Cash Operating Costs per BOE  
Lease Operating Expense - $/BOE $5.00 - $6.00
Production Taxes - % of Revenue 8.0% - 9.0%
General and Administrative - $/BOE $1.50 - $2.50
Depreciation, Depletion and Amortization per BOE $33.00 - $35.00
Budgeted Capital Expenditures - In Millions:²  
West Cote Blanche Bay $42 - $45
Hackberry $24 - $26
Utica $494 - $504
Grizzly $8 - $12
Thailand $2.0-- $2.5
Total Budgeted E&P Capital Expenditures $570 - $590
¹ Based upon 2012 actual production of 2.573 million BOE (which includes 321,302 BOE attributable to the oil and natural gas assets contributed to Diamondback in October 2012) and the 2013 forecasted production 
² Excludes amounts for infrastructure, vertical integration projects and acquisitions   


An updated presentation will be posted to the Company's website tomorrow morning. The presentation can be found at under the "Webcasts & Presentations" section on the "Investor Relations" page. Information on the Company's website does not constitute a portion of this press release.   

Conference Call

Gulfport will host a conference call on May 8, 2013 at 10:00 a.m. CDT to discuss its first quarter 2013 financial and operational results. Interested parties may listen to the call via Gulfport's website at or by calling toll-free at 877-291-1287 or 973-409-9250 for international callers. The passcode for the call is 52760244. A replay of the call will be available for two weeks at 855-859-2056 or 404-537-3406 for international callers. The replay passcode is 52760244. The webcast will be archived on the Company's website and can be accessed on the Company's "Investor Relations" page. 

About Gulfport

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 Utica Shale of Eastern Ohio. Gulfport also has producing properties in the Niobrara Formation of Northwestern Colorado. In addition, Gulfport holds a sizeable acreage position in the Alberta Oil Sands in Canada through its interest in Grizzly Oil Sands ULC, a 21.4% equity interest in Diamondback Energy Inc., a NASDAQ Global Select Market listed company, and has an interest in an entity that operates in Southeast Asia, including the Phu Horm gas field in Thailand.

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