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Gulfport Energy Corporation Reports Utica Shale Results

Stocks in this article: GPOR

OKLAHOMA CITY, Sept. 17, 2013 (GLOBE NEWSWIRE) -- Gulfport Energy Corporation (Nasdaq:GPOR) today announced production results on its Wagner 3-28H, Clay 3-4H, and Lyon 3-27H wells in the Utica Shale.

Utica Shale

  • Gulfport's Wagner 3-28H well was recently placed on production in the Utica Shale. The Wagner 3-28H produced at an average seven-day sales rate of 9.7 million cubic feet ("MMCF") per day of natural gas, 214 barrels of condensate per day and 1,067 barrels of natural gas liquids ("NGLs") per day assuming full ethane recovery and a natural gas shrink of 18%, or 2,607 barrels of oil equivalent ("BOE") per day.
  • Gulfport's Clay 3-4H well was recently placed on production in the Utica Shale. The Clay 3-4H produced at an average seven-day sales rate of 2.5 MMCF per day of natural gas, 392 barrels of condensate per day and 323 barrels of NGLs per day assuming full ethane recovery and a natural gas shrink of 27%, or 1,019 BOE per day.
  • Gulfport's Lyon 3-27H well was recently placed on production in the Utica Shale. The Lyon 3-27H produced at an average seven-day sales rate of 2.0 MMCF per day of natural gas, 477 barrels of condensate per day and 274 barrels of NGLs per day assuming full ethane recovery and a natural gas shrink of 21%, or 1,014 BOE per day.

Gulfport recently began flowing into sales pipelines its Wagner 3-28H, Clay 3-4H and Lyon 3-27H wells in the Utica Shale. The Wagner 3-28H was drilled to a true vertical depth of 8,535 feet with a 6,867 foot horizontal lateral. The well's completion design included a slickwater frac with minimal use of linear gels. Following the well's completion with no resting period, the well was placed on production at an average gross seven-day sales rate of 9.7 MMCF of natural gas per day and 214 barrels of condensate per day. Based upon composition analysis, the gas being produced is 1,214 BTU gas. Assuming full ethane recovery, the composition above is expected to produce an additional 110 barrels of NGLs per MMCF of natural gas and result in a natural gas shrink of 18%. In ethane rejection mode, the composition is expected to yield 41 barrels of NGLs per MMCF of natural gas and result in a natural gas shrink of 8%.

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