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Gulfport Energy Corporation Reports Third Quarter 2013 Results

Stocks in this article: GPOR

OKLAHOMA CITY, Nov. 5, 2013 (GLOBE NEWSWIRE) -- Gulfport Energy Corporation (Nasdaq:GPOR) today reported financial and operating results for the third quarter of 2013 and provided an update on its 2013 activities and its planned 2014 activities.

Financial and Operational Highlights

  • Produced oil and natural gas sales volumes of 1,193,808 barrels of oil equivalent ("BOE"), or 12,976 barrels of oil equivalent per day ("BOEPD"), in the third quarter of 2013, as compared to 655,437 BOE, or 7,124 BOEPD in the third quarter of 2012 and 815,300 BOE, or 8,959 BOEPD in the second quarter of 2013.
  • Recorded net income of $40.5 million, or $0.52 per share, in the third quarter of 2013, as compared to $0.5 million, or $0.01 per share, in the third quarter of 2012.
  • Reported adjusted net income of $11.1 million, or $0.14 per share, in the third quarter of 2013.
  • Generated $97.4 million of EBITDA in the third quarter of 2013, as compared to $42.6 million in the third quarter of 2012.
  • Reduced unit lease operating expense for the third quarter of 2013 to $6.11 per BOE, as compared to $10.13 in the third quarter of 2012.
  • Gulfport's first dry gas well in the Utica, the Irons 1-4H well, was recently placed on production in the Utica Shale at an average 24-hour sales rate of 30.3 MMCF of natural gas per day.
  • Nine rigs are currently active in Gulfport's three core operating areas, with seven horizontal rigs in the Utica, one rig drilling at Hackberry and one rig drilling at WCBB.

James Palm, Chief Executive Officer, commented, "We are very pleased with the initial results from our Irons 1-4H well, our first well in the dry gas corridor in the Utica. With approximately 44% of our acreage located within the dry gas phase of the play, this well stands to unlock meaningful value across a large portion of our acreage. The strong economics of this well appear to be very attractive in today's commodity price environments and we look forward to drilling a number of wells in the surrounding area during 2014."

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