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Gulfport Energy Corporation Provides Midstream Update, Reports Second Quarter 2014 Production And Schedules Second Quarter 2014 Financial And Operational Results Conference Call

Stocks in this article: GPOR

OKLAHOMA CITY, July 30, 2014 (GLOBE NEWSWIRE) -- Gulfport Energy Corporation (Nasdaq:GPOR) ("Gulfport") today provides an update on its midstream activities in the Utica Shale of Eastern Ohio, announces second quarter 2014 production and schedules second quarter 2014 financial and operational results conference call.

Dry Gas Gathering Update

To capture development synergies within the area of mutual interest ("AMI") of the previously announced joint development agreement between Gulfport and Rice Energy Inc. (NYSE:RICE) ("Rice"), Gulfport and Rice have entered into a letter of intent and are finalizing definitive agreements whereby Rice will construct and operate gas gathering pipelines associated with Gulfport's Utica Shale interests in Smith Township and portions of Goshen, Wayne and Washington Townships in Belmont County, Ohio. In conjunction with these agreements, Gulfport and MarkWest Energy Partners, LP (NYSE:MWE) ("MarkWest") have executed a letter of intent and are finalizing definitive agreements pursuant to which MarkWest will construct gas gathering facilities to gather Gulfport's dry gas production from portions of Wayne and Washington Townships in Belmont County, Ohio, Sunsbury Township in Monroe County, Ohio and portions of adjacent townships.

The agreements announced today are intended to ensure the efficient deliverability of Gulfport's product to the market. Together, MarkWest's and Rice's dry gas systems will have the capacity to provide over 1 Bcf per day of natural gas into multiple interconnections including, Rockies Express Pipeline and Texas Eastern Transmission Co. pipeline.

Firm Transportation on Rockies Express Pipeline and ANR Pipeline

To secure the movement of Gulfport's Utica Shale production out of the basin, the Company recently entered into a firm transportation agreement with Rockies Express Pipeline beginning in mid-2015 for a term of 20 years for 175,000 MMBtu/day of gas originating from Gulfport's acreage position in Belmont County, Ohio. In connection with this arrangement, Gulfport has entered into firm agreements with ANR Pipeline via the Rockies Express Pipeline connection for delivery of its gas to the premium markets in both the Midwest and Gulf Coast. Gulfport continues to actively build its firm transportation portfolio to ensure the deliverability of its production and position the Company to continue to capitalize on strong price realizations for its Utica Shale production.

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