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Gulfport Energy Corporation Reports Second Quarter 2014 Results

Stocks in this article: GPOR

OKLAHOMA CITY, Aug. 6, 2014 (GLOBE NEWSWIRE) -- Gulfport Energy Corporation (Nasdaq:GPOR) today reported financial and operational results for the second quarter of 2014 and provided an update on its 2014 activities.

Financial and Operational Highlights

  • Produced oil and natural gas sales volumes of 2,431,955 barrels of oil equivalent ("BOE"), or 26,725 barrels of oil equivalent per day ("BOEPD"), in the second quarter of 2014, as compared to 815,300 BOE, or 8,959 BOEPD in the second quarter of 2013.
  • Recorded net income of $47.9 million, or $0.56 per diluted share, in the second quarter of 2014.
  • Reported adjusted net income of $6.1 million, or $0.07 per diluted share, in the second quarter of 2014.
  • Generated $137.9 million of EBITDA in the second quarter of 2014, as compared to $101.3 million in the second quarter of 2013.
  • Production for the month of August, as of August 5, 2014, has averaged approximately 43,602 BOEPD.
  • Executed binding agreements with ET Rover Pipeline, LLC, a subsidiary of Energy Transfer, to transport 100,000 MMBtu/day on the ET Rover pipeline project for a term of 15 years.
  • Increased its acreage position since May 2014 by 4,500 net acres in the Utica Shale, bringing the Company's total acreage position to approximately 183,500 net acres under lease.
  • Grizzly Oil Sands ULC ("Grizzly"), a company in which Gulfport holds an approximate 25% equity interest, produced 510 barrels of bitumen per day in May and June at its SAGD facility at Algar Lake.
  • Nine rigs are currently active in Gulfport's core operating areas, with seven horizontal rigs in the Utica Shale and two rigs in Southern Louisiana.

Financial Results

For the second quarter of 2014, Gulfport reported net income of $47.9 million on oil and natural gas revenues of $114.5 million, or $0.56 per diluted share. For the second quarter of 2014, EBITDA (as defined below) was $137.9 million and cash flow from operating activities before changes in working capital was $56.6 million.

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