Gulfport Energy Reports Third Quarter 2013 Production And Provides Operational Update

OKLAHOMA CITY, Oct. 16, 2013 (GLOBE NEWSWIRE) -- Gulfport Energy Corporation (Nasdaq:GPOR) ("Gulfport") today provides third quarter 2013 production and provides an operational update.

Production
  • Gulfport 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"), compared to the company's previously estimated guidance range of 12,250 to 12,750 BOEPD.

For the third quarter of 2013, net production was 590,187 barrels of oil, 2,981,632 thousand cubic feet ("MCF") of natural gas and 4,480,667 gallons of natural gas liquids ("NGL"), or 1,193,808 BOE. Net production for the third quarter of 2013 by region was 662,333 BOE in the Utica Shale, 351,171 BOE at West Cote Blanche Bay, 167,520 BOE at Hackberry and an aggregate of 12,784 BOE in the Bakken, Niobrara and other areas.

Derivatives

The table below sets forth the company's hedging positions as of October 16, 2013.
GULFPORT ENERGY CORPORATION
COMMODITY DERIVATIVES - HEDGE POSITION AS OF OCTOBER 16, 2013
(Unaudited)
       
  4Q2013    
Oil (MBbls):       
Swap Contracts       
Volume  460    
Price  $ 99.86    
       
Natural Gas (MMcf):      
Swap Contracts       
Volume   920    
Price   $ 4.00    
       
  Year Ending
  2014 2015 2016
Oil (MBbls):       
Swap Contracts       
Volume  910  --   -- 
Price  $ 102.79  --   -- 
       
Natural Gas (MMcf):      
Swap Contracts       
Volume   18,250  16,425  5,145
Price   $ 4.06  $ 4.06  $ 4.06
       
Swaption Contracts       
Volume   --   3,650  1,210
Price   --   $ 4.27  $ 4.27

Utica Shale
  • Gulfport increased its acreage position in the core of the play and currently has approximately 154,000 gross (144,500 net) acres under lease.

Gulfport increased its acreage position in the core of the play adding approximately 9,000 gross acres, bringing the company's total acreage position to approximately 154,000 gross (144,500 net) acres under lease in the Utica Shale.

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