Gulfport Looks to Reap the Rewards of Utica Shale Investment
From Seeking Alpha:
Gulfport Energy (GPOR) has made a big bet on Ohio acreage in the Utica shale. The company owns 128k acres of property in the Utica and its current drilling program suggests production from the formation should jump over the coming two years.
The company has been ramping production. In 2013, Gulfport expects to produce 7.8 to 8.1 million BOE. For comparison, full year 2012 production was 2.57 million BOE which suggests 203-205% production growth this year from last.
A lot of that growth will come from the company's Utica activity.
The company is actively drilling in the formation and its first 10 wells averaged a peak rate of 798 barrels of condensate per day, 10.0 MMCF of natural gas per day and 1,166 barrels of NGLs, or 3,630 barrels of oil equivalent per day ("BOEPD"). In Q4, Utica production was 69k BOE, up from 17k BOE in Q3.
The early results have emboldened Gulfport to double down on the Utica.