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Friday, July 26, 2013

Gulfport Energy Clearly Encouraged by Utica Shale Results

From The Motley Fool:
Gulfport Energy  (NASDAQ: GPOR  ) recently provided investors with an operational update, and some interesting information is tucked within the release. While many of its major competitors are looking to exit entirely or reduce positions in the Utica, Gulfport announced that it's continuing to expand its presence in the play. The company appears to have found the lucrative liquids sweet spot and it's seeking to pick up as much acreage around its core position as it can. 
In the release, Gulfport noted that it had picked up an additional 8,000 gross acres, bringing its total position in the play to about 145,000 acres. That's actually a relatively small position, but it would appear to be right in the middle of the core of the play. For perspective, top Utica leaseholder Chesapeake Energy  (NYSE: CHK  ) is looking to sell 94,000 net acres, which is just about 10% of its total acreage in the play. 
Read the entire article here.

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