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Thursday, August 7, 2014

Gulfport CEO Has a Lot to Say About Utica Shale in Conference Call

From the Akron Beacon Journal comes some snippets from a conference call with Gulfport Energy CEO Michael G. Moore:
• Utica shale is “one of North America’s premier shale plays.” 
• “Gulfport drilled 20 wells in the second quarter with an average drill time of 24 days per well, a decrease of 39 percent over the average drill days of 2013.” 
• “The team drilled the company’s longest lateral to date of 11,147 feet.” 
• “Later in the second quarter, Gulfport brought online ten wells in Utica, eight wells in the wet gas window and two wells in the condensate window of the play.” 
“Gulfport continues to acquire acreage focus areas in Ohio and West Virginia and today have approximately 184,500 acres under lease.” In Ohio, the company is paying about $7,000 an acre and focusing primarily on Belmont and Monroe counties. 
• “With 2 1/2 years of drilling in Ohio under our belt and over 60 wells producting, we’re pleased Gulfport is sitting at a very unique position compared to other companies in play.” 
• Gulfport put ten wells online in the second quarter. 
• Gulfport expects to put 14 to 20 wells online in each of the current third and upcoming fourth quarters. Just one of those wells is expected to be a dry gas well. “In the third quarter I will tell you, we’ve already brought on seven wells and all of those are wet gas wells.”
Clearly Gulfport is continuing to expect big things from the Utica shale.

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