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Tuesday, January 13, 2015

Gulfport Energy Gives Report on 2014 Results

From a Gulfport Energy press release:
Production 
On December 31, 2014, Gulfport recorded daily net production of approximately 68,000 barrels of oil equivalent per day ("BOEPD"), consisting of approximately 73% natural gas and 27% oil and natural gas liquids. During the month of December 2014, Gulfport estimates that net production averaged approximately 66,000 BOEPD. For the fourth quarter 2014, Gulfport currently estimates that net production was approximately 5.5 million barrels of oil equivalent. 
Michael G. Moore, Gulfport's Chief Executive Officer and President, commented, "We are pleased with the significant amount of production growth Gulfport experienced during 2014. Gulfport achieved total production of approximately 5.5 million BOE during the fourth quarter of 2014, which exceeds our total production for full-year 2013 and is an increase of 41% over the third quarter of 2014. Throughout 2014, Gulfport's drilling and operations teams have focused on consistency and efficiency leading to significant process improvements. We continue to be pleased with the results of our managed pressure program in the Utica Shale and believe our fourth quarter production provides strong support for the program to which we remain strongly committed.""With regard to 2015 activities, we continue to thoughtfully plan our 2015 capital spending and anticipate providing 2015 guidance prior to or in conjunction with our fourth quarter and full-year 2014 earnings release scheduled after the market close on Wednesday, February 25, 2015." 
Utica Shale 
In the Utica Shale, Gulfport brought online twenty-two gross wells during the fourth quarter of 2014. Of these twenty-two wells, six wells were located within the condensate window of the play, twelve wells were located within the wet gas window and four wells were located within the dry gas window of the play. At present, Gulfport has six horizontal rigs drilling in the play.
Click here to read the entire release. 

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