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Friday, May 11, 2018

Gulfport Energy Continues to Feel Good About Utica Shale Activity

From Seeking Alpha's transcript of a 1st-quarter earnings call with Gulfport Energy:
Turning to completions in the Utica Shale, we began the year very active, running two completion crews throughout the quarter and completing over half of our total planned stage count for 2018. During the first quarter, we averaged 6.3 stages per day and completed 737 stages in total, which includes 18 wells completed and 10 wells in progress at the end of the quarter, all of which Gulfport holds effectively 100% working interest. This robust level of activity weights a heavy number of turn-in-lines to the second and third quarters for the 2018 program.

Despite several weather challenges and effectively zero turn-in-lines during the quarter, production came in at 1.03 Bcf equivalent per day, a decrease of only 1% from the fourth quarter of 2017. Again demonstrating not only the strength of our field operations, but also highlighting the quality rock we have in the Utica. 
The Utica has become a very consistent and reliable asset in our portfolio. We're never done learning or working to identify where we can become more efficient to add more value and as it sits today we continue to look at every phase of the operation with our focus shifting to taking minutes, no longer days, out of each activity.
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