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Gulfport Energy Provides Operational Update

Source: www.gulfoilandgas.com 7/23/2013, Location: North America

Gulfport Energy Corporation provides an operational update and schedules second quarter 2013 financial and operational results conference call.

Production

Gulfport produced oil and natural gas sales volumes of 815,300 barrels of oil equivalent ("BOE"), or 8,959 barrels of oil equivalent per day ("BOEPD"), compared to the company's previously estimated guidance range of 8,500 to 9,000 BOEPD.

For the second quarter of 2013, net production was 535,182 barrels of oil, 1,414,797 thousand cubic feet ("MCF") of natural gas and 1,861,360 gallons of natural gas liquids ("NGL"), or 815,300 BOE. Net production for the second quarter of 2013 by region was 297,421 BOE at West Cote Blanche Bay ("WCBB"), 183,703 BOE at Hackberry, 320,718 BOE in the Utica Shale and an aggregate of 13,458 BOE in the Bakken, Niobrara and other areas. Realized prices for the second quarter of 2013, which includes transportation costs, were $113.98 per barrel of oil, $4.80 per MCF of natural gas and $1.29 per gallon of NGL, for a total equivalent price of $86.10 per BOE.

Realized price for oil in the second quarter of 2013 reflects the impact of fixed price contracts for approximately 5,000 barrels of oil per day at a weighted average price of $101.96 before transportation costs and differentials. Gulfport currently has fixed price swaps in place for 5,000 barrels of oil per day at a weighted average price of $99.86 for the remainder of 2013. Subsequent to the second quarter, Gulfport entered into a new hedging program consisting of fixed price swaps for January 2014 through December 2014 of 1,000 barrels of oil per day at a weighted average price of $101.75 hedging Brent as the underlying index and fixed price swaps for October 2013 through March 2016 of 10,000 MCF of natural gas per day at a weighted average price of $4.00.

Utica Shale

Gulfport increased its acreage position in the core of the play and currently has approximately 145,000 gross acres under lease.

Gulfport's McCort 1-28H well was recently placed on production in the Utica Shale. The McCort 1-28H produced at an average seven-day sales rate of 9.6 million cubic feet ("MMCF") per day of natural gas and 835 barrels of NGLs per day assuming full ethane recovery and a natural gas shrink of 14%, or 2,218 BOEPD.

Gulfport's McCort 2-28H well was recently placed on production in the Utica Shale. The McCort 2-28H produced at an average seven-day sales rate of 11.6 MMCF per day of natural gas, 21 barrels of condensate per day, and 1,009 barrels of NGLs per day assuming full ethane recovery and a natural gas shrink of 14%, or 2,701 BOEPD.

Gulfport increased its acreage position in the core of the play by adding approximately 8,000 gross acres, bringing the company's total acreage position to approximately 145,000 gross acres under lease in the Utica Shale. The Company plans to fund the acquisition of this additional acreage with available cash on hand.

Gulfport recently began flowing into sales pipelines its McCort 1-28H and McCort 2-28H wells in the Utica Shale. The McCort 1-28H was drilled to a true vertical depth of 8,475 feet with a 7,501 foot horizontal lateral. Following a 60-day resting period, the well was placed on production at an average gross seven-day sales rate of 9.6 MMCF per day of natural gas. The well produced at a flowing tubing pressure of 4,654 psi. Based upon composition analysis, the gas being produced is 1,167 BTU gas. Assuming full ethane recovery, the composition above is expected to produce an additional 87 barrels of NGLs per MMCF of natural gas and result in a natural gas shrink of 14%. In ethane rejection mode, the composition is expected to yield 31 barrels of NGLs per MMCF of natural gas and result in a natural gas shrink of 7%.

The McCort 2-28H was drilled to a true vertical depth of 8,466 feet with a 9,489 foot horizontal lateral. Following a 60-day resting period, the well was placed on production at an average gross seven-day sales rate of 11.6 MMCF per day of natural gas and 21 barrels of condensate per day. The well produced at a flowing tubing pressure of 4,755 psi. Based upon composition analysis, the gas being produced is 1,167 BTU rich gas. Assuming full ethane recovery, the composition above is expected to produce an additional 87 barrels of NGLs per MMCF of natural gas and result in a natural gas shrink of 14%. In ethane rejection mode, the composition is expected to yield 31 barrels of NGLs per MMCF of natural gas and result in a natural gas shrink of 7%.

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