Gulfport Energy Corporation Provides SCOOP Well Results
04 October 2017 - 10:00PM
Gulfport Energy Corporation (NASDAQ:GPOR) (“Gulfport” or the
“Company”) today provided an update on recent SCOOP well results.
Key highlights include:
- Pauline 6-27X22H produced at a 24-hour initial peak production
rate of 22.9 MMcfe per day, or 3,148 Mcfe per 1,000 foot of
lateral, comprised of approximately 50% natural gas, 28% oil, and
22% natural gas liquids.
- Pauline 5-27X22H produced at a 24-hour initial peak production
rate of 22.2 MMcfe per day, or 2,805 Mcfe per 1,000 foot of
lateral, comprised of approximately 50% natural gas, 28% oil, and
22% natural gas liquids.
- Pauline 4-27X22H produced at a 24-hour initial peak production
rate of 17.3 MMcfe per day, or 2,167 Mcfe per 1,000 foot of
lateral, comprised of approximately 52% natural gas, 26% oil, and
22% natural gas liquids.
- Pauline 3-27X22H produced at a 24-hour initial peak production
rate of 8.8 MMcfe per day, or 2,042 Mcfe per 1,000 foot of lateral,
comprised of approximately 49% natural gas, 30% oil, and 21%
natural gas liquids.
- Pauline 8-27X22H produced at an average 30-day production rate
of 18.6 MMcfe per day, or 2,423 Mcfe per 1,000 foot of lateral,
comprised of approximately 52% natural gas, 25% oil, and 23%
natural gas liquids.
Recent Initial 24-Hour SCOOP Well
ResultsGulfport recently turned-to-sales four gross (3.9
net) Woodford wells located in the wet gas window in central Grady
County, Oklahoma.
The Pauline 6-27X22H has an effective lateral
length of 7,273 feet and a 24-hour initial peak production rate of
14.8 MMcf per day of natural gas and 1,052 barrels of oil per day.
Based upon the composition analysis, the gas being produced is
1,216 BTU gas and yielding 57.4 barrels of NGLs per MMcf of natural
gas and results in a natural gas shrink of 22%. On a three-stream
basis, the Pauline 6-27X22H produced at a 24-hour initial
production peak rate of 22.9 MMcfe per day, which is comprised of
approximately 50% natural gas, 28% oil, and 22% natural gas
liquids.
The Pauline 5-27X22H has an effective lateral
length of 7,929 feet and a 24-hour initial peak production rate of
14.4 MMcf of natural gas per day and 1,009 barrels of oil per day.
Based upon the composition analysis, the gas being produced is
1,216 BTU gas and yielding 57.4 barrels of NGLs per MMcf of natural
gas and results in a natural gas shrink of 22%. On a three-stream
basis, the Pauline 5-27X22H produced at a 24-hour initial
production peak rate of 22.2 MMcfe per day, which is comprised of
approximately 50% natural gas, 28% oil, and 22% natural gas
liquids.
The Pauline 4-27X22H has an effective lateral
length of 7,978 feet and a 24-hour initial peak production rate of
11.0 MMcf of natural gas per day and 739 barrels of oil per day.
Based upon the composition analysis, the gas being produced is
1,212 BTU gas and yielding 57.3 barrels of NGLs per MMcf of natural
gas and results in a natural gas shrink of 18%. On a three-stream
basis, the Pauline 4-27X22H produced at a 24-hour initial
production peak rate of 17.3 MMcfe per day, which is comprised of
approximately 52% natural gas, 26% oil, and 22% natural gas
liquids.
The Pauline 3-27X22H has an effective lateral
length of 4,322 feet and a 24-hour initial peak production rate of
5.3 MMcf of natural gas per day and 438 barrels of oil per day.
Based upon the composition analysis, the gas being produced is
1,212 BTU gas and yielding 57.3 barrels of NGLs per MMcf of natural
gas and results in a natural gas shrink of 18%. On a three-stream
basis, the Pauline 3-27X22H produced at a 24-hour initial
production peak rate of 8.8 MMcfe per day, which is comprised of
approximately 49% natural gas, 30% oil, and 21% natural gas
liquids.
SCOOP Well 30-Day Production
Results As previously announced, during the third quarter
of 2017 Gulfport turned-to-sales one gross (0.98 net) Woodford
well, the Pauline 8-27X22H, located in the wet gas window in
central Grady County, Oklahoma. Following 30 days of production,
the Pauline 8-27X22H has cumulatively produced 358.1 MMcf of
natural gas and 23,384 barrels of oil. Based upon the composition
analysis, the gas being produced is 1,210 BTU gas and yielding 58.8
barrels of NGLs per MMcf of natural gas and results in a natural
gas shrink of 19%. On a three-stream basis, the Pauline 8-27X22H
produced at an average 30-day production rate of 18.6 MMcfe per
day, which is comprised of approximately 52% natural gas, 25% oil,
and 23% natural gas liquids.
The following table summarizes the Company’s
recent well results:
GULFPORT ENERGY CORPORATION |
SCOOP WELL RESULTS SUMMARY |
(Unaudited) |
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Phase |
Average |
Wellhead |
NGLs |
% |
Product Mix(1) |
Average Prod. Rates (Mmcfepd) |
|
County |
Window |
Lateral |
BTU |
Per MMcf |
Shrink |
Gas |
NGLs |
Oil |
24-Hr |
30-Day |
60-Day |
90-Day |
EJ
Craddock 8-28X21H |
Central Grady |
Woodford Wet Gas |
7,961 |
1,171 |
47.0 |
16 |
% |
55 |
% |
19 |
% |
26 |
% |
19.7 |
- |
- |
- |
Pauline
3-27X22H |
Central Grady |
Woodford Wet Gas |
4,322 |
1,212 |
57.3 |
18 |
% |
49 |
% |
21 |
% |
30 |
% |
8.8 |
- |
- |
- |
Pauline
4-27X22H |
Central Grady |
Woodford Wet Gas |
7,978 |
1,212 |
57.3 |
18 |
% |
52 |
% |
22 |
% |
26 |
% |
17.3 |
- |
- |
- |
Pauline
5-27X22H |
Central Grady |
Woodford Wet Gas |
7,929 |
1,216 |
57.4 |
22 |
% |
50 |
% |
22 |
% |
28 |
% |
22.2 |
- |
- |
- |
Pauline
6-27X22H |
Central Grady |
Woodford Wet Gas |
7,273 |
1,216 |
57.4 |
22 |
% |
50 |
% |
22 |
% |
28 |
% |
22.9 |
- |
- |
- |
Pauline
8-27X22H |
Central Grady |
Woodford Wet Gas |
7,658 |
1,210 |
58.8 |
19 |
% |
51 |
% |
22 |
% |
27 |
% |
18.4 |
18.6 |
- |
- |
Vinson
2-22X27H |
SE
Grady |
Woodford Wet Gas |
8,539 |
1,118 |
35.7 |
11 |
% |
79 |
% |
19 |
% |
2 |
% |
16.5 |
15.7 |
14.4 |
13.4 |
Vinson
3R-22X27H |
SE
Grady |
Woodford Wet Gas |
8,475 |
1,118 |
35.7 |
11 |
% |
79 |
% |
19 |
% |
2 |
% |
19.0 |
18.7 |
17.3 |
16.3 |
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Note: All well results presented are based upon three-stream
production data and assume contractual ethane recovery. |
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1. Product mix calculated utilizing 24-hr initial production
rate. |
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About GulfportGulfport Energy
is an independent natural gas and oil company focused on the
exploration and development of natural gas and oil properties in
North America and is one of the largest producers of natural gas in
the contiguous United States. Headquartered in Oklahoma City,
Gulfport holds significant acreage positions in the Utica Shale of
Eastern Ohio and the SCOOP Woodford and SCOOP Springer plays in
Oklahoma. In addition, Gulfport holds an acreage position along the
Louisiana Gulf Coast, a position in the Alberta Oil Sands in Canada
through its approximately 25% interest in Grizzly Oil Sands ULC and
has an approximately 25% equity interest in Mammoth Energy
Services, Inc. (NASDAQ:TUSK). For more information, please visit
www.gulfportenergy.com.
Forward Looking StatementsThis
press release includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended
(the "Securities Act"), and Section 21E of the Securities Exchange
Act of 1934, as amended (the "Exchange Act"). All statements, other
than statements of historical facts, included in this press release
that address activities, events or developments that Gulfport
expects or anticipates will or may occur in the future, future
capital expenditures (including the amount and nature thereof),
business strategy and measures to implement strategy, competitive
strength, goals, expansion and growth of Gulfport's business and
operations, plans, market conditions, references to future success,
reference to intentions as to future matters and other such matters
are forward-looking statements. These statements are based on
certain assumptions and analyses made by Gulfport in light of its
experience and its perception of historical trends, current
conditions and expected future developments as well as other
factors it believes are appropriate in the circumstances. However,
whether actual results and developments will conform with
Gulfport's expectations and predictions is subject to a number of
risks and uncertainties, general economic, market, credit or
business conditions; the opportunities (or lack thereof) that may
be presented to and pursued by Gulfport; Gulfport’s ability to
identify, complete and integrate acquisitions of properties and
businesses; competitive actions by other oil and gas companies;
changes in laws or regulations; and other factors, many of which
are beyond the control of Gulfport. Information concerning these
and other factors can be found in the Company's filings with the
Securities and Exchange Commission, including its Forms 10-K, 10-Q
and 8-K. Consequently, all of the forward-looking statements made
in this news release are qualified by these cautionary statements
and there can be no assurances that the actual results or
developments anticipated by Gulfport will be realized, or even if
realized, that they will have the expected consequences to or
effects on Gulfport, its business or operations. Gulfport has no
intention, and disclaims any obligation, to update or revise any
forward-looking statements, whether as a result of new information,
future results or otherwise.
Investor & Media
Contact:Jessica Wills – Manager, Investor Relations and
Researchjwills@gulfportenergy.com405-252-4550
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