OKLAHOMA CITY, May 15, 2018 (GLOBE NEWSWIRE) — Gulfport Energy Corporation (NASDAQ: GPOR) (“Gulfport” or the “Company”) today provided an update on recent SCOOP well results. Key highlights include:
- Lilly 3-15X10H produced at an average 30-day production rate of 16.7 MMcfe per day, or 2,449 Mcfe per 1,000 foot of lateral.
- Lilly 4-15X10H produced at an average 30-day production rate of 13.1 MMcfe per day, or 1,782 Mcfe per 1,000 foot of lateral.
SCOOP Woodford Production Results
During its initial 30 days of production, the Lilly 3-15X10H cumulatively produced 395.5 MMcf of natural gas and 9.6 thousand barrels of oil. Based upon the composition analysis, the gas being produced is 1,157 BTU gas and yielding 43.3 barrels of natural gas liquids per MMcf of natural gas and results in a natural gas shrink of 14%. On a three-stream basis, the Lilly 3-15X10H produced at an average 30-day production rate of 16.7 MMcfe per day, or 2,449 Mcfe per 1,000 foot of lateral, which is comprised of approximately 67% natural gas, 21% NGL and 12% oil.
During its initial 30 days of production, the Lilly 4-15X10H cumulatively produced 305.4 MMcf of natural gas and 8.3 thousand barrels of oil. Based upon the composition analysis, the gas being produced is 1,157 BTU gas and yielding 43.3 barrels of NGL per MMcf of natural gas and results in a natural gas shrink of 14%. On a three-stream basis, the Lilly 4-15X10H produced at an average 30-day production rate of 13.1 MMcfe per day, or 1,782 Mcfe per 1,000 foot of lateral, which is comprised of approximately 67% natural gas, 20% NGL and 13% oil.
The table below summarizes the Company’s recent SCOOP well results:
| GULFPORT ENERGY CORPORATION | |||||||||||||||||||||
| SCOOP WELL RESULTS SUMMARY | |||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||
| Phase | Stimulated | 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 | 17.3 | 16.1 | 15.2 | ||||
| Lilly 3-15X10H | Central Grady | Woodford Wet Gas | 6,816 | 1,157 | 43.3 | 14 | % | 66 | % | 20 | % | 14 | % | 18.4 | 16.7 | — | — | ||||
| Lilly 4-15X10H | Central Grady | Woodford Wet Gas | 7,323 | 1,157 | 43.3 | 14 | % | 63 | % | 19 | % | 18 | % | 14.5 | 13.1 | — | — | ||||
| North Cheyenne 3-10X3H | Central Grady | Woodford Wet Gas | 7,218 | 1,162 | 44.1 | 15 | % | 64 | % | 20 | % | 16 | % | 13.2 | 12.1 | 11.3 | — | ||||
| North Cheyenne 4-10X3H | Central Grady | Woodford Wet Gas | 6,867 | 1,162 | 44.1 | 15 | % | 62 | % | 19 | % | 19 | % | 14.6 | 13.4 | 12.6 | — | ||||
| North Cheyenne 5-10X3H | Central Grady | Woodford Wet Gas | 5,782 | 1,152 | 41.7 | 14 | % | 64 | % | 19 | % | 17 | % | 20.6 | 18.4 | 16.9 | — | ||||
| North Cheyenne 6-10X3H | Central Grady | Woodford Wet Gas | 6,002 | 1,152 | 41.7 | 14 | % | 64 | % | 19 | % | 18 | % | 19.4 | 16.8 | 15.3 | — | ||||
| North Cheyenne 7-10X3H | Central Grady | Woodford Wet Gas | 6,379 | 1,162 | 43.9 | 15 | % | 63 | % | 20 | % | 17 | % | 12.3 | 12.7 | 12.1 | — | ||||
| North Cheyenne 8-10X3H | Central Grady | Woodford Wet Gas | 6,413 | 1,162 | 43.9 | 15 | % | 62 | % | 19 | % | 18 | % | 17.2 | 16.1 | 15.2 | — | ||||
| Pauline 3-27X22H | Central Grady | Woodford Wet Gas | 4,322 | 1,212 | 57.3 | 18 | % | 49 | % | 21 | % | 30 | % | 8.8 | 8.0 | 7.4 | 6.8 | ||||
| Pauline 4-27X22H | Central Grady | Woodford Wet Gas | 7,978 | 1,212 | 57.3 | 18 | % | 52 | % | 22 | % | 26 | % | 17.3 | 16.1 | 15.0 | 14.1 | ||||
| Pauline 5-27X22H | Central Grady | Woodford Wet Gas | 7,929 | 1,216 | 57.4 | 22 | % | 50 | % | 22 | % | 27 | % | 22.2 | 19.1 | 17.4 | 16.0 | ||||
| Pauline 6-27X22H | Central Grady | Woodford Wet Gas | 7,273 | 1,216 | 57.4 | 22 | % | 50 | % | 22 | % | 28 | % | 22.9 | 19.6 | 17.7 | 16.2 | ||||
| Pauline 8-27X22H | Central Grady | Woodford Wet Gas | 7,658 | 1,210 | 58.8 | 19 | % | 51 | % | 22 | % | 27 | % | 18.4 | 18.6 | 17.6 | 16.6 | ||||
| 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 | ||||
| Winham 7-22H | S Grady | Woodford Wet Gas | 4,898 | 1,146 | 40.0 | 13 | % | 64 | % | 18 | % | 18 | % | 23.4 | 19.9 | 19.0 | 17.9 | ||||
| Serenity 5-22H | S Grady | Sycamore | 5,980 | 1,143 | 39.2 | 13 | % | 70 | % | 19 | % | 11 | % | 15.7 | 15.8 | 15.4 | 15.0 | ||||
| Lauper 4-26H | SE Grady | Springer Oil | 4,257 | 1,418 | 120.8 | 34 | % | 10 | % | 11 | % | 79 | % | 4.7 | 3.2 | 2.9 | 2.6 | ||||
| Note: All well results presented are based upon three-stream production data and assume contractual ethane recovery. | |||||||||||||||||||||
| 1. Product mix calculated utilizing 24-hr initial production rate. | |||||||||||||||||||||
Gulfport Energy Corporation Reports First Quarter 2018 Results
First Quarter 2018 Capital Expenditures
For the first quarter of 2018, Gulfport’s D&C capital expenditures totaled $247.9 million and non-D&C capital expenditures totaled $42.9 million. According to plan, the 2018 capital program is heavily weighted to the first half of the 2018 and Gulfport currently estimates approximately two-thirds of the 2018 capital budget will be invested during the first half of 2018.
Strike Force Monetization
On April 26, 2018, Gulfport announced that it had entered into a definitive agreement to sell its 25% interest in Strike Force for a purchase price of $175 million in an all cash transaction to EQT Midstream Partners. The transaction closed on May 1, 2018.
2018 Financial Position and Liquidity
As of March 31, 2018, Gulfport had cash on hand of approximately $118.6 million. As of March 31, 2018, $200.0 million was outstanding under Gulfport’s revolving credit facility with outstanding letters of credit totaling $242.8 million.
Expected Borrowing Base Increase to $1.4 Billion
In connection with the scheduled spring redetermination of Gulfport’s revolving credit facility, Gulfport’s lead lenders have proposed an increase to Gulfport’s borrowing base to $1.4 billion from $1.2 billion, subject to the approval of the additional banks within the syndicate. Gulfport’s elected commitment under this facility is anticipated to remain at $1.0 billion.
2018 Capital Budget and Production Guidance Update
Gulfport reaffirms its expectation that its 2018 D&C total capital expenditures will be in the range of $630 million to $685 million. Upon completion of the Strike Force monetization, Gulfport’s capital obligations associated with its equity interest in Strike Force were eliminated and the Company now forecasts its 2018 non-D&C capital expenditures to be reduced by approximately $20 million. As a result, total non-D&C capital expenditures are expected to be in the range of $120 million to $130 million.
Based on results during first quarter of 2018, Gulfport has increased its production guidance and now forecasts its 2018 average daily net production will be in the range of 1,310 MMcfe to 1,340 MMcfe per day, an increase of 20% to 23% over its 2017 average daily net production of 1,089.2 MMcfe per day. For the second quarter of 2018, Gulfport estimates that its average daily net production will be in the range of 1,300 MMcfe to 1,320 MMcfe per day,
About Gulfport
Gulfport 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, has an approximately 25% equity interest in Mammoth Energy Services, Inc. (NASDAQ:TUSK) and has a position in the Alberta Oil Sands in Canada through its 25% interest in Grizzly Oil Sands ULC. For more information, please visit www.gulfportenergy.com.
Compiled and Published by GIB KNIGHT
Gib Knight is a private oil and gas investor and consultant, providing clients advanced analytics and building innovative visual business intelligence solutions to visualize the results, across a broad spectrum of regulatory filings and production data in Oklahoma and Texas. He is the founder of OklahomaMinerals.com, an online resource designed for mineral owners in Oklahoma.
