Profile: Gulfport Energy Corp (GPOR.O)
6 Dec 2016
Gulfport Energy Corporation (Gulfport), incorporated on June 20, 1997, is an independent oil and natural gas exploration and production company focused on the exploration, exploitation, acquisition and production of natural gas, natural gas liquids and crude oil in the United States. The Company has developed an oil and natural gas portfolio of proved reserves, as well as development and exploratory drilling opportunities on conventional and unconventional oil and natural gas prospects. The Company's principal properties are located in the Utica Shale primarily in Eastern Ohio and along the Louisiana Gulf Coast in the West Cote Blanche Bay (WCBB), and Hackberry fields. In addition, the Company has interest in producing properties in the Niobrara Formation of Northwestern Colorado and the Bakken Formation. The Company also holds an acreage position in the Alberta oil sands in Canada through its interest in Grizzly Oil Sands ULC (Grizzly), and interests in an entity that operates in the Phu Horm gas field in Thailand.
The Utica Shale is located in the Appalachian Basin of the United States and Canada. The Utica Shale is a rock unit consisting of organic-rich calcareous black shale. It overlies the Trenton Limestone and is located below the Marcellus Shale. The Company holds leasehold interests in approximately 240,000 gross acres in the Utica Shale. The aggregate net production from the Utica Shale is approximately 57,380 millions of cubic feet equivalent (MMcfe) or 623.7 MMcfe per day, of which over 80% is from natural gas and approximately 15% was from oil and natural gas liquids (NGLs). The Company's average daily net production from the Utica Shale is approximately 586.9 MMcfe, of which over 85% is from natural gas and approximately 10% is from oil and NGLs. The Company has approximately three operated horizontal rigs drilling.
West Cote Blanche Bay Field
The WCBB Field is located approximately five miles off the coast of Louisiana in a shallow bay with water depths averaging 8 to 10 feet. The Company owns approximately 100% working interest (80.108% net revenue interest (NRI)) in the WCBB Field. In addition, it also owns approximately 40.40% non-operated working interest (29.95% NRI) in depths below the base of the 13900 Sand, which is operated by Chevron Corporation. The Company's leasehold interests at WCBB contain approximately 5,670 gross acres. It owns and operates a production facility at WCBB that includes over four production tank batteries, approximately seven natural gas compressors, a storage barge facility, a dock, a dehydration unit and a salt water disposal system. It has recompleted approximately six gross and net wells in its WCBB field. The Company's net production at WCBB is approximately 13.1 MMcfe, 100% of which was from oil.
East Hackberry Field
The East Hackberry Field in Louisiana is located along the western shore and the land surrounding Lake Calcasieu, over 15 miles inland from the Gulf of Mexico. The Company owns approximately 100% working interest (approximately 79.91% average NRI) in certain producing oil and natural gas properties situated in the East Hackberry field. The Company holds interests in approximately 4,120 acres, including the Erwin Heirs Block, which is located on land, and the adjacent State Lease 50 Block, which is located primarily in the shallow waters of Lake Calcasieu. The Company licensed over 50 square miles of three-dimension (3-D) seismic data covering a portion of the area. It owns and operates over three production facilities at East Hackberry that include approximately two land-based tank batteries, a production barge, over three natural gas compressors, dehydration units and salt water disposal systems. Its average net daily production at East Hackberry was approximately 4.6 MMcfe, of which over 96% was from oil and approximately 4% was from natural gas.
West Hackberry Field
The West Hackberry Field is located on land and is over five miles west of Lake Calcasieu in Cameron Parish, Louisiana, approximately 85 miles west of Lafayette and over 15 miles inland from the Gulf of Mexico. The Company owns approximately 100% working interest (approximately 80% NRI) in over 1,190 acres within the West Hackberry Field. It leases at West Hackberry are located within two miles of one of the United States Department of Energy's Strategic Petroleum Reserves. Its average net daily production at West Hackberry is approximately 685.5 Mcfe, of which approximately 99% is from oil and over 1% is from natural gas. It owns and operates a production facility at West Hackberry that includes a land-based tank battery and salt water disposal system.
Niobrara Formation (Northwestern Colorado)
The Niobrara Formation oil play in Northwestern Colorado is located between the Piceance Basin to the south and the Sand Wash Basin to the north. Rocks mainly consist of interbedded organic-rich shales, calcareous shales and marlstones. The Niobrara Formation is a shale oil rock formation located in Colorado, Northwest Kansas, Southwest Nebraska and Southeast Wyoming. Its average net daily production from its Niobrara Formation acreage is approximately 292.5 Mcfe, approximately 100% of which is from oil. Its facilities located at well locations include storage tank batteries, oil/gas/water separation equipment and pumping units.
The Bakken Formation is located in the Williston Basin areas of Western North Dakota and Eastern Montana. The Company holds approximately 860 net acres, interests in approximately 20 wells and an overriding royalty interests in certain existing and future wells. Its average daily net production from its Bakken Formation acreage is approximately 380 Mcfe, of which over 80% is from oil and approximately 20% is from natural gas. The facilities located at well locations include storage tank batteries, oil/gas/water separation equipment and pumping units.
Gulfport Energy Corp
14313 N May Ave Ste 100
OKLAHOMA CITY OK 73134-5003
Company Web Links
- BRIEF-Gulfport Energy Corporation says Q3 loss per share $1.25
- BRIEF-Gulfport issues $650.0 mln in aggregate principal amount of 6.000 pct senior notes
- BRIEF-Gulfport energy corporation launches tender offer for any, all of its 7.750% senior notes due 2020
- BRIEF-Gulfport Energy launches proposed $650 million offering of senior notes
- BRIEF-Gulfport Energy sees 2016 total Capital Expenditures to be $475-$550 mln