Profile: Gulfport Energy Corp (GPOR.O)

GPOR.O on Nasdaq

34.31USD
2 Sep 2015
Change (% chg)

$0.03 (+0.09%)
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$34.28
Open
$34.88
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$35.06
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$33.09
Volume
1,272,895
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52-wk High
$59.28
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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 crude oil, natural gas liquids and natural gas in the United States. It 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 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 entities that operate in Southeast Asia, including the Phu Horm gas field in Thailand.

Utica Shale

The aggregate net production from the Utica Shale during the three months ended December 31, 2014 was approximately 32,513 millions of cubic feet equivalent (MMcfe) or 353.4 MMcfe per day, of which 80% was from natural gas and 20% was from oil and natural gas liquids (NGLs). During January 2015, the Company’s average daily net production from the Utica Shale was approximately 345.6 MMcfe, of which 79% was from natural gas and 21% was from oil and NGLs. As of February 13, 2015, the Company held acquired leasehold interests in approximately 188,000 gross (184,000 net) acres in the Utica Shale primarily in Eastern Ohio, including approximately 8,200 net acres acquired from Rhino Exploration LLC.

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 eight to 10 feet. The Company owns a 100% working interest (80.108% net revenue interest (NRI)) in the WCBB Field. In addition, it also owns a 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 5,668 gross acres. In the fourth quarter of 2014, the Company’s production at WCBB was approximately 1,810 net MMcfe or an average of 19.7 MMcfe per day, 100% of which was from oil. During January 2015, the Company’s average net daily production at WCBB was approximately 19.0 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, 15 miles inland from the Gulf of Mexico. The Company owns a 100% working interest (approximately 80.945% average NRI) in certain producing oil and natural gas properties situated in the East Hackberry field. As of December 31, 2014, the Company held beneficial interests in approximately 4,512 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 approximately 54 square miles of 3-D seismic data covering a portion of the area. In the fourth quarter of 2014, the Company’s net production at East Hackberry was approximately 640 MMcfe or an average of 7.0 MMcfe per day, 82% of which was from oil and 18% of which was from natural gas. During January 2015, the Company’s average net daily production at East Hackberry was approximately 10.1 MMcfe, of which 91% was from oil and 9% was from natural gas.

West Hackberry Field

The West Hackberry Field is located on land and is five miles west of Lake Calcasieu in Cameron Parish, Louisiana, approximately 85 miles west of Lafayette and 15 miles inland from the Gulf of Mexico. The Company owns a 100% working interest (approximately 79.167% NRI) in 1,192 acres within the West Hackberry Field. Its leases at West Hackberry are located within two miles of one of the United States Department of Energy's Strategic Petroleum Reserves. In the fourth quarter of 2014, the Company’s net production at West Hackberry was approximately 66.3 MMcfe, or an average of 720.4 thousand cubic feet equivalent (Mcfe) per day, of which 91% was from oil and 9% was from natural gas. During January 2015, the Company’s average net daily production at West Hackberry was approximately 589.2 Mcfe, of which 97% was from oil and 3% was from natural gas.

Niobrara Formation

The Niobrara Formation is a shale oil rock formation located in Colorado, Northwest Kansas, Southwest Nebraska and Southeast Wyoming. In the fourth quarter of 2014, the Company’s net production from its Niobrara Formation acreage was approximately 27.4 MMcfe, or an average of 297.3 Mcfe per day, 100% of which was from oil. During January 2015, the Company’s average daily net production from Niobrara Formation acreage was approximately 326.3 Mcfe, 100% of which was from oil.

Bakken Formation

The Bakken Formation is located in the Williston Basin areas of Western North Dakota and Eastern Montana. As of December 31, 2014, the Company held approximately 864 net acres, interests in 18 wells and an overriding royalty interests in certain existing and future wells. In the fourth quarter of 2014, the Company’s net production from its Bakken Formation acreage was approximately 74.4 MMcfe, or an average of 808.8 Mcfe per day, of which 93% was from oil and NGLs and 7% was from natural gas. During January 2015, the Company’s average net daily production from this acreage was approximately 609.0 Mcfe, of which 87% was from oil and 13% was from natural gas.

The Company through its wholly owned subsidiary, Grizzly Holdings Inc., owns a 24.9% interest in Grizzly. As of December 31, 2014, Grizzly had approximately 830,000 net acres under lease in the Athabasca, Peace River and Cold Lake oil sands regions of Alberta, Canada.

Company Address

Gulfport Energy Corp

14313 N May Ave Ste 100
OKLAHOMA CITY   OK   73134-5003
P: +1405.8488807
F: +1302.6365454

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