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Gulfport Energy Corporation Reports Second Quarter 2010 Results
Gulfport Energy Corporation reported financial and operating results for the second quarter of 2010. For the second quarter of 2010, Gulfport reported net income of $10.4 million on oil and gas revenues of $29.0 million
, or $0.24 per diluted share. EBITDA (as defined below) for the second
quarter of 2010 was $19.9 million and cash flow from operating
activities before changes in working capital (as defined below) was
$19.5 million.
Production
For the second quarter of 2010, net production was 402,075 barrels of
oil, 296,691 thousand cubic feet (“MCF”) of natural gas and 676,852
gallons of natural gas liquids (“NGL”), or 467,639 BOE. Net production
for the second quarter of 2010 by region was 402,583 BOE in Southern
Louisiana, 56,073 BOE in the Permian Basin and 8,983 BOE in the Bakken
and Niobrara.
Realized price for the second quarter of 2010, which includes
transportation costs, was $67.24 per barrel of oil, $4.43 per MCF of
natural gas and $1.02 per gallon of NGL, for a total equivalent price of
$62.10 per BOE. Realized price for oil in the second quarter of 2010
reflects the impact of fixed price contracts for 2,300 barrels of oil
per day at a weighted average price of $58.24 before transportation
costs and differentials. Gulfport currently has fixed price contracts in
place for 2,300 barrels of oil per day at $58.24 before transportation
costs and differentials for the remainder of 2010 and is currently
unhedged for 2011.
Subsequent to the second quarter of 2010, net production for the month
of July averaged approximately 5,486 BOEPD and net production of the
first four days of August averaged approximately 6,013 BOEPD.
Operations
At WCBB, Gulfport drilled and completed ten productive wells and
performed 19 recompletions during the second quarter of 2010. Gulfport
is currently drilling ahead at 9,505 feet on the 15th well of its 2010
drilling program at WCBB and presently expects to drill a total of 19 to
21 wells and perform a total of 50 recompletions at WCBB during 2010.
At Hackberry, Gulfport drilled a total of three wells and performed
three recompletions during the second quarter of 2010. Based upon the
successful results of Gulfport’s initial 2010 drilling activity at
Hackberry, Gulfport currently plans to expand its 2010 drilling program
at the field to include a total of six wells. A rig has already returned
to the field and is currently drilling ahead at 8,442 feet on the
fourth well of our recently expanded six well program at the field.
In the Permian, six gross (three net) wells have been drilled, four
gross (two net) wells have been completed and one (0.5 net) up-hole
recompletion was performed on our acreage during the second quarter of
2010. At the end of the second quarter, Gulfport had an inventory of
five gross wells waiting on completion and 19 gross wells with up-hole
recompletion opportunities. At present, two rigs are active on
Gulfport’s acreage in the Permian, one of which is currently drilling
ahead on the eleventh gross well of 2010 and the second of which is
currently rigging-up on location of the twelfth gross well of 2010. In
addition, the operator of Gulfport’s Permian acreage has firm scheduling
commitments from multiple service providers for frac dates through the
remainder of 2010. Gulfport currently expects to participate in the
drilling of 24 to 26 gross (12 to 13 net) wells and the recompletion of
ten gross (five net) wells in the Permian during 2010. Meanwhile,
Gulfport continues to steadily expand its position in the play,
acquiring an aggregate of 5,749 net acres in 2010, expanding Gulfport’s
total acreage position in the play to 13,923 net acres
In Western Colorado, Gulfport completed the acquisition of 24,468 net
acres in the Niobrara during the second quarter of 2010. Gulfport is
currently in the process of planning a 60 square mile 3-D seismic survey
which Gulfport expects to begin permitting in the Fall of 2010 and
shooting in the Spring of 2011. For the remainder of 2010, Gulfport
currently anticipates drilling at least two vertical wells in the
Niobrara. In addition, Gulfport plans to hydraulically fracture a
non-producing well already drilled on its acreage in the Niobrara.
In Canada, Grizzly is currently in the process of finalizing its
2010-2011 winter drilling program. While there are still a number of
areas for which Grizzly has yet to formally finalize its plans,
Thickwood Hills and Firebag River have already been identified as
strategic areas of development. Grizzly currently anticipates drilling
approximately 30 coreholes at Thickwood Hills and 20 to 30 coreholes at
Firebag River. In addition, work on Grizzly’s first steam assisted
gravity drainage (“SAGD”) project at Algar Lake continues to progress on
track; FEED engineering work is complete, a water source has been
identified, detailed engineering contracts have been awarded and orders
for long-lead equipment will be placed in the Fall of 2010. Meanwhile,
Grizzly continues to build its management team, recently hiring a Vice
President of Operations and a Vice President of Exploration, both with
significant experience in the Canadian Oil Sands.
Source: Gulfport Energy Corporation
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