By Shane Hoover
Gulfport Energy’s third-quarter oil and natural gas production increased 60 percent from the previous quarter thanks to better than expected performance from new Utica Shale wells, the company said Thursday.
Oklahoma City-based Gulfport produced 3.9 million barrels of oil equivalent for the third quarter, a rate of 42,332 barrels of oil equivalent per day, according to a press release. Ninety-percent of its production was from Utica wells.
Gulfport added production from 19 Utica wells in the wet-gas part of the play, and started drilling another 31 wells during the quarter. The company holds 185,000 gross acres in the play and has eight horizontal rigs working there, although that number will drop to six before the end of the year as rig contracts expire, company officials said during a conference call with analysts.
Gulfport has the second most horizontal drilling permits in Ohio and has devoted most of its resources to drilling Utica wells. The company said it was standing by its yearly production guidance of 37,000 to 42,000 barrels of oil equivalent per day.Read full article