GPOR

GPOR

Postby dan_s » Fri Jun 29, 2012 12:10 pm

Gulfport Energy Started At Overweight By Stephens.

I'm am expecting GPOR to have some exciting Utica Shale completions to report by the end of the 3rd quarter.
Dan Steffens
Energy Prospectus Group
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Re: GPOR

Postby setliff » Sat Jun 30, 2012 11:20 am

Important Utica Shale Results In Ohio Coming Soon

June 29, 2012 | 4 commentsby: Oil and Gas Focus | includes: CHK, CNX, EVEP, GPOR, HES Results for key wells in the Utica Shale will become available over the next couple of months. The results from these wells will have a great impact on the share prices of a number of oil and gas exploration companies that have acreage positions in Eastern Ohio. Among these companies are Chesapeake Energy (CHK), Gulfport Energy (GPOR), Hess (HES), EV Energy Partners (EVEP), Rex Energy (REXX), PDC Energy (PETD), Anadarko Petroleum (APC), Consol Energy (CNX), Magnum Hunter (MHR) and Devon Energy (DVN).

Utica Shale Results So Far Have Been Limited

In September of 2011, Chesapeake announced results of the first three horizontal wells drilled in the Eastern Ohio portion of the Utica Shale. Two of the wells were in Carroll County, Ohio, each achieving peak rates over 1,500 boe/day, with about two-thirds of the production being liquids. The best well result, however, was in Harrison County, Ohio, where the Buell 10-11-5 8H well had a peak rate of 3,010 boe/day, with one-half of the production in liquids. The positive results, particularly from the Buell well, accelerated the aggressive acquisition of acreage in Ohio and prompted Chesapeake CEO Aubrey McClendon to say that the Utica Shale could be "the biggest thing economically to hit Ohio, since maybe the plow."

Since that time, however, natural gas prices have declined and there have been few significant well result announcements. Hess did reveal that a well in Jefferson County, Ohio had an initial rate of 11 MMcf/day. Anadarko also released results from 3 wells, which it called "strong" initial results, with its best initial well producing 9,500 barrels of oil and 12 MMcf natural gas in its first 20 days of production (i.e., a 20-day average of about 575 boe/day).

In May, Chesapeake reported results from three more Carroll County wells with peak rates between 1125 and 1440 boe/day (again mostly oil and liquids), and updated its results with the Buell well. The most important result was that the Buell well was still producing over 1,000 boe/day and had an estimated EUR of at least 575,000 barrels of liquids and 13 bcf of natural gas (i.e., an EUR of over 2,700,000 boe!).

More Harrison County Results Needed

While the results so far demonstrate the viability of Chesapeake's Carroll County acreage as a strong resource play, the lack of any further well results from Harrison County near the Buell well has been frustrating.

Why haven't there been any more results from Harrison County? Blame the Jewett Sportsmen & Farmer's Club and Harrison County Judge Michael Nunner. The Jewett Sportsmen & Farmer's Club is the landowner for a parcel of land for which Chesapeake had obtained the mineral rights from the previous mineral rights owner, North American Coal Company. Chesapeake obtained permits and had started work on wells on the land, but the Jewett Sportsmen club didn't like being left out of the arrangement, and sued.

On January 17, 2012, Harrison County Judge Michael Nunner ruled that the mineral rights Chesapeake obtained from North American Coal Company did not allow for horizontal drilling from the Jewett Sportsmen site without permission from the Club. Chesapeake has since sought reconsideration of the ruling, and the parties have been unable to come to an agreement, which appears to have caused Chesapeake to focus its activities in neighboring Carroll County instead of in Harrison County for now.

Fortunately, we should soon see results from Gulfport Energy regarding wells it has drilled in the southern part of Harrison County. On June 4th, Gulfport announced that its Wagner well (just south of the Harrison County line) had been completed and was in its 60-day resting period prior to production, and that its Boy Scout well in Harrison County was undergoing hydraulic fracturing and would then be put on a resting period prior to production. Wagner well results should be available by the time of Gulfport's conference call in August, with the Boy Scout well results available later in August.

complete article here--

http://seekingalpha.com/article/693961-important-utica-shale-results-in-ohio-coming-soon?source=yahoo
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Re: GPOR

Postby dan_s » Sat Jun 30, 2012 1:31 pm

Gulfport says the logs on all of the Utica wells drilled to date look "very good".
Dan Steffens
Energy Prospectus Group
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Re: GPOR

Postby bearcatbob » Tue Aug 07, 2012 3:08 pm

Operational Update

Utica Shale

In the Utica Shale, Gulfport spud its first horizontal well in February 2012 and spud an additional four gross (1.9 net) wells during the second quarter of 2012. At the end of the second quarter, three gross wells were completed and in their resting period, one gross well was waiting on completion, and one gross well was being drilled. Gulfport's first horizontal well in the play, the Wagner 1-28H, was recently brought online from its resting period and tested at a gross peak rate of 17.1 MMCF per day of natural gas and 432 barrels of condensate per day. Based upon composition analysis, the gas being produced is 1,214 BTU rich gas. Assuming full ethane recovery, the composition above is expected to produce an additional 110 barrels of NGLs per MMCF of natural gas and result in a natural gas shrink of 18%. In ethane rejection mode, the composition is expected to yield 41 barrels of NGLs per MMCF of natural gas and result in a natural gas shrink of 8%. Gulfport currently plans to produce the Wagner 1-28H into a natural gas pipeline at a rate of approximately 10 MMCF per day of natural gas. At present, two rigs are drilling ahead on the sixth and seventh wells of 2012 in the play.
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Re: GPOR

Postby setliff » Tue Aug 07, 2012 3:14 pm

.....Gulfport Energy Corporation Reports Second Quarter 2012 Results
Press Release: Gulfport Energy Corporation – 11 minutes ago

complete report here
http://finance.yahoo.com/news/gulfport-energy-corporation-reports-second-200000397.html

..........OKLAHOMA CITY, Aug. 7, 2012 (GLOBE NEWSWIRE) -- Gulfport Energy Corporation (GPOR) today reported financial and operating results for the second quarter of 2012 and provided an update on its 2012 activities.

For the second quarter of 2012, Gulfport reported net income of $25.1 million on oil and natural gas revenues of $66.3 million, or $0.45 per diluted share. EBITDA (as defined below) for the second quarter of 2012 was $49.4 million and cash flow from operating activities before changes in operating assets and liabilities (as defined below) was $49.8 million.

Financial Highlights

•Produced oil and natural gas sales volumes of 663,626 barrels of oil equivalent ("BOE"), or 7,293 barrels of oil equivalent per day ("BOEPD"), in the second quarter of 2012, a 17% year-over-year increase from the second quarter of 2011
•Generated $49.4 million of EBITDA in the second quarter of 2012, a 19% year-over-year increase from the second quarter of 2011
•Reduced unit lease operating expense for the second quarter of 2012 to $8.61 per BOE, a 5% sequential decrease from the first quarter of 2012
Production

For the second quarter of 2012, net production was 608,468 barrels of oil, 216,081 thousand cubic feet ("MCF") of natural gas and 804,063 gallons of natural gas liquids ("NGL"), or 663,626 BOE. Net production for the second quarter of 2012 by region was 308,028 BOE at West Cote Blanche Bay ("WCBB"), 239,285 BOE at Hackberry, 102,643 BOE in the Permian Basin and an aggregate of 13,670 BOE in the Bakken, Niobrara and other areas.

Realized price for the second quarter of 2012, which includes transportation costs, was $106.86 per barrel of oil, $2.50 per MCF of natural gas and $0.86 per gallon of NGL, for a total equivalent price of $99.84 per BOE. Realized price for oil in the second quarter of 2012 reflects the impact of fixed price contracts for approximately 3,000 barrels of oil per day at a weighted average price of $109.73. Gulfport currently has fixed price swaps in place for 4,000 barrels of oil per day at $107.29 for the remainder of 2012. Subsequent to the 2nd quarter, Gulfport entered into a new hedging program for 2013 consisting of fixed price swaps for January through June of 4,000 barrels of oil per day at a weighted average price of $103.33 and fixed price swaps for July through December of 3,000 barrels of oil per day at a weighted average price of $100.04.
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Re: GPOR

Postby dan_s » Tue Aug 07, 2012 3:49 pm

I have to run to a meeting but I will look at GPOR tonight.
Dan Steffens
Energy Prospectus Group
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Re: GPOR

Postby dan_s » Tue Aug 07, 2012 8:26 pm

I will post my updated forecast model under the Sweet 16 Tab in a minute.

My CFPS estimates are $3.77 for 2012 and $5.57 for 2012. IMHO Gulfport shares s/b trading at least 8X CFPS when you consider the HUGE upside they have in the Utica Shale and in Canada. They are also going to ramp up production in the Permian Basin and with any luck they will add production from the Niobrara drilling program.

Q2 production was ~7,300 Boepd
Q3 s/b ~ 8,200 Boepd Then it really accelerates as the high rate Utica Shale wells start coming on in bunches
Q4 s/b ~ 10,600 Boepd

Exit rate s/b in the 11,000 to 12,000 Boepd range, so 2013 is looking very good. Plus, Grizzly Oil Sands will start production in mid-2013. Keep in mind that the oil sands projects take a long time to get going but then they ramp up quickly.

This one definitely stays in my Sweet 16.
Dan Steffens
Energy Prospectus Group
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Re: GPOR

Postby setliff » Wed Aug 08, 2012 8:56 am

market is sure pleasee---up 18+% this am.

:D
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Re: GPOR

Postby prince_jake_33 » Wed Aug 08, 2012 10:19 am

Thanks Dan Your encouragement has been a necessity. :mrgreen:
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