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Gulfport Energy Reports Record Production in 2013
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OKLAHOMA CITY -- Gulfport Energy Inc. said Monday that it achieved record daily production of approximately 27,780 barrels of oil equivalent per day, or BOEPD, as of Dec. 31.
"We entered 2013 producing approximately 6,300 BOEPD and exited the year producing 27,780 BOEPD, which was over 340% in growth during this period," said Gulfport’s CEO, James Palm. "This is a significant milestone for Gulfport employees and shareholders. We are diligently working to execute on our 2014 program and look forward t substantial growth as a company during 2014 as we continue to develop our Utica shale assets."
Gulfport has some of the most productive oil and gas wells in eastern Ohio's Utica shale. The company operates 24 producing wells in the southern portion of the play, mostly in Belmont, Guernsey and Harrison counties.
Gulfport's Stutzman well, for example, produced 1.2 billion cubic feet during the quarter ended Sept. 30, according to records from the Ohio Department of Natural Resources.
Gulfport estimates production during the fourth quarter should come in at 1.5 million barrels of oil equivalent. Production during the first quarter of 2014 is expected to be flat compared to Gulfport's exit rate in 2013 because of scheduled downtime on existing producing wells.
Investor firm RBC downgraded Gulfport to "sector perform" from "outperform," citing the company's guidance for 2014 would be difficult to achieve because of workforce, weather, terrain and infrastructure concerns in the Utica.
These wells need to be shut in as other wells are drilled at the same pads, RBC explained.
Published by The Business Journal, Youngstown, Ohio.
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