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Gulfport Says Utica Output Doubles in 3rd Quarter
OKLAHOMA CITY -- Gulfport Energy Corp. reported Wednesday that oil and gas production from its wells in eastern Ohio's Utica shale more than doubled during the third quarter compared to the previous quarter, as gas started to flow from producing wells and into processing complexes.
The company said its net production for the third quarter in the Utica stood at 662,333 barrels of oil equivalent, compared to 320,718 BOE during the second quarter of this year.
No specific well production results were given.
During the quarter, Gulfport said it increased its holdings in the Utica by 9,000 acres. The company now has 154,000 gross acres under lease.
The company's main lease positions are in Belmont, Harrison and Guernsey counties, an area that is largely considered the hot spot of the Utica because of the large production results from wells drilled there.
Gulfport said it produced total oil and gas volumes of 1,193,803 barrels of oil equivalent during the third quarter -- averaging 12,976 barrels of oil equivalent per day -- across all of its energy plays in North America.
Earlier, Gulfport had estimated its production rate for the third quarter to be 14,000 to 15,000 barrels of oil per day. Those numbers were adversely impacted because of delays associated with drilling in the Utica.
The company reported net production of 351,171 BOE at West Cote Blanche Bay, 167,520 BOE at Hackberry, and an aggregate volume of 12,784 BOE in the Bakken, Niobrara and other regions.
Gulfport reported it anticipates production between 27,000 and 32,000 barrels of oil per day by the end of 2013.
Copyright 2013 The Business Journal, Youngstown, Ohio.
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