Press Releases

Gulfport Energy Corporation Provides SCOOP Springer and SCOOP Woodford Well Results

OKLAHOMA CITY, Nov. 27, 2017 (GLOBE NEWSWIRE) -- Gulfport Energy Corporation (NASDAQ:GPOR) (“Gulfport” or the “Company”) today provided an update on recent SCOOP Springer and SCOOP Woodford well results. Key highlights include:

  • Gulfport’s first SCOOP Springer well, the Lauper 4-26H, produced at a 24-hour initial peak production rate of 780.2 Boe per day, or 172 Boe per 1,000 foot of lateral, comprised of approximately 79% oil, 11% natural gas liquids and 10% natural gas. When normalized to the Company’s standard 7,500 foot lateral, the Lauper 4-26H produced at a 24-hour initial rate of 1,292.5 Boe per day.
  • EJ Craddock 8-28X21H produced at an average 60-day production rate of 16.1 MMcfe per day, or 2,024 Mcfe per 1,000 foot of lateral.
  • Pauline 8-27X22H produced at an average 60-day production rate of 17.6 MMcfe per day, or 2,299 Mcfe per 1,000 foot of lateral.
  • Pauline 6-27X22H produced at an average 60-day production rate of 17.7 MMcfe per day, or 2,434 Mcfe per 1,000 foot of lateral.
  • Pauline 5-27X22H produced at an average 60-day production rate of 17.4 MMcfe per day, or 2,192 Mcfe per 1,000 foot of lateral.
  • Pauline 4-27X22H produced at an average 60-day production rate of 15.0 MMcfe per day, or 1,878 Mcfe per 1,000 foot of lateral.
  • Pauline 3-27X22H produced at an average 60-day production rate of 7.4 MMcfe per day, or 1,713 Mcfe per 1,000 foot of lateral.

Recent Initial 24-Hour SCOOP Springer Well Result
Gulfport recently turned-to-sales a Springer well located in the oil window in southeastern Grady County, Oklahoma. The Lauper 4-26H has a stimulated lateral length of 4,527 feet and a 24-hour initial peak production rate of 619 barrels of oil per day and 697 Mcf per day of natural gas. Based upon the composition analysis, the gas being produced is 1,418 BTU gas and yielding 120.8 barrels of NGLs per MMcf of natural gas and results in a natural gas shrink of 34%. On a three-stream basis, the Lauper 4-26H produced at a 24-hour initial production peak rate of 780.2 Boe per day, which is comprised of approximately 79% oil, 11% natural gas liquids and 10% natural gas.

SCOOP Woodford Wells 60-Day Production Results
Following 60 days of production, the EJ Craddock 8-28X21H has cumulatively produced 658.2 MMcf of natural gas and 37.5 thousand barrels of oil. Based upon the composition analysis, the gas being produced is 1,171 BTU gas and yielding 47.0 barrels of NGLs per MMcf of natural gas and results in a natural gas shrink of 16%. On a three-stream basis, the EJ Craddock 8-28X21H produced at an average 60-day production rate of 16.1 MMcfe per day, which is comprised of approximately 58% natural gas, 23% oil, and 19% natural gas liquids.

Following 60 days of production, the Pauline 8-27X22H has cumulatively produced 684.6 MMcf of natural gas and 43.4 thousand barrels of oil. Based upon the composition analysis, the gas being produced is 1,210 BTU gas and yielding 58.8 barrels of NGLs per MMcf of natural gas and results in a natural gas shrink of 19%.  On a three-stream basis, the Pauline 8-27X22H produced at an average 60-day production rate of 17.6 MMcfe per day, which is comprised of approximately 52% natural gas, 25% oil, and 23% natural gas liquids.

Following 60 days of production, the Pauline 6-27X22H has cumulatively produced 714.7 MMcf of natural gas and 43.1 thousand barrels of oil. Based upon the composition analysis, the gas being produced is 1,216 BTU gas and yielding 57.4 barrels of NGLs per MMcf of natural gas and results in a natural gas shrink of 22%.  On a three-stream basis, the Pauline 6-27X22H produced at an average 60-day production rate of 17.7 MMcfe per day, which is comprised of approximately 53% natural gas, 24% oil, and 23% natural gas liquids.

Following 60 days of production, the Pauline 5-27X22H has cumulatively produced 703.2 MMcf of natural gas and 42.1 thousand barrels of oil. Based upon the composition analysis, the gas being produced is 1,216 BTU gas and yielding 57.4 barrels of NGLs per MMcf of natural gas and results in a natural gas shrink of 22%. On a three-stream basis, the Pauline 5-27X22H produced at an average 60-day production rate of 17.4 MMcfe per day, which is comprised of approximately 53% natural gas, 24% oil, and 23% natural gas liquids.

Following 60 days of production, the Pauline 4-27X22H has cumulatively produced 595.8 MMcf of natural gas and 34.3 thousand barrels of oil. Based upon the composition analysis, the gas being produced is 1,212 BTU gas and yielding 57.3 barrels of NGLs per MMcf of natural gas and results in a natural gas shrink of 18%. On a three-stream basis, the Pauline 4-27X22H produced at an average 60-day production rate of 15.0 MMcfe per day, which is comprised of approximately 54% natural gas, 23% oil, and 23% natural gas liquids.

Following 60 days of production, the Pauline 3-27X22H has cumulatively produced 303.8 MMcf of natural gas and 15.1 thousand barrels of oil. Based upon the composition analysis, the gas being produced is 1,212 BTU gas and yielding 57.3 barrels of NGLs per MMcf of natural gas and results in a natural gas shrink of 18%. On a three-stream basis, the Pauline 3-27X22H produced at an average 60-day production rate of 7.4 MMcfe per day, which is comprised of approximately 56% natural gas, 20% oil, and 24% natural gas liquids.

The following table summarizes the Company’s recent well results:

GULFPORT ENERGY CORPORATION
SCOOP WELL RESULTS SUMMARY
(Unaudited)
                           
    Phase Stimulated Wellhead NGLs % Product Mix(1) Average Prod. Rates (Mmcfepd)
   County Window  Lateral BTU Per MMcf Shrink Gas NGLs Oil 24-Hr 30-Day 60-Day 90-Day
Lauper 4-26H SE Grady Springer Oil 4,527 1,418 120.8 34 % 10 % 11 % 79 % 4.7 - - -
EJ Craddock 8-28X21H Central Grady Woodford Wet Gas 7,961 1,171 47.0 16 % 55 % 19 % 26 % 19.7 17.3 16.1 -
Pauline 3-27X22H Central Grady Woodford Wet Gas 4,322 1,212 57.3 18 % 49 % 21 % 30 % 8.8 8.0 7.4 -
Pauline 4-27X22H Central Grady Woodford Wet Gas 7,978 1,212 57.3 18 % 52 % 22 % 26 % 17.3 16.1 15.0 -
Pauline 5-27X22H Central Grady Woodford Wet Gas 7,929 1,216 57.4 22 % 50 % 22 % 28 % 22.2 19.1 17.4 -
Pauline 6-27X22H Central Grady Woodford Wet Gas 7,273 1,216 57.4 22 % 50 % 22 % 28 % 22.9 19.6 17.7 -
Pauline 8-27X22H Central Grady Woodford Wet Gas 7,658 1,210 58.8 19 % 51 % 22 % 27 % 18.4 18.6 17.6 -
Vinson 2-22X27H SE Grady Woodford Wet Gas 8,539 1,118 35.7 11 % 79 % 19 % 2 % 16.5 15.7 14.4 13.4
Vinson 3R-22X27H SE Grady Woodford Wet Gas 8,475 1,118 35.7 11 % 79 % 19 % 2 % 19.0 18.7 17.3 16.3
                           
Note: All well results presented are based upon three-stream production data and assume contractual ethane recovery.            
1. Product mix calculated utilizing 24-hr initial production rate.

About Gulfport
Gulfport Energy is an independent natural gas and oil company focused on the exploration and development of natural gas and oil properties in North America and is one of the largest producers of natural gas in the contiguous United States. Headquartered in Oklahoma City, Gulfport holds significant acreage positions in the Utica Shale of Eastern Ohio and the SCOOP Woodford and SCOOP Springer plays in Oklahoma. In addition, Gulfport holds an acreage position along the Louisiana Gulf Coast, a position in the Alberta Oil Sands in Canada through its approximately 25% interest in Grizzly Oil Sands ULC and has an approximately 25% equity interest in Mammoth Energy Services, Inc. (NASDAQ:TUSK). For more information, please visit www.gulfportenergy.com.

Forward Looking Statements
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Gulfport expects or anticipates will or may occur in the future, future capital expenditures (including the amount and nature thereof), business strategy and measures to implement strategy, competitive strength, goals, expansion and growth of Gulfport's business and operations, plans, market conditions, references to future success, reference to intentions as to future matters and other such matters are forward-looking statements. These statements are based on certain assumptions and analyses made by Gulfport in light of its experience and its perception of historical trends, current conditions and expected future developments as well as other factors it believes are appropriate in the circumstances. However, whether actual results and developments will conform with Gulfport's expectations and predictions is subject to a number of risks and uncertainties, general economic, market, credit or business conditions; the opportunities (or lack thereof) that may be presented to and pursued by Gulfport; Gulfport’s ability to identify, complete and integrate acquisitions of properties and businesses; competitive actions by other oil and gas companies; changes in laws or regulations; and other factors, many of which are beyond the control of Gulfport. Information concerning these and other factors can be found in the Company's filings with the Securities and Exchange Commission, including its Forms 10-K, 10-Q and 8-K. Consequently, all of the forward-looking statements made in this news release are qualified by these cautionary statements and there can be no assurances that the actual results or developments anticipated by Gulfport will be realized, or even if realized, that they will have the expected consequences to or effects on Gulfport, its business or operations. Gulfport has no intention, and disclaims any obligation, to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.

Investor & Media Contact: 
Jessica Wills – Director, Investor Relations
jwills@gulfportenergy.com
405-252-4550

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Source: Gulfport Energy Corporation