Utica Shale

Gulfport Energy Reports On Shugert 1-1H Utica Shale Well

Gulfport Energy (Nasdaq:GPOR) reported initial production results on the Shugert 1-1H well drilled into the Utica Shale. The company said that peak rate production was 4,913 barrels of oil equivalent (BOE) per day composed of:

• 20 million cubic feet of natural gas
• 144 barrels of condensate
• 2,002 barrels of natural gas liquids

The production results on the Shugert 1-1H well assume full ethane recovery and a natural gas shrink of 17%.  Gulfport Energy expects to put the Shugert 1-1H well onto sales production in December 2012.

Gulfport Energy Drilling Seventh Utica Shale Well

Gulfport Energy (GPOR) started drilling four gross Utica Shale wells during the second quarter of 2012.   The company’s first horizontal well was drilled in February 2012.

Gulfport Energy said that the Wagner 1-38H was put onto production at an initial production rate of 17.1 million cubic feet of natural gas and 432 barrels of condensate per day.  The well is also expected to produce between 41 and 110 barrels of natural gas liquids per day for every one million cubic feet of natural gas production.

Gulfport Energy is operating two rigs in the Utica Shale and is currently drilling the company’s next two wells, bringing the total to seven. The company has 62,500 net acres under lease.

Gulfport Energy’s other Utica Shale wells include:

Boy Scout #1-33H – well completed

Ryser #1-25H – being completed

Groh #1-12H – well completed

BK Stephens #1-16H - drilling

Shugert #1-1H – well completed

Shugert #1-12H - drilling