Gulfport Energy Shares Jump on Results from Utica Shale
Last night Gulfport Energy Corporation (Nasdaq: GPOR) reported test results on its Shugert 1-12H well in the Utica Shale and announced first sales through the MarkWest Energy Partners, L.P. (NYSE: MWE) Harrison County gas processing complex.
Shugert 1-12 Results
* Gulfport's Shugert 1-12H tested at an average sustained 18 hour rate of 28.5 million cubic feet ("MMCF") per day of natural gas, 300 barrels of condensate per day, and 2,907 barrels of natural gas liquids ("NGLs") per day assuming full ethane recovery and a natural gas shrink of 10%, or 7,482 barrels of oil equivalent ("BOE") per day.
Gulfport's Shugert 1-12H well was recently tested following the conclusion of its 60-day resting period. The well was flow tested over 48 hours, reaching an average sustained 18 hour rate of 28.5 MMCF per day of natural gas and 300 barrels of condensate per day on a 32/64" choke and a flowing casing pressure ("FCP") of 4,208 psi. Subsequent to the test, the 12 hour wellhead shut in casing pressure ("SICP") was 5,250 psi. Based upon composition analysis, the gas being produced is 1204 BTU rich gas. Assuming full ethane recovery, the composition above is expected to produce an additional 102 barrels of NGLs per MMCF of natural gas and result in a natural gas shrink of 10%. 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 2%. Gulfport currently anticipates it will begin flowing the Shugert 1-12 H into a sales pipeline by the end of January.
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