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Permalink Reply by Michael McGee on July 23, 2013 at 2:00am

Finally, some data.

Gulfport Energy Provides Operational Update and Schedules Second Qu...

Gulfport recently began flowing into sales pipelines its McCort 1-28H and McCort 2-28H wells in the Utica Shale. The McCort 1-28H was drilled to a true vertical depth of 8,475 feet with a 7,501 foot horizontal lateral. Following a 60-day resting period, the well was placed on production at an average gross seven-day sales rate of 9.6 MMCF per day of natural gas. The well produced at a flowing tubing pressure of 4,654 psi.  Based upon composition analysis, the gas being produced is 1,167 BTU gas. Assuming full ethane recovery, the composition above is expected to produce an additional 87 barrels of NGLs per MMCF of natural gas and result in a natural gas shrink of 14%. In ethane rejection mode, the composition is expected to yield 31 barrels of NGLs per MMCF of natural gas and result in a natural gas shrink of 7%.

The McCort 2-28H was drilled to a true vertical depth of 8,466 feet with a 9,489 foot horizontal lateral. Following a 60-day resting period, the well was placed on production at an average gross seven-day sales rate of 11.6 MMCF per day of natural gas and 21 barrels of condensate per day. The well produced at a flowing tubing pressure of 4,755 psi. Based upon composition analysis, the gas being produced is 1,167 BTU rich gas. Assuming full ethane recovery, the composition above is expected to produce an additional 87 barrels of NGLs per MMCF of natural gas and result in a natural gas shrink of 14%. In ethane rejection mode, the composition is expected to yield 31 barrels of NGLs per MMCF of natural gas and result in a natural gas shrink of 7%.

• Gulfport's McCort 1-28H well was recently placed on production in the Utica Shale. The McCort 1-28H produced at an average seven-day sales rate of 9.6 million cubic feet ("MMCF") per day of natural gas and 835 barrels of NGLs per day assuming full ethane recovery and a natural gas shrink of 14%, or 2,218 BOEPD.

• Gulfport's McCort 2-28H well was recently placed on production in the Utica Shale. The McCort 2-28H produced at an average seven-day sales rate of 11.6 MMCF per day of natural gas, 21 barrels of condensate per day, and 1,009 barrels of NGLs per day assuming full ethane recovery and a natural gas shrink of 14%, or 2,701 BOEPD.

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Permalink Reply by Jimmy Wilson on July 23, 2013 at 4:49am

Hey Bob

You know what township those are in ? Eastern Belmont ? The take away from the PR is Gulfport bought another 8000 acres from someone , any idea who they got it from ?

 

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Permalink Reply by Jimmy Wilson on July 23, 2013 at 5:11am

8000 acres, my guess minimum 80 million, that would be material and definitive, should come out soon who they got it from, maybe Shell Guernsey acreage ?

Maybe at the conference call for earnings ?

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Permalink Reply by Jay D Wharton on July 23, 2013 at 11:58am

I am still learning about these wells and I have a question.  It appears based on the information provided only 2 of the 6 legs for the McCort well are producing based on the press release.  The ODNR well map shows the McCort well permitted for 6 legs.  Am I correct with this information?

 

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Permalink Reply by Michael McGee on July 23, 2013 at 2:41pm

That's correct.  6 horizontals were permitted, 2 of the 6 have been drilled, completed and put into production.  They will come back at some point in the future and drill the other 4 in that production unit.

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Permalink Reply by Jimmy Wilson on July 23, 2013 at 6:20am

Sun Oil and Gas, still laughing, I met that old dude....

His wife was driving him around.... Ha ha... he was leasing for 2000, like wishguard when I spoke with him.... signed a bunch of folks by Seneca lake but I wasn't aware he paid anyone... If he got an inverstor and paid leases, he made some serious $$$$$, not too mention healthy over ride....only in America...

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