OKLAHOMA CITY, Feb. 02, 2016 (GLOBE NEWSWIRE) -- Gulfport Energy Corporation (NASDAQ:GPOR) (“Gulfport” or the “Company”) today reported year-end 2015 proved reserves, provided an operational update for the quarter and year ended December 31, 2015 and scheduled its fourth quarter and full-year 2015 financial and operational results conference call.  Key information includes the following:

• Year-end 2015 total proved reserves grew to 1.7 Tcfe, as compared to 933.6 Bcfe at year-end 2014, an increase of 83% year-over-year.
• Year-end 2015 total proved developed reserves grew to 767.1 Bcfe, as compared to 453.8 Bcfe at year-end 2014, an increase of 69% year-over-year.
• Proved reserves by volume were 91% natural gas and 9% oil and natural gas liquids.
• Net production during the full-year of 2015 averaged 548.2 MMcfe per day, exceeding the high-end of Gulfport’s annual 2015 guidance of 541 MMcfe per day.
• Realized natural gas price before the impact of derivatives and including transportation costs averaged $2.08 per Mcf during 2015, a $0.58 per Mcf differential to the average trade month NYMEX settled price.
• Realized oil price before the impact of derivatives and including transportation costs averaged $42.29 per barrel, a $6.59 per barrel differential to the average WTI oil price during 2015.
• Realized natural gas liquids price, before the impact of derivatives and including transportation costs, averaged $13.18 per barrel, or $0.31 per gallon during 2015.
• Entered into a joint venture (“JV”) with a subsidiary of Rice Energy Inc. (NYSE: RICE), which venture completed a lateral that connects two existing dry gas gathering systems on which Gulfport currently flows the majority of its dry gas volumes.
• Secured an incremental 150,000 MMBtu per day of firm arrangements starting November 2016 through March 2017 at an average differential of $0.61 off NYMEX.
• Increased hedge position to approximately 480 MMcf per day of natural gas fixed price swaps during 2016 at an average fixed price of $3.29 per Mcf and 347 MMcf per day of natural gas fixed price swaps during 2017 at an average fixed price of $3.07 per Mcf.
• Year-end 2015 cash on hand totaled approximately $113.0 million and Gulfport’s revolving credit facility of $700 million was undrawn with outstanding letters of credit totaling $178.6 million.

Year-End 2015 Reserves
Gulfport reported year-end 2015 total proved reserves of 1.7 Tcfe, consisting of 1.6 Tcf of natural gas, 6.5 MMBbls of oil and 17.7 MMBbls of natural gas liquids.  Gulfport's year-end total proved reserves increased 83% over year-end 2014. The table below provides information regarding the components driving the 2015 net proved reserve increase:

Proved developed reserves increased by 69% over 2014 to approximately 767.1 Bcfe, as of December 31, 2015. At year-end 2015, approximately 45% of Gulfport’s proved reserves were classified as proved developed reserves. Proved undeveloped reserves increased by 96% over 2014 to approximately 938.2 Bcfe, as of December 31, 2015. The table below summarize the Company’s 2015 net proved reserves:

The following table presents Gulfport’s 2015 net proved reserves by major operating areas:

Production and Realized Prices
Gulfport’s net daily production for the fourth quarter of 2015 averaged approximately 643.8 MMcfe per day. For the fourth quarter of 2015, Gulfport’s net daily production mix was comprised of approximately 83% natural gas, 10% natural gas liquids and 7% oil. Gulfport’s net daily production for the full-year of 2015 averaged approximately 548.2 MMcfe per day. For the full-year of 2015, Gulfport’s net daily production mix was comprised of approximately 78% natural gas, 13% natural gas liquids and 9% oil.

Gulfport’s realized prices for the fourth quarter of 2015 were $2.94 per Mcf of natural gas, $44.63 per barrel of oil and $0.37 per gallon of NGL, resulting in a total equivalent price of $3.21 per Mcfe.  Gulfport's realized prices for the fourth quarter of 2015 include an aggregate non-cash unrealized hedge gain of $24.8 million. Before the impact of derivatives, realized prices for the fourth quarter of 2015, including transportation costs, were $1.62 per Mcf of natural gas, $36.38 per barrel of oil and $0.34 per gallon of NGL, for a total equivalent price of $2.00 per Mcfe.

Gulfport’s realized prices for the full-year of 2015 were $3.25 per Mcf of natural gas, $48.91 per barrel of oil and $0.32 per gallon of NGL, resulting in a total equivalent price of $3.54 per Mcfe.  Gulfport's realized prices for the full-year of 2015 include an aggregate non-cash unrealized hedge gain of $83.7 million. Before the impact of derivatives, realized prices for the full-year of 2015, including transportation costs, were $2.08 per Mcf of natural gas, $42.29 per barrel of oil and $0.31 per gallon of NGL, for a total equivalent price of $2.53 per Mcfe.

Midstream Update
Gulfport has completed the formation of its previously announced Utica Shale midstream JV transaction with Rice Midstream Holdings LLC (“Rice”), a subsidiary of Rice Energy Inc. Gulfport will own 25% of the JV and Rice will act as operator and own the remaining 75% of the JV. As the operator of the JV, Rice will develop natural gas gathering assets to support Gulfport’s dry gas Utica Shale development in eastern Belmont County and Monroe County, Ohio (the “dedicated areas”). Construction of the assets is underway and is expected to provide connectivity of Gulfport’s dry gas gathering systems and interchangeability of molecules across Gulfport’s firm portfolio.  In addition, Gulfport and Rice have agreed to negotiate in good faith to expand the JV to provide water services to Gulfport within the dedicated areas.

As provided for in the joint venture document and completed ahead of schedule, Rice has completed the first phase of the projects, completing the lateral that connects two existing dry gas gathering systems on which Gulfport currently flows the majority of its dry gas volumes. The lateral has been commissioned and first flow commenced on February 1, 2016.

Firm Transportation & Commitments Update 
In response to the recently announced delay of the ET Rover Pipeline, Gulfport has entered into an additional 150,000 MMBtu per day of firm arrangements beginning in November 2016 through March 2017 at an average differential of approximately $0.61 off NYMEX, which is below Gulfport’s average cost of firm transportation out of the basin during this time period. These arrangements secure additional pricing certainty for incremental volumes in the upcoming year.

Financial Position and Liquidity  

As of December 31, 2015, Gulfport had cash on hand of approximately $113.0 million. In addition, as of December 31, 2015, Gulfport’s revolving credit facility of $700 million was undrawn with outstanding letters of credit totaling $178.6 million.

Conference Call 
Gulfport will hold a conference call on Thursday, February 18, 2016 at 8:00 a.m. CST to discuss its fourth quarter and full-year of 2015 financial and operational results and to provide an update on the Company’s recent activities. Gulfport's fourth quarter and full-year of 2015 earnings are scheduled to be released after the market close on Wednesday, February 17, 2016. 

Interested parties may listen to the call via Gulfport’s website at www.gulfportenergy.com or by calling toll-free at 866-373-3408 or 412-902-1039 for international callers.  The passcode for the call is 13622396.  A replay of the call will be available for two weeks at 877-660-6853 or 201-612-7415 for international callers.  The replay passcode is 13622396.  The webcast will also be available for two weeks on the Company’s website and can be accessed on the Company’s “Investor Relations” page.