Gulfport Energy Reports Utica Shale Results

OKLAHOMA CITY, Oct 31, 2012 (GlobeNewswire via COMTEX) -- Gulfport Energy Corporation /quotes/zigman/59966/quotes/nls/gpor GPOR +0.79% today announced production results on its Ryser 1-25H and Groh 1-12H wells in the Utica Shale.

Utica Shale

          --  Gulfport's Ryser 1-25H tested at a peak rate of 1,488 barrels ofcondensate per day, 5.9 million cubic feet ("MMCF") per day of natural gas, and 649 barrels of natural gas liquids ("NGLs") per day assuming full ethane recovery and a natural gas shrink of 21%, or 2,914 barrels of oil equivalent ("BOE") per day.

          --  Gulfport's Groh 1-12H tested at a peak rate of 1,186 barrels of condensate per day, 2.8 MMCF per day of natural gas, and 367 barrels of  NGLs per day assuming full ethane recovery and a natural gas shrink of 18%, or 1,935 BOE per day.

Gulfport's Ryser 1-25H well was recently brought online from its resting period. The Ryser 1-25H was drilled to a true vertical depth of 8,122 feet with an 8,291 foot horizontal lateral. The well tested at a gross peak rate of 1,488 barrels of condensate per day and 5.9 MMCF per day of natural gas. Based upon composition analysis, the gas being produced is 1,160 BTU rich gas. Assuming full ethane recovery, the composition above is expected to produce an additional 110 barrels of NGLs per MMCF of natural gas and result in a natural gas shrink of 21%. In ethane rejection mode, the composition is expected to yield 46 barrels of NGLs per MMCF of natural gas and result in a natural gas shrink of 11%. Gulfport currently anticipates it will begin flowing the Ryser 1-25H into a sales pipeline by the end of January.

Gulfport's Groh 1-12H well was recently brought online from its resting period. The Groh 1-12H was drilled to a true vertical depth of 7,327 feet with a 5,414 foot horizontal lateral. The well tested at a gross peak rate of 1,186 barrels of condensate per day and 2.8 MMCF per day of natural gas. Based upon composition analysis, the gas being produced is 1,247 BTU rich gas. Assuming full ethane recovery, the composition above is expected to produce an additional 131 barrels of NGLs per MMCF of natural gas and result in a natural gas shrink of 18%. In ethane rejection mode, the composition is expected to yield 50 barrels of NGLs per MMCF of natural gas and result in a natural gas shrink of 5%. Gulfport currently anticipates it will begin flowing the Groh 1-12H into a sales pipeline by the end of January.

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SOURCE: Gulfport Energy Corporation