Gulfport Energy

Belmont County | Energy Companies | Gulfport Energy | Industrywide Issues | Litigation | Ohio

Barnesville Officials “Didn’t Think” When Signing Gulfport Water Deal
April 8, 2015April 21, 2015

A few weeks ago MDN told you about a legal battle shaping up in Belmont County. Gulfport Energy has sued the town of Barnesville over a contract dispute (see Gulfport Energy Sues Barnesville, OH for Access to Water in Reservoir). Barnesville signed a contract with Gulfport to sell them water for drilling and fracking from the Slope Creek Reservoir–for 1 penny per gallon. Then Barnesville signed a contract with Antero Resources to lease land, and of course Antero needs water too (and apparently went to the head of the water line). Barnesville now says the reservoir has been drawn down too low to sell water to Gulfport (other drillers dipping in the reservoir?) so Barnesville wants to renege on the contract and now finds themselves in federal court. Now the 4,100 residents of Barnesville will pay out the nose for outside legal council to defend the town because of their leaders “didn’t think”…
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Antero Resources | Belmont County | Energy Companies | Gulfport Energy | Industrywide Issues | Litigation | Ohio

Gulfport Energy Sues Barnesville, OH for Access to Water in Reservoir
March 20, 2015March 20, 2015

A legal battle is shaping up in Belmont County, OH–in and around Barnesville. Way back in 2012, Gulfport Energy signed a contract with Barnesville to buy water from the Slope Creek Reservoir for 1 penny per gallon. Not long after, the Village of Barnesville (which controls the reservoir) signed a lease with Antero Resources for a sizable sum (see Barnesville, OH Signs Lease with Antero, Receives $6M). Antero also snapped up more acreage in the area (see Antero Offers Barnesville, OH Residents $5,700/Acre 20% Royalties). Gulfport and Antero reached a “mutual development agreement” in June and now Gulfport wants to start drilling in the area–but Barnesville is saying the reservoir is too low because other drillers (Antero?) have drawn it down. So Barnesville won’t let Gulfport, which has its own contract, to access water in the reservoir. Gulfport has just sued the Village to gain access…
Read More “Gulfport Energy Sues Barnesville, OH for Access to Water in Reservoir”
Blue Ridge Mtn Res/Magnum Hunter | Coterra Energy (Cabot O&G) | Energy Companies | Gulfport Energy

Topeka Capital List of 7 O&G Takeover Targets Includes 3 in NE
March 19, 2015March 20, 2015

Investment firm Topeka Capital Markets recently issued a report (for their clients) of the “most likely” companies in the oil and gas space that will be takeover targets, presumably this year. Unfortunately we don’t have a copy of the report, but we do have a list of the names they say are likely targets. The list has seven companies on it–three of which are focused on the Marcellus/Utica. Two of them are some of the biggest in the Marcellus/Utica. One of them has our eyes popping out, frankly with disbelief…
Read More “Topeka Capital List of 7 O&G Takeover Targets Includes 3 in NE”
Energy Companies | Gulfport Energy | Utica Shale

Gulfport Production Up 255%, Spending 96% of $ on Utica in 2015
February 26, 2015February 26, 2015

Gulfport Energy CEO Michael Moore said 2014 was “a transformation year” for the company. Indeed it was. Yesterday Gulfport issued their 2014 year in review and predictions for 2015. Gulfport drills in the Utica and in other shale plays. Combined production for the company in 2014 zoomed up 255% over 2013–most of it from the Utica. Gulfport drilled 85 Utica Shale wells in 2014, and they hooked up/put into production 63 Utica wells in 2014. In 2015 the company plans to spend between $545-$595 million on drilling–96% of that will be spent in the Utica Shale. Below is yesterday’s 2014/2015 update…
Read More “Gulfport Production Up 255%, Spending 96% of $ on Utica in 2015”
Belmont County | Energy Companies | Gulfport Energy | Lease & Royalty Payments | Ohio

Coal Company Leases 6K Acres for Natgas Drilling in Belmont, OH
January 20, 2015January 20, 2015

Murray Energy Corp. is a coal mining company headquartered in St. Clairsville (Belmont County) in eastern Ohio. In 2013, Murray’s CEO and founder, Robert Murray, sued Aubrey McClendon when McClendon named his new company American Energy Partners. Murray, you see, operates a subsidiary coal mining company called American Energy Corp. (see McClendon Gets Sued in OH Over New Company’s Name). We haven’t heard anything since that time, so presumably it’s all blown over by now. What’s interesting is that Murray, whom we assumed has a grudge against natural gas, has just leased 2,076 acres of his coal mining property owned by American Energy Corp., along with 3,849 acres from another Murray subsidiary mining operation, The Ohio Valley Coal Co., to Gulfport Energy so Gulfport can drill for natural gas under the coal mines…
Read More “Coal Company Leases 6K Acres for Natgas Drilling in Belmont, OH”
Energy Companies | Gulfport Energy | Marshall County | Ohio County | Utica Shale | West Virginia

Gulfport Energy Enters WV Utica, Leases in Ohio/Marshall Counties
January 19, 2015January 19, 2015

Looks like Gulfport Energy, with 184,000 acres of leases and an active driller in eastern Ohio’s Utica Shale, is making moves into the West Virginia Utica Shale. We spotted an article that says Gulfport has purchased an 87.5% stake in “hundreds of lease agreements” in Ohio and Marshall counties in WV. We don’t know how many acres are involved (yet). But we do know who they’ve purchased the leases from…
Read More “Gulfport Energy Enters WV Utica, Leases in Ohio/Marshall Counties”
Energy Companies | Gulfport Energy | Ohio | Statewide OH | Utica Shale

Gulfport Production Soars in 2014, 6 Active Rigs in OH Utica
January 7, 2015January 7, 2015

On Monday Gulfport Energy, a major driller in the Utica Shale, released a high-level operational update. Gulfport CEO Michael G. Moore said the company produced more oil and gas in the fourth quarter of 2014 than they did in all of 2013. And the Gulfport production engine continues to chug away in the Ohio Utica Shale. Gulfport brought 22 new Utica wells online in 4Q14 and has six rigs currently drilling in the Utica. Gulfport is also wisely “hedged”–meaning they’re getting about $1 per Mcf more for their gas (they currently get $4.12/Mcf) than the current spot rate of ~$3.00/Mcf. Smart…
Read More “Gulfport Production Soars in 2014, 6 Active Rigs in OH Utica”
American Energy Partners | Antero Resources | Energy Companies | Gulfport Energy | Ohio | Statewide OH

Muskingum Watershed District Sells only 136M Gal of Water So Far
November 13, 2014November 13, 2014

The Muskingum Watershed Conservancy District (MWCD), organized in 1933 to reduce the effects of flooding and conserve water for beneficial public uses, oversees 16 dams and reservoirs across 22 counties in Ohio, covering 20% of the state. It is a massive area under the oversight and control of the MWCD. We’ve previously covered their deals with Antero Resources to lease District property for drilling. We’ve also covered District deals to sell water to Antero and other shale drillers (see Muskingum Watershed Votes to Sell 209M Gals of Water for Fracking). Although the district has voted to sell 209 million gallons of water, so far in 2014 they’ve only sold 136 million gallons–or the amount of water used in four days by the city of Akron, OH. According to officials with the MWCD, water sales have had a “negligible” impact on the reservoirs–lowering the several reservoirs used by less than 3/4 of an inch. MWCD lowers reservoirs more than that each year for winter anyway–so actually there’s been no impact, especially since much of the water sold flows through pipelines instead of tanker trucks…
Read More “Muskingum Watershed District Sells only 136M Gal of Water So Far”
Energy Companies | Gulfport Energy | Ohio | Statewide OH | Utica Shale

Gulfport Energy 3Q14: 31 Utica Wells Drilled, 19 Brought Online
November 6, 2014November 6, 2014

Gulfport Energy, a major Utica Shale exploration & production company, reported their third quarter 2014 operational and financial results yesterday. The compan reports spudding/drilling 31 Utica Shale wells in 3Q14, bringing 19 new wells online for production during the quarter. Right now they operate 8 horizontal drilling rigs in the Ohio Utica Shale. By the end of the year Gulfport will have spent upward of $750 million (or more) on their Utica drilling program for 2014. Here’s more…
Read More “Gulfport Energy 3Q14: 31 Utica Wells Drilled, 19 Brought Online”
Antero Resources | Energy Companies | Gulfport Energy | Hall Drilling | Hess | Monroe County | Ohio | Utica Shale

OH Utica Shale’s Most Productive Wells in 2Q14
September 29, 2014September 29, 2014

Recently released production numbers from the Ohio Dept. of Natural Resources (ODNR) show a bit of a surprise. The single most productive Utica Shale well during second quarter 2014 (April – June) was from one of the smallest drillers. A well drilled by Hall Drilling (headquartered in West Virginia) in Monroe County, OH produced 1.43 billion cubic feet of natural gas during 2Q14. Other top-producing wells were drilled by Gulfport Energy, Antero Resources and Hess. Here’s some numbers…
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Belmont County | Energy Companies | Gulfport Energy | Industrywide Issues | Monroe County | Ohio | Pipelines | Rice Energy | Utica Shale

Gulfport Cuts Deal with Competitor Rice Energy to Build Pipeline
August 1, 2014August 1, 2014

An interesting announcement from Gulfport Energy earlier this week. The company issued a “midstream update” and a production numbers for 2Q14 going back one year. What’s interesting is that Gulfport has cut midstream (i.e. pipeline) deals to get its production out of the Utica Shale basin in eastern Ohio. One deal is with Rice Energy, a competitor who also drills in the Utica. Rice will construct and operate gathering pipelines for Gulfport in several townships in Belmont County, OH. (Interesting that Rice is becoming a midstream company as well as a driller.) The second deal is with midstreamer MarkWest Energy to construct pipelines to Gulfport wells in other parts of Belmont County, and in parts of Monroe County, OH…
Read More “Gulfport Cuts Deal with Competitor Rice Energy to Build Pipeline”
Energy Companies | Gulfport Energy

Top Management at Gulfport Energy Continues to Change – New CFO
July 11, 2014July 11, 2014

In January Gulfport Energy announced the sudden retirement of then-CEO James Palm. In April, interim CEO (formerly the CFO) Michael Moore, a numbers guy, was promoted to the top spot as CEO and Ross Kirtley, formerly COO for Ohio operations, was promoted to COO for the entire company (see New Top Management at Utica Driller Gulfport Energy). The vacant CFO position has now been filled. Gulfport reports that Aaron Gaydosik, most recently VP of Finance at Kodiak Oil & Gas Corp, will become the new CFO. Kodiak is a Bakken driller…
Read More “Top Management at Gulfport Energy Continues to Change – New CFO”
Belmont County | Energy Companies | Guernsey County | Gulfport Energy | Harrison County | Monroe County | Ohio

Kudos: Gulfport Energy Donates $400K to OH Non-Profits
May 28, 2014May 28, 2014

Gulfport Energy has just done a very nice thing for the residents of eastern Ohio. Last Thursday Gulfport’s CEO Michael Moore was on hand in Cambridge (Guernsey County), OH to bestow a $400,000 gift to the Foundation for Appalachian Ohio. The gift is called the Gulfport Energy Fund and will be used for non-profits and educational institutions in those communities where Gulfport is actively drilling: Belmont, Guernsey, Harrison, or Monroe counties…
Read More “Kudos: Gulfport Energy Donates $400K to OH Non-Profits”
Belmont County | Energy Companies | Gulfport Energy | Ohio | Rice Energy | Statewide OH | Utica Shale

Gulfport Energy 1Q14: New CEO Tweaking the Utica Program
May 9, 2014May 9, 2014

Gulfport Energy is a major driller in the Utica Shale. In a first quarter 2014 update released earlier this week, we learn that Gulfport has added more acreage to their Utica portfolio–they now stand at 180,000 acres of leased land. Although several other drillers own more acreage, Gulfport has drilled the second highest number of Utica wells to date. They currently are operating seven drilling rigs in the Utica Shale. Gulfport’s brand new CEO, Michael Moore, makes the comment that, “a more measured, methodical approach to the development program in the Utica was needed.” We’re not exactly sure what that means, but Moore intends it to mean they’ll get more gas and liquids from the Utica wells their drilling.

Below are a few brief sections from the 1Q14 update. We also found and posted Gulfport’s PowerPoint used during their recent analyst call. There’s an extensive section on their Utica operations with lots of maps and charts and good information. Among the gems we discovered is that in 2013 Gulfport and Rice Energy formed a joint venture, combining their acreage in four townships in Belmont County, OH to drill in the Utica together in that area…

NOTE: MDN originally said the Gulfport/Rice jv is for Guernsey County, OH. We were mistaken. It is in Belmont County, OH. Our apologies!
Read More “Gulfport Energy 1Q14: New CEO Tweaking the Utica Program”
Energy Companies | Gulfport Energy

New Top Management at Utica Driller Gulfport Energy
April 24, 2014April 24, 2014

At the end of January Gulfport Energy announced, rather suddenly, that it’s CEO James Palm would retire in two weeks time (see Gulfport’s James Palm to Retire in 2 Weeks, Search on for New CEO). Gulfport is an important player in the Utica Shale, drilling some of the most prolific producing wells in the play, so when top management experiences a shake-up, it’s unsettling.

The search is over and Gulfport has a new CEO, a new COO, and a new member for the board. Interim CEO (and formerly the CFO) Michael Moore, a numbers guy, has been promoted to the top spot as CEO. Ross Kirtley, formerly COO for Ohio operations, is now COO for the entire company. Finally, both Mr. Moore and Michael Reddin, CEO of Davis Petroleum, have joined the board of directors. Here’s yesterday’s Gulfport announcement…
Read More “New Top Management at Utica Driller Gulfport Energy”
Antero Resources | Energy Companies | Gulfport Energy | Ohio | Statewide OH | Utica Shale

Antero Resources & Gulfport Energy’s Utica Shale High Notes
March 4, 2014March 4, 2014

In recent weeks as part of a flurry of year end and fourth quarter financial and operational reports, MDN brought you the latest news from Marcellus and Utica Shale powerhouse driller Antero Resources (see Antero Resources Keeps up the Pace in the Marcellus/Utica). We also told you the latest from Gulfport Energy, including our “takeaways” (see Gulfport Production & Profits Jump in 2013 Thanks to Utica Shale).

The Intelligencer/Wheeling News-Register reporter Casey Junkins has done a great job of summarizing the highlights from both companies–hitting the “high notes” as it were, particularly with respect to the Utica Shale–in the following update:
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