Gulfport Energy

Belmont County | Energy Companies | Gulfport Energy | Lease & Royalty Payments | Ohio | Utica Shale

Mind-blowing Earnings from a Single Utica Shale Well
January 28, 2013January 28, 2013

Wow! Some truly astonishing numbers (if they hold up) for the earnings power from a single Gulfport well in the Utica Shale of Belmont County, Ohio. According to a WVU professor who tracks these things, the Stutzman well, when brought online, will be earning in the neighborhood of $100,000 per day for Gulfport, and a huge royalty check for the landowner.

Here’s the calculations:

Read More “Mind-blowing Earnings from a Single Utica Shale Well”
Belmont County | Energy Companies | Gulfport Energy | Harrison County | Ohio | Utica Shale

More Impressive Production Numbers for Gulfport in OH’s Utica
January 23, 2013January 23, 2013

Some more impressive production results have just been reported by Gulfport Energy for two of their Utica wells in Ohio: The Clay-1-4H in Harrison County, and the Stutzman 1-14H well in Belmont County. Recall that the most productive well we’ve heard of anywhere (Utica, Marcellus or any other play) was drilled by Gulfport, the Shugert 1-12H in Belmont County. Looks like Belmont County in particular continues to be a great place to drill.

Here’s the results they reported yesterday:

Read More “More Impressive Production Numbers for Gulfport in OH’s Utica”
Carrizo Oil & Gas | Chesapeake Energy | Energy Companies | Energy Services | EV Energy Partners | Gulfport Energy | Hess | MarkWest Energy | Ohio | Statewide OH | Utica Shale

More than $1.2B & Counting on New Utica Drilling for 2013
January 21, 2013January 21, 2013

So far, more than $1.2 billion (that we know of) has been budgeted by Ohio’s Utica Shale drillers for 2013. A whopping $7 billion has been allocated for pipelines and processing plants over the next several years.

Here’s a quick rundown on the plans for a few of the Utica’s major drillers and what they plan to spend on drilling in the Utica in 2013:

Read More “More than $1.2B & Counting on New Utica Drilling for 2013”
Antero Resources | Chesapeake Energy | CNX Resources | Energy Companies | Gulfport Energy | Hess | Hilcorp Energy | Ohio | Statewide OH

ODNR Issues 17 New Permits for Utica Drilling…Last Week
January 16, 2013January 16, 2013

The permits to allow Utica Shale drilling in eastern Ohio continue to roll out from the Ohio Dept. of Natural Resources (ODNR). Here are the details on the 17 new permits issued in Ohio last week:

Read More “ODNR Issues 17 New Permits for Utica Drilling…Last Week”
Antero Resources | Chesapeake Energy | CNX Resources | Energy Companies | Gulfport Energy | Hilcorp Energy | Ohio | Statewide OH | Utica Shale | XTO

New Utica Permits for Hilcorp, Chesapeake, Others
December 21, 2012December 21, 2012

The latest permits issued last week by the Ohio Dept. of Natural Resources (ODNR) for Utica Shale drilling include permits for Hilcorp, Chesapeake, Gulfport, XTO, CNX Gas and Antero.

Here’s the details on which counties and for how many wells:

Read More “New Utica Permits for Hilcorp, Chesapeake, Others”
Anadarko | Chesapeake Energy | Chevron | Energy Companies | Energy Services | EnerVest | Exxon Mobil | Gulfport Energy | MarkWest Energy | Ohio | Statewide OH | Utica Shale

Motley Fool’s “Ubiquitous in the Utica”
December 21, 2012December 21, 2012

The Motley Fool investing website published a “round-up” type of article two days ago that focuses on the major players (drillers) in the Marcellus Shale (see this MDN story), part of a series that looks at major energy plays in the U.S. Yesterday they continued the series with an article that looks in detail at the Utica Shale.

The article starts off by listing the top 7 companies by the amount of acreage they lease. They are (from highest to lowest amount of acreage):

Read More “Motley Fool’s “Ubiquitous in the Utica””
Energy Companies | Gulfport Energy | Lease & Royalty Payments | Ohio | Rhino Resource Partners | Statewide OH

Gulfport Adds Another 30K Utica Net Acres, Pays $10K/Acre
December 18, 2012December 18, 2012

Gulfport Energy announced yesterday they have purchased another 30,000 Utica Shale acres in eastern Ohio for $300 million—or $10,000 per acre. That brings Gulfport’s grand total to 137,000 gross Utica Shale acres (99,000 net acres). Gulfport bought the acreage from its Utica Shale joint venture partner Wexford Capital. Perhaps a better way of phrasing it: Gulfport increased its ownership interest in acreage in which they’ve already invested.

Gulfport and Wexford, along with Rhino Resources, have previously invested in both two and three-way Utica Shale jv’s together (see this MDN story). So far, Gulfport has drilled the top producing wells in Ohio (see this MDN story for the secret to their success).

Read More “Gulfport Adds Another 30K Utica Net Acres, Pays $10K/Acre”
Belmont County | Energy Companies | Gulfport Energy | Harrison County | Ohio

The Secret to Gulfport’s OH Utica Drilling Success
December 17, 2012December 17, 2012

An excellent article on the Youngstown Business Journal website from Saturday delves into the question of why Gulfport Energy has (so far) turned in the most impressive results of all Utica Shale drilling in Ohio (see this MDN story for background on their success). Gulfport CEO Jim Palms credits better science and a little of luck for their astonishing success.

The real secret as to why Gulfport’s wells in Harrison and Belmont counties are doing so much better than counties farther north, like Carroll and Columbiana? It has to do with pressure…

Read More “The Secret to Gulfport’s OH Utica Drilling Success”
Chesapeake Energy | Energy Companies | Gulfport Energy | Ohio | Statewide OH

Chesapeake Admits Misjudging Ohio Utica Sweet Spot
December 14, 2012December 14, 2012

The Utica Shale is still in its infancy and drillers are still trying to get a fix on the “sweet spots” that will produce the most natural gas, gas liquids and even oil. Rendering an opinion on the best places to drill can be a career-ender, like it was for one long-time ODNR employee (see this MDN story).

Chesapeake was the early mover in Ohio’s Utica Shale, and it’s still the biggest driller in Ohio. However, we have an interesting admission from Chesapeake this week: They’ve misjudged the “emerging fairway” of the Utica in Ohio. While Chesapeake is concentrating most of their drilling in Carroll and Columbiana counties in the northern part of the state, Gulfport has drilled the four highest-producing wells in the Utica in counties to the south.

Read More “Chesapeake Admits Misjudging Ohio Utica Sweet Spot”
Carroll County | Chesapeake Energy | Energy Companies | Gulfport Energy | Harrison County | Ohio | Utica Shale

Latest Permits Issued in Ohio’s Utica Shale, Week of Nov 25
December 5, 2012December 5, 2012

Here’s where the latest round permits have been issued for Utica Shale drilling by the Ohio Dept. of Natural Resources, for the week of Nov. 25, 2012:

Read More “Latest Permits Issued in Ohio’s Utica Shale, Week of Nov 25”
Belmont County | Energy Companies | Energy Services | Gulfport Energy | MarkWest Energy | Ohio | Utica Shale

Gulfport’s New Utica Well Produces Mind-blowing 28.5 Mmcf/d!
November 28, 2012November 28, 2012

First we had the “Alpha Dog” Utica Shale well from Gulfport Energy, the Wagner 1-H well producing 14 million cubic feet of natural gas per day (see this MDN story). Then we had an even bigger success with Gulfport’s Shugert 1-1H, which MDN dubbed the “King of Utica Shale wells” producing a whopping 20 million cubic feet of gas per day (see this MDN story). We’re running out of metaphors to use! Yesterday Gulfport reported a flow rate of 28.5 million cubic feet per day on the Shugert 1-12H well (in Belmont County, OH), sister well to the 1-1H. Wow! Shall we call the 1-12H the Emperor Utica Shale well? It certainly ascends to the throne as the top-most producing well in the Utica.

In the same announcement from yesterday Gulfport said it has made its first sales in the Utica Shale via MarkWest Energy. Here is the full press release with details on the Shugert 1-12H and MarkWest:

Read More “Gulfport’s New Utica Well Produces Mind-blowing 28.5 Mmcf/d!”
Carroll County | Chesapeake Energy | Energy Companies | EnerVest | Gulfport Energy | Harrison County | Noble County | Ohio | Shell | SWEPI

Latest Permits Issued for PA/OH Utica Shale
November 27, 2012November 27, 2012

An update on the latest drilling permits (issued the past two weeks) for the Utica Shale in both western PA and eastern Ohio, by driller and county:

Read More “Latest Permits Issued for PA/OH Utica Shale”
Chesapeake Energy | Energy Companies | EnerVest | Gulfport Energy | Lease & Royalty Payments | Meetings | Utica Shale

EnerVest CEO Contradicts McClendon: Utica Oil Will be Big
November 15, 2012November 15, 2012

At the Developing Unconventional Gas (DUG) East Conference in Pittsburgh yesterday, EnerVest CEO John Walker contradicted the view of Chesapeake CEO Aubrey McClendon. McClendon said the Ohio Utica Shale will not produce much oil—at least for Chesapeake (see this MDN story). Walker said he believes the Utica will produce a lot of oil—that is, once they figure out the “right completion method.”

Gulfport’s CEO Jim Palm also spoke glowingly about the Utica at the conference. Gulfport, you may recall, has the highest producing Utica well so far (see this MDN story). The conference is organized by Hart Energy, who provided information stating lease payments in the Ohio Utica Shale have reached as high as $8,000 per acre.

Read More “EnerVest CEO Contradicts McClendon: Utica Oil Will be Big”
Belmont County | Energy Companies | Guernsey County | Gulfport Energy | Harrison County | Ohio | Statewide OH | Utica Shale

Gulfport CEO Says Company’s Future is the Utica Shale
November 12, 2012November 12, 2012

On a conference call last week, Gulfport Energy’s CEO James Palm called the Utica Shale a “once-in-a-lifetime play … and a company changer.” He said the company plans to invest $225 million next year in Ohio’s Utica Shale to drill 50 new wells. The eventual goal? They plan to drill 400 Utica Shale wells in the next four years.

Read More “Gulfport CEO Says Company’s Future is the Utica Shale”
Energy Companies | Gulfport Energy | Harrison County | Ohio | Statewide OH | Utica Shale

Gulfport Energy 3Q12: Profits Up, Drilled 5 New Utica Wells
November 7, 2012November 7, 2012

Gulfport Energy Corporation, a company that has two of the highest producing natural gas wells in the Ohio Utica Shale, released their third quarter financial and operational update yesterday. Counter to most other large drillers, Gulfport showed a slight profit in 3Q12—of $0.5 million—on $60.5 million in revenue. If not for some income tax expenses their net income for 3Q12 would have been $16 million.

In the 3Q12 update we get production details for a sixth horizontal well drilled by Gulfport in the Utica—the BK Stephens 1-16H well (in Harrison County, OH), which is producing an initial 1,224 barrels of condensate per day, 6.9 million cubic feet of natural gas per day, and 759 barrels of natural gas liquids per day.

Read More “Gulfport Energy 3Q12: Profits Up, Drilled 5 New Utica Wells”
Energy Companies | Guernsey County | Gulfport Energy | Harrison County | Ohio

Gulfport Energy Releases New Production Numbers for OH Wells
November 1, 2012November 1, 2012

Gulfport Energy is one of the few Marcellus and Utica Shale drillers who regularly reports on production results for its new wells (something we appreciate!). MDN told previously told you about Gulfport’s “King” of Utica wells, the Shugert 1-1H in Belmont County, Ohio, which produced 20 million cubic feet of natural per day, 144 barrels of condensate per day, and 2,002 barrels of natural gas liquids per day (see this MDN story).

Yesterday Gulfport released numbers for more new wells in Harrison and Guernsey counties in Ohio. Although the methane output of the wells is not spectacular, the condensate and natural gas liquids output is noteworthy. Here’s the latest report from Gulfport:

Read More “Gulfport Energy Releases New Production Numbers for OH Wells”