From the Canton Repository:
Gulfport Energy provided an update Tuesday on its Utica Shale activity ahead of the release of its second quarter earnings.
The Oklahoma City-based company said it has added approximately 8,000 acres to its holdings in eastern Ohio’s Utica Shale, giving it a total of 145,000 acres in the region.
Gulfport also revealed its sales production rate for two wells in Belmont County’s Somerset Township.
The McCort 1-28H well has an average seven-day sales rate of 2,218 barrels of oil equivalent per day. Assuming full ethane recovery and a natural gas shrink of 14 percent, the well will produce 9.6 million cubic feet per day of natural gas and 835 barrels of natural gas liquids.
Gulfport drilled McCort 1-28H to a true vertical depth — the actual depth of the well beneath the surface — of 8,475 feet with a 7,501-foot horizontal lateral.
The McCort 2-28H well was more productive over an average seven-day sales rate, producing 2,701 barrels of oil equivalent per day. The daily rate includes 11.6 million cubic feet of natural gas, 21 barrels of condensate and 1,009 barrels of natural gas liquids, assuming full ethane recovery and a natural gas shrink of 14 percent.
This well has a true vertical depth of 8,466 feet with a horizontal lateral of 9,489 feet.
In ethane rejection mode, natural gas liquid production would drop about 64 percent for each well.
Gulfport is scheduled to release its second quarter earnings after the market closes on Aug. 6 and will hold a conference call the following day.