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Gulfport Adding Fourth Utica Rig; Doubles Drilling Plans for 2016
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Gulfport Energy Corporation reported financial and operational results for the quarter ended June 30, 2016 and provided an update on its 2016 activities.
Key Points: Gulfport’s net daily production for the second quarter of 2016 averaged approximately 664.7 MMcfe per day. Utica - Three operated horizontal rigs drilling in the play and has contracted a fourth horizontal drilling rig to begin operations in September 2016. Gulfport has elected to add incremental completion activities during the fourth quarter of 2016. Gulfport has now budgeted to drill approximately 42 to 46 gross (36 to 39 net) horizontal wells (up from 21-24) and turn-to-sales 50 to 56 gross (37 to 41 net) horizontal wells in the Utica (up from 36-39). Gulfport now estimates total capital expenditures will be in the…- ✓ Full news archive — U.S., Canada & international coverage
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