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Gulfport Cuts Utica Well Costs by $300K; Output Jumps 69% YOY
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Gulfport Energy Corporation reported financial and operational results for the quarter ended March 31, 2016 and provided an update on its 2016 activities.
Key Points: Utica Activity: Drilled 10 gross (7.1 net) wells / completed 15 gross (8.0 net) wells Production of 670.7 MMcfe/d (up 8% over Q4 2015 and up 69% YOY) Increased efficiencies - decreased well costs by $300,000 / well Three rigs running Highlights: Net production averaged 692.2 MMcfe per day, exceeding the high-end of Gulfport's first quarter of 2016 guidance of 685 MMcfe per day. Realized natural gas price, before the impact of derivatives and including transportation costs, averaged $1.39 per Mcf, a $0.70 per Mcf differential to the average trade month NYMEX settled price. Realized oil price, before the impact of…- ✓ Full news archive — U.S., Canada & international coverage
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