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Significant salt intrusive feature, elliptical in shape, created traps in the Pliocene through the middle Miocene in a series of complex, steeply dipping fault blocks
Strong Production and Valuable Reserves. The West Cote Blanche Bay reservoirs are characterized by high porosity and permeability. Each well path contains stacked pay zones and is designed to exploit an average of five to six pay zones per well bore.
- Deep prospective gas opportunities at WCBB
Legacy Asset. Our Hackberry field is located due east of one of the four Strategic Petroleum Reserve locations in the United States. Discovered by the majors in the early 1900's, Gulfport now employs technological innovations such as 3-D seismic and directional drilling to drive development and exploit untapped resource. Highlighted facts regarding Hackberry include:
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- Located along the western shore of Lake Calcasieu, 15 miles inland from the waters of the Gulf of Mexico
- Discovered in 1926 by Gulf Oil Co. and developed using 2-D seismic
- Our leases at West Hackberry are located within two miles of one of the United States Department of Energy's Strategic Petroleum Reserves
- During 2005, Gulfport completed a proprietary 42 square mile 3-D seismic survey at Hackberry
- Major salt intrusive feature, elliptical in shape, divided into east and west entities by a saddle
- A series of structurally complex and steeply dipping fault blocks formed by the salt intrusion serve to trap hydrocarbon accumulations
Thick Sands Provide Production Upside. Multiple pay zones and highly productive sands in the deep and shallow sections on the field's north flank.
- Wells currently produce from perforations found between 5,100 and 12,200 feet
- Development potential of over 30 different pay zones
- As of year end 2010, an impressive cumulative production of over 1,367 MMBOE has been produced from the entire Hackberry field .
Permian Basin Overview
Years of Growth. With the acquisition of our strategic assets in the Permian Basin of West Texas, Gulfport was able to secure low-risk, long life projects with a multi-year development drilling inventory. Highlighted facts regarding our Permian Basin assets include:
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- Gulfport's exposure to the Permian Basin began in December of 2007 with the acquisition of 4,100 net acres (one-half interest in 8,200 gross acres). The deal included 32 gross producing locations and 178 additional gross offset locations at 40-acre spacing
- Subsequently, Gulfport acquired 10,600 net acres, bringing its total net acreage position to 14,700 as of December 31, 2010
- Located in West Texas, the Permian Basin is considered to be one of the major producing basins in the United States
- Target productive zones in the long-established Wolfcamp play, also picking up zones in the shallower Spraberry formation
- Recent advancements in well fracturing technology drive the field's development. The application of high volume fracs generate compelling well economics
Valuable Drilling Inventory. Proved reserves are located in the Wolfcamp and Spraberry formations, both of which are characterized as long-lived, with predictable production profiles.
- Proved Reserves are estimated at approximately 14.5 million barrels of oil equivalent net to Gulfport as of December 31, 2010
- Potential for down spacing to 20-acre spacing - 40-acre spacing only recovers approximately 3% of original oil in place
Permian Basin Recent Activity and Results
Unlocking Tremendous Value. Gulfport believes the Permian Basin to have significant upside value, especially given the thick pay intervals and technological advances seen in unconventional projects. The following are our recent operational highlights:
- As of December 31, 2010, Gulfport has identified approximately 226 gross future development drilling locations
- In 2010, 25 gross (11 net) wells were drilled in the Permian
- Production during the second quarter of 2011 averaged approximately 829 BOEPD
- Production mix in the Permian during the second quarter of 2011 consisted of approximately 81% oil and natural gas liquids and 19% natural gas
- Currently plan to participate in 37-42 gross wells in the Permian during 2011
- During the second quarter of 2011, the Permian contributed to approximately 13% of Gulfport's total production
Candian Oil Sands Overview
Unprecedented Upside. The Canadian Oil Sands rivals Saudi Arabia as the largest oil play in the world with 315 billion barrels of estimated recoverable resources. Grizzly Oil Sands, ULC ("Grizzly") owns approximately 712,327 acres in Alberta oil sands. Gulfport, through its 24.9999% ownership in Grizzly, is a sizeable player in the Canadian Oil Sands with approximately 178,081 acres. Highlighted facts regarding our Canadian Oil Sands assets include:
•The oil sands are deposits of bitumen, a molasses-like viscous oil that will not flow unless heated or diluted with lighter hydrocarbons
•Since making the strategic decision to invest Grizzly Oil Sands ULC, Gulfport has acquired one of the largest acreage position of any US independent producer.
•The vast majority of Grizzly's acreage was acquired by the summer of 2007, by which time virtually all prospective acreage had been leased
•Alberta's highly prospective oil sands land base is now essentially leased-up and Grizzly is positioned to take advantage of the lease supply shortfall
•Given that many of the leases offset viable projects, Grizzly's non-concentrated land base increases the likelihood of multiple significant farm out and land swap opportunities
•Various Grizzly leases directly offset: Nexen/OPTI, ConocoPhillips, Imperial Oil / Petro-Canada, Encana, Jacos, Statoil, Chevron / Shell / Marathon, Value Creation, Athabasca Oil Sands and Laricina
•Grizzly is developing its Algar Lake Project with the intent of employing a method of in-situ extraction called Steam Assisted Gravity Drainage (SAGD) to produce the leasehold
•Potential contribution of approximately 2,500 barrels per day of production net to Gulfport interest ◦Potential for 3.65 million barrels per year, with approximately 900,000 barrels net to Gulfport
International Exploration. In 2005, Gulfport acquired a 2% indirect interest in APICO, LLC, an international oil and gas exploration company. APICO owns a 35% interest the Phu Horm gas field operated by Hess Corporation, a 100% of concession blocks L15/43 and 27/43, and a 60% of concession block L13/48. The APICO holdings total approximately 3 million acres. During the first quarter of 2008, Gulfport purchased a 17.9% interest in Tatex Thailand III, LLC, the owner of concession block L16/50. The Tatex III block consists of 1 million acres adjacent to Block L27/43.
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World Class Reserves. Through an indirect equity investment in APICO, Gulfport has leveraged significant exposure to a natural gas play of immense magnitude in northeast Thailand. Exploration efforts at Phu Horm have been affirmed by impressive reserves being assigned to the field.
- Third party engineers Gaffney Cline (report date: 12/31/2007) credited producing wells in the Phu Horm gas field with approximately 1/2 Tcf of reserves
- Gross production from the Phu Horm gas field, of which Gulfport owns 0.7%, averaged 105.76 MMcf per day of natural gas and 474 Bbls per day of condensate in the second quarter of 2011
- Significant upside provided by the exploratory potential of four concession blocks
- APICO has identified several high quality exploration targets
- Long-term gas sales contract in place with Thai government which ties pricing to Singapore Medium Sulfur Fuel Oil
- Shot the largest onshore 3-D seismic survey in SE Asia over L16/50 during 2009
- In March 2011, TEW-E well logged over 5,000 feet of apparent possible gas saturated column
Niobrara Shale Overview
The Niobrara Formation oil play in northwestern Colorado is located between the Piceance Basin to the south and the Sand Wash Basin to the north. Rocks mainly consist of interbedded organic-rich shales, calcareous shales and marlstones. It is the fractured marlstone intervals locally known as the Buck Peak, Tow Creek and Wolf Mountain benches that account for the majority of the areas production. These fractured carbonate reservoirs are associated with anticlinal, synclinal and monoclinal folds, and fault zones. This proven oil accumulation is considered to be continuous in nature and lightly explored. Source rocks are predominantly oil prone and thermally mature with respect oil generation. The producing intervals are geologically equivalent to the Niobrara reservoirs of the DJ and Powder River Basins which are currently emerging as a major crude resource play.
- Oil and natural gas can be found at depths of 3,000 - 14,000 feet
- Upper Cretaceous Niobrara formation has emerged as another potential crude oil resource play
- Natural fracturing has played a key role in producing the Niobrara historically due to the low porosity and low permeability of the formation
- Gulfport holds approximately 19,000 acres of leases and continues to pursue acreage acquisition opportunities
- Gulfport will shoot and process 3-D seismic survey over its Craig Dome acreage during 2011
- In 2011, Gulfport plans to drill 3 to 4 gross vertical wells
Here you will find a summary of Gulfport Energy Corporation's latest financial information.
Share Related information provided by MorningStar, Inc.
|Share Related Items |
|Market Cap. (Mil) $ ||1,822.79 |
|Shares Out (Mil) ||50.93 |
|Float (Mil) ||38.11 |
Data as of Nov 6, 2011.