Gulfport Energy: West Cote Blanche Bay Production Restored
As of December 5, 2006, total company year-to-date net production is approximately 900,000 barrels of oil equivalent. Gulfport expects two additional completions of new wells and two recompletions of existing wells before the end of the year. The company expects to exit 2006 with a net production rate of approximately 4,500 barrels of oil equivalent a day. The company's aggregate production target for 2007 remains in the range of 1,700,000 to 1,900,000 barrels of oil equivalent.
At the East Hackberry field, the company is drilling its first exploratory wildcat well since its proprietary 3-D seismic shoot last year. The company has set intermediate casing at 10,000 feet and is drilling ahead.
In Thailand, first gas sales was achieved at the Phu Horm field located in northeast Thailand. Phu Horm's initial gross production is approximately 60 million cubic feet per day. Production is expected to exceed 100 million cubic feet per day in 2007. Gulfport's gross working interest in the Phu Horm field is 0.7%. Gulfport also holds an approximately 1.7% interest in three concession blocks with an aggregate of three million acres under lease with several exploration prospects. Gulfport expects cash flow from the Phu Horm field to cover its 2007 capital expenditures in Thailand.
In Canada, Gulfport expects to drill approximately 50 core holes during the winter drilling season in the Alberta oil sands commencing this month. Gulfport, along with its partners, has acquired leases on approximately 240,000 acres in Alberta. Gulfport currently operates this project and has a 25% interest.
- Brand Finance Ranks Most Valuable, Strongest Oil and Gas Brands
- Canacol Makes New Gas Discovery in Colombia's Magdalena Basin
- Egypt Plans to Meet Summer Fuel Needs with LNG Imports
- FortisBC Denies Gas Greenwashing as Suit Awaits
- Credit Agricole Helps NGP Secure Funds for Fishery-Solar Projects in Taiwan
- Oil and Gas Executives Predict WTI Oil Price
- Industry Protests Proposed Methane Fee Guidelines for O&G Facilities in US
- Exxon, Cnooc Merge Guyana Arbitration Claims Against Chevron
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- USA Oil and Gas Job Figures Jump
- Blockchain Demands Attention in Oil and Gas
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension