Based on the electric log analysis, the discovery well encountered a gross interval of 300 feet in the Upper Oligocene Marg How Sand. The zone has 155 feet of apparent net pay with average porosity of 26% at a depth of 10,850 feet. The well also encountered pay in the upper Camerina with approximately 18 feet of apparent net pay at approximately 11,700. The company was unable to log from 11,700 to 12,000 ft, however, there were indications of shows. The company intends to set pipe and if possible drill out beneath to explore the remainder of the Camerina.
Completion activities on this Hackberry 2007 No. 1 well and the Hackberry 2006 No. 1 well drilled previously will begin later in the first quarter of 2007. Production from the wells will be processed through the company's new barge production facility, which is scheduled to be in service later in the first quarter of 2007.
Once the barge rig is released from the Hackberry 2007 No. 1 well, the rig will move and prepare to spud our third exploratory well in East Hackberry. In addition, the company plans on adding a land rig at East Hackberry to begin drilling its first onshore well in this field during the first quarter of 2007.
Because the Company's drilling programs in its West Blanche Bay field have historically been focused on converting proved undeveloped reserves to proved producing reserves, this has not led to significant total net proved reserve growth year over year. However, we are hopeful that successful drilling activity at East Hackberry will have the potential to add to our reserve base.
The Company updates its estimated 2006 total production to be in the range of 975,000 to 996,000 barrels of oil equivalent ("BOE").
Gulfport Energy Corporation is an Oklahoma City-based independent oil and natural gas exploration and production company with its principal producing properties located along the Louisiana Gulf Coast. Gulfport also has an interest in the producing Phu Horm gas field in Thailand. In addition, Gulfport recently acquired a 25 % interest in over 300,000 gross acres in the Alberta oil sands in Canada and is currently drilling core holes for further evaluation this winter.
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