Gulfport Energy announced that all four tank batteries at its West Cote Blanche Bay field were operational as of October 10, 2008. Total company production from October 11 to October 16, 2008 averaged approximately 5,784 barrels of oil equivalent per day as compared to average production of 5,669 BOEPD from August 1 to August 29, 2008 prior to curtailing production for Hurricane Gustav.
From October 11 to October 16, 2008, production from Gulfport's Southern Louisiana properties averaged approximately 4,897 BOEPD as compared to pre-storm average production from Southern Louisiana of 4,939 BOEPD from August 1 to August 29, 2008.
On October 10, 2008, the two remaining tank batteries at WCBB, Tank Batteries 1A and 2, were restored to service. As previously reported following the passage of Hurricane Ike, drilling and completion rigs returned to WCBB on September 15, 2008 to resume activities. At Gulfport's Hackberry fields, electricity has been partially restored. Repair and cleanup work continues throughout the Hackberry fields.
As a result of production curtailments and reduced drilling and recompletion activity caused by the impacts of Hurricanes Gustav and Ike, Gulfport now expects full-year 2008 production to be in the range of 1.65 to 1.75 million barrels of oil equivalent.
Gulfport's hedging program consists entirely of fixed price contracts negotiated directly with its crude oil purchaser. These instruments do not require the company to post collateral or variation margin. Gulfport currently has hedged 3,500 barrels of oil per day ("BOPD") at $86.60 for the remainder of 2008 and 3,000 BOPD at $89.06 for 2009.
Gulfport also reported that the Whitmore 1-6H tested at an IP rate of 1,830 BOEPD from the Bakken formation in the Parshall area of Mountrail County, North Dakota. Subsequently, the well produced a seven-day average of 1,642 BOEPD from August 26 to September 1, 2008. Gulfport has a working interest of 15.525% in the well, which is operated by Windsor Energy.
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