Gulfport Energy Restores a Portion of West Cote Blanche Bay Production
Gulfport Energy says that a portion of the company's production has been restored at the West Cote Blanche Bay field in southern Louisiana. The entire field was shut-in as a precautionary measure due to a fracture of an underwater natural gas pipeline in the field on October 12, 2006.
Current net production from Gulfport's West Cote Blanche Bay field is approximately 2,900 barrels of oil equivalent per day. Gulfport's production from the West Cote Blanche Bay field is currently curtailed by approximately 1,300 barrels of oil equivalent per day as compared to production levels prior to the shut-in until repairs to the natural gas pipeline are complete. Repairs are estimated to be complete in December 2006.
Gulfport's net year-to-date production through September 30, 2006 was 691,000 barrels of oil equivalent. This amount includes Gulfport's net production from the third quarter 2006 of 380,042 barrels of oil equivalent. The company was on pace to meet its full year production guidance of 1,050,000 to 1,200,000 barrels of equivalent before the production interruption. However, the company does not currently expect to meet its annual production guidance due to the interruption. The company plans to provide updated production guidance during its third quarter 2006 earnings conference call next week.
Gulfport's drilling activity for the remainder of the year in the West Cote Blanche Bay field includes two development wells and two recompletions. Gulfport is also currently drilling its first exploratory well in the Hackberry field. Gulfport has both rigs under contract through 2007.
Gulfport Energy Corporation is an Oklahoma City based independent oil and gas exploration and production company with its principal producing properties located along the Louisiana Gulf Coast. Gulfport also has an indirect interest in a new gas field in Thailand that is scheduled to begin production later this year. In addition, Gulfport recently acquired an acreage position in Canada and plans to drill core samples this winter.
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