Gulfport Energy: West Cote Blanche Bay Production Restored
Gulfport Energy says that the natural gas sales line serving its West Cote Blanche Bay field is now fully operational. The pipeline was damaged on October 12, 2006, and repairs were completed on schedule. Current daily production from the field exceeds production prior to the pipeline shut-in.
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.
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