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Magnum Hunter Resources Corp. Message Board

  • nsleesman nsleesman Jan 22, 2013 9:05 AM Flag

    Our Neighbor, Gulfport Energy, Reports Utica Shale Results

    Gulfport Energy Reports Utica Shale Results

    OKLAHOMA CITY, Jan. 22, 2013 (GLOBE NEWSWIRE) -- Gulfport Energy Corporation (GPOR) today announced production results on its Clay 1-4H and Stutzman 1-14H wells in the Utica Shale.

    Gulfport's Clay 1-4H tested at an average sustained 12 hour rate of 747 barrels of condensate per day, 5.9 million cubic feet ("MMCF") per day of natural gas, and 761 barrels of natural gas liquids ("NGLs") per day assuming full ethane recovery and a natural gas shrink of 27%, or 2,226 barrels of oil equivalent ("BOE") per day.

    Gulfport's Stutzman 1-14H tested at an average sustained four hour rate of 21.0 million cubic feet ("MMCF") per day of natural gas and 945 barrels of natural gas liquids ("NGLs") per day assuming full ethane recovery and a natural gas shrink of 11%, or 4,060 barrels of oil equivalent ("BOE") per day.

    Gulfport's Clay 1-4H well was recently tested following a 75 day resting period. The Clay 1-4H was drilled to a true vertical depth of 7,806 feet with a 7,372 foot horizontal lateral. The well tested at an average sustained 12 hour rate of 747 barrels of condensate per day and 5.9 MMCF per day of natural gas. Based upon composition analysis, the gas being produced is 1,258 BTU rich gas. Assuming full ethane recovery, the composition above is expected to produce an additional 129 barrels of NGLs per MMCF of natural gas and result in a natural gas shrink of 27%. In ethane rejection mode, the composition is expected to yield 55 barrels of NGLs per MMCF of natural gas and result in a natural gas shrink of 14%. Gulfport currently anticipates it will begin flowing the Clay 1-4H into a sales pipeline at the beginning of April.

    Gulfport's Stutzman 1-14H well was recently tested following a 12 day resting period. The Stutzman 1-14H was drilled to a true vertical depth of 9,020 feet with an 8,634 foot horizontal lateral. The well tested at an average sustained four hour rate of 21.0 MMCF per day of natural gas. Based upon composition analysis, the gas being produced is 1,078 BTU gas. Assuming full ethane recovery, the composition above is expected to produce an additional 45 barrels of NGLs per MMCF of natural gas and result in a natural gas shrink of 11%. In ethane rejection mode, the composition is expected to yield 12 barrels of NGLs per MMCF of natural gas and result in a natural gas shrink of 9%. Gulfport currently anticipates it will begin flowing the Stutzman 1-14H into a sales pipeline at the beginning of June.

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    • Thank you for the posts nsleesman, I always enjoy reading these. The Utica is the bread and butter of MHR's future endeavors. We neighbor a significant amount of Gulfport wells and Gary knows we'll have some good wells coming online soon enough.....proving up the plays in our Utica posistion is top priority. I would like to see MHR sell off the EF and expand heavily in the Utica play and work towards more cash flow with the Mobley plant online. A few of you do your due diligence in regards to other O n G's and Gulfport's asset acquisitions set the standard for fair price value in the wet condensate windows. Thank you for making my dd easier with your posts. I'll be looking over the well locations for Gulfport today in regards to the stutzman 1-14H and the clay 1-4h. Thanks again bud.

    • The Clay well results are fine, but the Stutzman well looks to be kind of dry. The good news is that the Stutzman well is pretty far east of where MHR has wet gas acreage. Lets all hope that the chemical industry gears up to utilize Ethane...

      • 1 Reply to masayo22311
      • Masayo:

        Would you mind answering a few questions, if you know (you are obviously one of the most knowledgeable posters on the board).

        First, do you know how far away the Clay well is from MHR's wet gas acreage? Hopefully not too far west.

        Second, I could not find the choke sizes on the GPOR wells; is it fair to assume the tests were done "wide open"?

        Third, do you know why the PR referred to NG shrink of 27% on one well while only 11% on the other?

        Note: even though the Stutzman was significantly drier given the high gas volume and no condensate, it is still one heck of a well from both a volume and cash perspective. Maybe my numbers are skewed, but I suspect both of these wells wells will start off making around $110,000 a day after royalty and, even with a strong decline, are going to pay out in less than 16 months. Sound about right, or is that too high given the ethane market you alluded to?

        TIA, Lex

    • Gulfport's Clay 1-4H tested at 2,226 barrels of oil equivalent ("BOE") per day.

      Gulfport's Stutzman 1-14H tested at 4,060 barrels of oil equivalent ("BOE") per day.

      MHR is going to do very, very well....

 
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