PDC Energy climbs after Gulfport reports Utica well results

Shares of PDC Energy (PDCE) are advancing after Gulfport Energy (GPOR) announced the results of a test of its well in the Utica Shale earlier today. PDC Energy also has a position in the Utica Shale. PDC Energy reported that its well had yielded an average sustained 18 hour rate of 28.5 MMCF per day of natural gas and 300 barrels of condensate per day. On September 20, PDC announced that it was no longer looking for a partner to help it develop its Utica property, but would seek to develop the property on its own. In mid-afternoon trading, PDC rose $1.59, or 4.90%, to $34.01, while Gulfport jumped $5.11, or 16.10%, to $36.84. Rex Energy (REXX), which also has exposure to the Utica Shale, gained 21c, or 1.68%, to $12.73.