Gulfport Energy Corp. (NASDAQ:GPOR) announced production results from its Shugert 1-1H well, located in the Utica shale, and provided a general update on its operations.
As quoted in the press release:
Gulfport’s Shugert 1-1H tested at a peak rate of 20.0 million cubic feet (“MMCF”) per day of natural gas, 144 barrels of condensate per day, and 2,002 barrels of natural gas liquids (“NGLs”) per day assuming full ethane recovery and a natural gas shrink of 17%, or 4,913 barrels of oil equivalent (“BOE”) per day.
Gulfport reaffirms its 2012 guidance and continues to estimate 2012 production to be in the range 2.9 million to 3.1 million BOE. Third quarter 2012 production is currently estimated to be in the range of 6,950 to 7,050 BOE per day.