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April 9, 2014
07:07 EDTBNS, RNO, GPORGulfport Energy sees Q1 production averaged 27,100 BOEPD ex-items
Gulfport (GPOR) currently estimates that Q1 production averaged approximately 27,100 barrels of oil equivalent per day, which excludes approximately 900 BOEPD during Q1 attributable to the previously announced acquisition of Rhino Resources (RNO) interests in the Utica Shale. The production mix for Q1 was approximately 48% oil and natural gas liquids and 52% natural gas. Proforma of the Rhino transaction, Gulfport estimates that Q1 production averaged approximately 28K BOEPD. In the Canadian Oil Sands, Grizzly Oil Sands, in which Gulfport owns a 24.9% interest, achieved first bitumen production at its first SAGD facility at Algar Lake during Q1. Grizzly currently has seven of the ten well pairs on full steam circulation and expects to have all ten well pairs on full circulation in the coming month. During March, Algar Lake production averaged approximately 30 barrels of bitumen per day. Grizzly continues to see the production ramp as expected during steam circulation. Grizzly's Windell rail transloading facility at Conklin, Alberta commenced operations during Q1 and the first load of dilbit from Algar Lake was hauled by truck to the Windell terminal for sales to the U.S. Gulf Coast market. In connection with the spring redetermination of Gulfport's revolving credit facility, the Bank of Nova Scotia (BNS) has provided a commitment letter that increases Gulfport's borrowing base from $150M-$275M, subject to the approval of the additional banks within the syndicate.
News For GPOR;RNO;BNS From The Last 14 Days
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October 8, 2015
08:11 EDTGPORGulfport Energy announces Utica Shale midstream JV with Rice Energy
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08:03 EDTGPORGulfport Energy and Rice Energy form Utica Shale midstream joint venture
Gulfport Energy (GPOR) has executed a Letter of Intent with Rice Midstream Holdings, a wholly owned subsidiary of Rice Energy (RICE), to form a midstream joint venture to develop natural gas gathering and water services assets to support Gulfport's dry gas Utica Shale development in eastern Belmont County and Monroe County, Ohio. The JV will be supported by long-term, fee-based service agreements with Gulfport. Gulfport will own 25% of the JV and Rice will own the remaining 75% of the JV. Rice will be responsible for constructing and operating the JV's assets. Gulfport and Rice plan to invest approximately $520M to develop gathering and compression assets and $120Mfor water assets within the JV over the next six years. Initial construction of the system is expected to begin immediately and first deliveries are planned for the middle of 2016. Gulfport will have the right to participate on a proportionate basis in any direct or indirect sale transactions by Rice, which includes potential drop down transactions with Rice Midstream Partners LP.

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