OKLAHOMA CITY, Dec. 6, 2006 (PRIME NEWSWIRE) -- Gulfport Energy Corporation (Nasdaq:GPOR) announced today 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.
About Gulfport Energy
Gulfport Energy Corporation is an Oklahoma City-based independent oil and natural gas exploration and production company with its principal producing properties located along the Louisiana Gulf Coast. Gulfport also has an interest in the producing Phu Horm gas field in Thailand. In addition, Gulfport recently acquired an acreage position in the Alberta oil sands in Canada and plans to drill core samples this winter.
Forward-Looking Statements
This news release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the " Exchange Act"). All statements, other than statements of historical facts, included in this news release that address activities, events or developments that Gulfport expects or anticipates will or may occur in the future, including such things as future capital expenditures (including the amount and nature thereof), business strategy and measures to implement strategy, competitive strength, goals, expansion and growth of Gulfport's business and operations, plans, references to future success, reference to intentions as to future matters and other such matters are forward-looking statements. These statements are based on certain assumptions and analyses made by Gulfport in light of its experience and its perception of historical trends, current conditions and expected future developments as well as other factors it believes are appropriate in the circumstances. However, whether actual results and developments will conform with Gulfport's expectations and predictions is subject to a number of risks and uncertainties, general economic, market or business conditions; the opportunities (or lack thereof) that may be presented to and pursued by Gulfport; competitive actions by other oil and gas companies; changes in laws or regulations; and other factors, many of which are beyond the control of Gulfport. Consequently, all of the forward-looking statements made in this news release are qualified by these cautionary statements and there can be no assurances that the actual results or developments anticipated by Gulfport will be realized, or even if realized, that they will have the expected consequences to or effects on Gulfport, its business or operations. We have no intention, and disclaim any obligation, to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.