GPOR reports
GPOR reports
6:14AM Gulfport Energy beats by $0.01, beats on revs (GPOR) 17.40 : Reports Q3 (Sep) earnings of $0.28 per share, $0.01 better than the Thomson Reuters consensus of $0.27; revenues rose 50.3% year/year to $33.2 mln vs the $32.4 mln consensus. Gulfport estimates 2011 production to be in the range of 2.2 to 2.4 million BOE. Capital expenditures for 2011 are estimated to be in the range of $110 to $120 million prior to any new acreage or asset acquisitions. Operationally, Gulfport plans to drill 20 to 24 wells at WCBB, seven to ten wells at Hackberry, 29 to 31 gross wells in the Permian Basin, and three to five wells in the Niobrara. In Canada, Gulfport plans to participate in Grizzly's 2010/2011 winter drilling program and fund its portion of expenditures related to the construction of Grizzly's Algar Lake Project. For 2011, Gulfport projects lease operating expense to be in the range of $8.00 to $9.50 per BOE, general and administrative expense to be between $2.50 to $3.50 per BOE, production taxes to be between $8.50 to $9.50 per BOE and depreciation, depletion and amortization expense to be in the range of $19.00 to $21.00 per BOE.