GPOR reports big jump in production

[dan_s]

My forecast and valuation was based on 40,000 boe per day in Q3. - DAN

OKLAHOMA CITY, Oct. 15, 2014 (GLOBE NEWSWIRE) -- Gulfport Energy Corporation (GPOR) ("Gulfport") today announced third quarter 2014 production, provided a financial hedging update and scheduled its third quarter 2014 financial and operational results conference call.

Production
• Gulfport produced oil and natural gas sales volumes of 3,894,511 barrels of oil equivalent ("BOE"), or 42,332 barrels of oil equivalent per day ("BOEPD") during the quarter ended September 30, 2014, compared to the company's previously estimated guidance of 40,000 BOEPD.

For the third quarter of 2014, Gulfport's production mix was approximately 71% natural gas and 29% oil and natural gas liquids. Net production for the third quarter of 2014 by region was 3,507,325 BOE in the Utica Shale, 372,374 BOE in Southern Louisiana and an aggregate of 14,812 BOE in the Bakken, Niobrara and other areas

[dan_s]

Gulfport continues to hedge a portion of its expected production to lock in prices and returns which provide certainty of cash flow to execute on its capital plans. The table in today's press release sets forth the Company's hedging positions as of October 14, 2014.

Q4 production s/b over 54,000 boe per day. Split s/b ~ 75% natural gas and 25% liquids.

[dan_s]

Gulfport Energy upgraded by RBC Capital Mkts Briefing.com(Thu 6:47AM EDT)

[dan_s]

An updated forecast model for Gulfport has been posted under the Sweet 16 Tab.

My Fair Value Estimate went up slightly to $65.55, compares to First Call's Price target of $72.04.

There is upside to my valuation if they continue to report steady progress in their Canadian Oil Sands subsidiary, Grizzly. There is nothing in my valuation for Grizzly as of today, but it obviously has value. GPOR also has a big stake in FANG.