GPOR...a hit piece, or is there some truth here...

[mdwitte]

...we report, you decide...

http://seekingalpha.com/article/1284721 ... urce=yahoo

<snip>
Based on the current EV, Gulfport trades at $544,000/boepd, $266.57/boe of proved reserves and $92.15/boe of 2P reserves.

<snip>

[dan_s]

GPOR is currently producing about 7,000 boepd. By 12-31-2013 production should be around 35,000 boepd. They may have the best acreage in the Utica Shale.

[mdwitte]

...but how much of that 35k is bitumen, not "real" oil?

I looked at the latest GPOR presentation...keep in mind that I'm no math/accounting whizz...but like the "hit piece" said, I couldn't see any stats on the Utica wells other than the IP rate...no IP30, IP90, etc. ...and no IRR number for the wells. FWIW, I happened to look at a presentation for MEI.V today, and they DID show IRR numbers...

Hopefully GPOR is keeping these "missing" numbers quiet while these lease additional acres...but suppose...

[dan_s]

None of the 35,000 boepd will be bitumen. Since GPOR only owns 25% of Grizzly it will not include its production in their reported volumes. Also, their share of FANG production is not allowed to be included. GAAP requires more than 50% equity before production can be consolidated.

You can find my forecast for GPOR under the Sweet 16 TAB. Quarterly production is shown at the bottom. None of that is Grizzly or FANG. I break down the production between oil, gas and NGLs.

BTW the Utica Shale gas is very high btu gas that will sell at a premium to NYMEX.

If you listen to the GPOR conference call you will see where I get the numbers. BIG jump in production coming in Q2 when MWE will connect over a dozen high rate GPOR Utica wells to their system. Q3 average daily production s/b over 30,000 boepd.

FANG = Diamondback Energy.