GPOR

[dan_s]

I will be working on Gulfport Energy (GPOR) this afternoon. Q1 results were slightly less than what I had in my forecast model but the company is holding to their full-year production guidance. To get there, Gulfport needs to ramp up production sharply in Q2 and Q3. Production should be approaching 30,000 boepd by August.

I will have an updated forecast model posted this afternoon.

[dan_s]

An updated forecast model has been posted under the Sweet 16 Tab. I have increased my Fair Value Estimate, primarily because they are getting much better prices for their natural gas and ngls than I expected. The Utica Shale gas is very high btu.

You can find my Fair Value Estimate at the bottom of each forecast model.

[setliff]

DAN, at one time you did not have any grizzly in your gpor forecast--do you have the total guidance in your forecast now?

also, why are you still using 2012 cfps in your fair value calculation?

tia
jim

[dan_s]

Because they own less than 50% of Grizzly, the production will not be included in their totals. I'm not sure how and increase in the value of Grizzly will be reflected in their financials.

I am using 2012 to 2014 CFPS in my calculations of Fair Value for all of the Sweet 16 until we get close to year-end. Then I will drop it and roll forward a year. For GPOR I think you get the picture that once they get to 30,000 boepd of production, this one could really take off. We ain't there yet, but it is getting closer and closer. If Grizzly starts ramping up production, this puppy gets real interesting.

[setliff]

COVERAGE REITERATED: Gulfport Energy (GPOR) reiterated by Wunderlich. Reiterated rating Buy. 05/09 04:12 AM
PT raised from $54>70

COVERAGE REITERATED: Gulfport Energy (GPOR) reiterated by RBC Capital Mkts. Reiterated rating Outperform. 05/09 08:30 AM PT raised from $44 > 54