For the first quarter of 2011, Gulfport reported net income of $21.2 million on oil and natural gas revenues of $46.6 million, or $0.47 per diluted share. < This hit my forecast on the nose.
I will have an updated forecast model up on the website after I listen to their conference call.
GPOR
Re: GPOR
Gulfport will host a conference call on May 5, 2011 at 12:00 PM CDT to discuss its first quarter 2011 financial and operational results. Interested parties may listen to the call via Gulfport's website at www.gulfportenergy.com or by calling toll-free at 1-800-265-0241 or 617-847-8704 for international callers. The passcode for the call is 35057694. A replay of the call will be available for two weeks at 1-888-286-8010 or 617-801-6888 for international callers. The replay passcode is 92175681. The webcast will be archived on the Company's website for one year and can be accessed on the Company's "Investor Relations" page.
This is one you should listen to.
This is one you should listen to.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: GPOR
My notes from the CC;
> Very good quarter.
> Production should be up 7% to 10% in Q2 (expecting 16.5% year-over-year production growth with acceleration of that rate in 2012).
> Utica Shale: Closing acreage acquisition now. GPOR will begin drilling Q2 2012. This one could ramp up quickly.
> Thailand gas discovery: Some difficulty getting back into the well due to high pressure and crap in the well. Test results should be out in June. Well expected to be on-line about a year after testing complete. High pressure / high volume wells like this need more facilities and special order equipment.
> Getting big premium on their Louisiana oil, about $15/bbl to WTI. They get this premium even on the hedged volumes.
> Grizzly: Big acreage addition this quarter. Successful drilling program over the winter. New resource report expected in June. Approval of Algar Lake expected in August. Construction of facilites to begin immedately upon project approval. Now planning on building two 8,000 bopd SAGD "pods". First production in 2012. GPOR owns 25%. More than 2 billion bbls of oil in place.
> Added a rig in South Louisiana to accelerate drilling program. May add more wells to budget late this year to take advantage of favorable oil price.
> Permian Basin: Three rigs running. Six wells now waiting on completion. Shortage of frac sand and acid in the Permian causing delays in getting wells completed but those issues are being worked out.
> GPOR has over 500 drilling locations on their acreage in the Permian. New 3D improving well results.
> Operating cash flows exceeding capital spending.
> $26 million of cash at end of March and virtually no debt. Primarily from stock sale.
GPOR has:
> Rock solid financials
> Significant running room in South Louisiana and the Permian
> Huge upside in Canadian Oil Sands, Thailand, Niobrara and Utica Shale that will become a new core area in 2012
> Very good quarter.
> Production should be up 7% to 10% in Q2 (expecting 16.5% year-over-year production growth with acceleration of that rate in 2012).
> Utica Shale: Closing acreage acquisition now. GPOR will begin drilling Q2 2012. This one could ramp up quickly.
> Thailand gas discovery: Some difficulty getting back into the well due to high pressure and crap in the well. Test results should be out in June. Well expected to be on-line about a year after testing complete. High pressure / high volume wells like this need more facilities and special order equipment.
> Getting big premium on their Louisiana oil, about $15/bbl to WTI. They get this premium even on the hedged volumes.
> Grizzly: Big acreage addition this quarter. Successful drilling program over the winter. New resource report expected in June. Approval of Algar Lake expected in August. Construction of facilites to begin immedately upon project approval. Now planning on building two 8,000 bopd SAGD "pods". First production in 2012. GPOR owns 25%. More than 2 billion bbls of oil in place.
> Added a rig in South Louisiana to accelerate drilling program. May add more wells to budget late this year to take advantage of favorable oil price.
> Permian Basin: Three rigs running. Six wells now waiting on completion. Shortage of frac sand and acid in the Permian causing delays in getting wells completed but those issues are being worked out.
> GPOR has over 500 drilling locations on their acreage in the Permian. New 3D improving well results.
> Operating cash flows exceeding capital spending.
> $26 million of cash at end of March and virtually no debt. Primarily from stock sale.
GPOR has:
> Rock solid financials
> Significant running room in South Louisiana and the Permian
> Huge upside in Canadian Oil Sands, Thailand, Niobrara and Utica Shale that will become a new core area in 2012
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group