1. Anyone have any info from the breakout session of today's webcast?
2. Dan: Russell Porter said that in the first half of 2017 he hoped to be able to extend the maturities of the notes due in May of 2018. If he is able to extend those maturities, wouldn't that derisk GST?
3. Porter also said the purpose of the drilling joint venture is to hold acreage.
GST
-
wilmawatts
- Posts: 685
- Joined: Fri Apr 01, 2011 10:12 am
Re: GST
Sounded pretty good to me, yeah I wish we could have had a mike in the breakout
Newfield sounded pretty good also. Using a lot more sand and getting a lot more oil at least at IP testing time
Russ spins things well, and I think sets it out as good as he can without making too many pie in the sky projections. trends certainly look good however from the area
Newfield sounded pretty good also. Using a lot more sand and getting a lot more oil at least at IP testing time
Russ spins things well, and I think sets it out as good as he can without making too many pie in the sky projections. trends certainly look good however from the area
-
bearcatbob
Re: GST
Any comments on this as to GST?
GPOR Entry into the SCOOP with Acquisition of 85,000 Net Effective Acres
OKLAHOMA CITY, Dec. 14, 2016 (GLOBE NEWSWIRE) -- Gulfport Energy Corporation (Nasdaq:GPOR) (“Gulfport” or the “Company”) today announced that the Company has entered into a definitive agreement with Vitruvian II Woodford, LLC (“Vitruvian”), a portfolio company of Quantum Energy Partners, to acquire approximately 46,400 net surface acres in the core of the SCOOP, including approximately 183 MMcfe per day of net production for October 2016 for a total purchase price of $1.85 billion.
Acquisition Highlights
Substantially contiguous acreage position totaling approximately 85,000 net effective acres, which includes rights to 46,400 Woodford acres and 38,600 Springer acres, in Grady, Stephens and Garvin Counties, Oklahoma, with approximately 80% held by production.
Stacked-pay potential with approximately 1,750 gross drilling locations, including over 775 gross locations with internal rates of return of approximately 75%, targeting the Woodford and Springer intervals with significant upside potential through infill drilling and additional prospective zones.
Existing production of approximately 183 MMcfe per day in the month of October 2016.
Total estimated proved reserves at September 30, 2016 were 1.1 Tcfe.
As of December 13, 2016, Gulfport entered into a definitive agreement with Vitruvian to acquire approximately 46,400 net surface acres with multiple producing zones, including the Woodford and Springer formations, in Grady, Stephens and Garvin Counties, Oklahoma. Given the potential for numerous producing intervals across this high-quality position, Gulfport has identified approximately 1,750 gross drilling locations, composed of only Woodford and Springer zones with significant upside potential through infill drilling and additional prospective zones present on the acreage. The acquired properties are located primarily in the over-pressured liquids-rich to dry gas windows of the play and include approximately 183 Mmcfepd of net production for October 2016. The transaction also includes 48 producing horizontal wells and an additional interest in over 150 non-operated horizontal wells. Four rigs are currently operating on the acreage and Gulfport currently intends to maintain a four rig cadence in the play during 2017 and add an additional two rigs at the beginning of 2018. Based on the estimated internal reserve report prepared by Vitruvian as of September 30, 2016 and audited by Netherland, Sewell & Associates, Inc., the estimated proved reserves attributable to the acreage are approximately 1.1 Tcfe. The acquisition is expected to close in February 2017, subject to the satisfaction of certain closing conditions.
Consideration in the transaction includes a total purchase price of approximately $1.85 billion, consisting of $1.35 billion in cash and approximately 18.8 million in shares of Gulfport common stock privately placed to the sellers, subject to adjustment. The Company intends to fund the cash portion of the acquisition through potential debt and equity financings prior to closing.
GPOR Entry into the SCOOP with Acquisition of 85,000 Net Effective Acres
OKLAHOMA CITY, Dec. 14, 2016 (GLOBE NEWSWIRE) -- Gulfport Energy Corporation (Nasdaq:GPOR) (“Gulfport” or the “Company”) today announced that the Company has entered into a definitive agreement with Vitruvian II Woodford, LLC (“Vitruvian”), a portfolio company of Quantum Energy Partners, to acquire approximately 46,400 net surface acres in the core of the SCOOP, including approximately 183 MMcfe per day of net production for October 2016 for a total purchase price of $1.85 billion.
Acquisition Highlights
Substantially contiguous acreage position totaling approximately 85,000 net effective acres, which includes rights to 46,400 Woodford acres and 38,600 Springer acres, in Grady, Stephens and Garvin Counties, Oklahoma, with approximately 80% held by production.
Stacked-pay potential with approximately 1,750 gross drilling locations, including over 775 gross locations with internal rates of return of approximately 75%, targeting the Woodford and Springer intervals with significant upside potential through infill drilling and additional prospective zones.
Existing production of approximately 183 MMcfe per day in the month of October 2016.
Total estimated proved reserves at September 30, 2016 were 1.1 Tcfe.
As of December 13, 2016, Gulfport entered into a definitive agreement with Vitruvian to acquire approximately 46,400 net surface acres with multiple producing zones, including the Woodford and Springer formations, in Grady, Stephens and Garvin Counties, Oklahoma. Given the potential for numerous producing intervals across this high-quality position, Gulfport has identified approximately 1,750 gross drilling locations, composed of only Woodford and Springer zones with significant upside potential through infill drilling and additional prospective zones present on the acreage. The acquired properties are located primarily in the over-pressured liquids-rich to dry gas windows of the play and include approximately 183 Mmcfepd of net production for October 2016. The transaction also includes 48 producing horizontal wells and an additional interest in over 150 non-operated horizontal wells. Four rigs are currently operating on the acreage and Gulfport currently intends to maintain a four rig cadence in the play during 2017 and add an additional two rigs at the beginning of 2018. Based on the estimated internal reserve report prepared by Vitruvian as of September 30, 2016 and audited by Netherland, Sewell & Associates, Inc., the estimated proved reserves attributable to the acreage are approximately 1.1 Tcfe. The acquisition is expected to close in February 2017, subject to the satisfaction of certain closing conditions.
Consideration in the transaction includes a total purchase price of approximately $1.85 billion, consisting of $1.35 billion in cash and approximately 18.8 million in shares of Gulfport common stock privately placed to the sellers, subject to adjustment. The Company intends to fund the cash portion of the acquisition through potential debt and equity financings prior to closing.