Based in Oklahoma City, Oklahoma, Gulfport Energy is a growth-oriented oil and gas exploration and production company. Trading on the NASDAQ, with a current market capitalization of $613.87M, the company’s principal producing properties are located along the Louisiana Gulf Coast. Other areas that the company operates in are the Permian Basin and the Bakken/Williston Basin, the Alberta oil sands in Canada, and natural gas areas in northern Thailand. The company also involves itself in oil and gas exploration activities in Belize.
Gulfport’s Southern Louisiana assets consist of the West Cote Blanche Bay and Hackberry fields of approximately 12,000 acres in the inland waters of the state. The company owns approximately 4,100 net leasehold acres in their Permian Basin play, in West Texas. The majority of their acreage there is in Upton and Midland counties. Here, they are focusing on prime spots within the Wolfcamp and Sprayberry formations. Three operating rigs were active for further development of this acreage as of May 7, 2008. They expect drilling activity of 17 to 22 net wells by the end of 2008 on current leaseholds. They also anticipate opportunities for more acquisitions in this area throughout this year.
In the Williston Basin, which stretches from the north central United States to Canada, Gulfport’s current leaseholds total approximately 14,000 net acres and are in Western North Dakota. They are continuing to seek and evaluate new leasing opportunities in this high-potential play. In the Canadian Oil Sands, they have a net indirect interest in 127,941 leasehold acres. Their current operations in this area include core-hole drilling and seismic activity. They also include operations and facility research and development. Gulfport is looking forward to first production in this region in 2011. Gulfport began investing into the natural gas fields of Northeast Thailand in 2005. These fields are in the early stages of exploration and production.
Gulfport Energy Corporation continues to explore and develop. Their strategy is to take advantage of technological advancements in the oil and gas industry to exploit fully core-producing acreages. They also seek to balance their portfolio with various long-term value opportunities. They hope that these opportunities provide high-impact upside potential, with minimal initial investment, to further shareholder value.
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