Gulfport Energy Corp
We are an independent oil and natural gas exploration and production company
focused on the exploration, exploitation, acquisition and production of natural
gas, natural gas liquids and crude oil in the United States. Our principal properties
are located in the Utica Shale primarily in Eastern Ohio and along the Louisiana
Gulf Coast in the West Cote Blanche Bay, or WCBB, and Hackberry fields. In December
2016, we entered into a definitive agreement to purchase oil and natural gas
assets including 46,400 net surface acres with multiple producing zones, including
the Woodford and Springer formations, in Grady, Stephens, and Garvin counties,
Oklahoma, (see "- Our Pending Acquisition" below) which we expect
to complete in February 2017. In addition, we have an interest in producing
properties in the Niobrara Formation of Northwestern Colorado and the Bakken
Formation. We also hold a significant acreage position in the Alberta oil sands
in Canada through our interest in Grizzly Oil Sands ULC, or Grizzly, and an
interest in an entity that operates in the Phu Horm gas field in Thailand. We
also hold an approximate 24.2% equity interest in Mammoth Energy Services, Inc.,
or Mammoth Energy, an oil field services company listed on the NASDAQ Global
Select Market, to which we contributed our membership interest in Mammoth Partners
LLC (previously, Mammoth Energy Partners LP) in connection with Mammoth Energy’s
initial public offering completed on October 19, 2016. We seek to achieve reserve
growth and increase our cash flow through our annual drilling programs.
Location and Land
The West Hackberry field is located on land and is five miles west of Lake Calcasieu
in Cameron Parish, Louisiana, approximately 85 miles west of Lafayette and 15
miles inland from the Gulf of Mexico. We own a 100% working interest (approximately
80.00% NRI) in 1,032 acres within the West Hackberry field. Our leases at West
Hackberry are located within two miles of one of the United States Department
of Energys Strategic Petroleum Reserves.
Area History
The first discovery well at West Hackberry was drilled in 1938 and the field
was developed by Superior Oil Company, now ExxonMobil Corporation, between 1938
and 1988. The estimated cumulative oil and condensate production through 2016
was 493 MBO and 140 Bcf of natural gas. As of December 31, 2016, 41 wells had
been drilled on our portion of West Hackberry. As of December 31, 2016, seven
of such wells were producing, six were shut-in and one had been converted to
a saltwater disposal well. The remaining 27 wells have been plugged and abandoned.