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Gulfport Energy takes on more Utica shale

Feb. 12, 2013 at 5:54 AM   |   Comments

OKLAHOMA CITY, Feb. 12 (UPI) -- More than 21,000 barrels of oil equivalent per day are expected to come from the Utica shale play in Ohio given new acreage, said Gulfport Energy Corp.

Gulfport announced it spent around $220 million to acquire 22,000 net acres in the Utica shale play in eastern Ohio from Wexford Capital affiliate Windsor Ohio LLC.

"After giving effect to this acquisition, Gulfport currently estimates that its 2013 net production will be approximately 21,370 to 22,192 barrels of oil equivalent per day," the company said in a statement from its Oklahoma headquarters. "Gulfport will continue to serve as operator of its acreage in the Utica shale."

Gulfport in December spent $300 million to acquire 30,000 net acres of Utica shale in a deal with Windsor Ohio LLC and later amended the deal to pay another $70 million to take an additional 7,000 acres.

The U.S. Geological Survey said the reserve, which lies underneath the Marcellus shale play, contains 38 trillion cubic feet of technically recoverable natural gas and 940 million barrels of unconventional oil resources.

Ohio Gov. John Kasich in this month released a 759-page budget proposal that would reduce small business taxes and expand social services. Some of that budget would be supported by an increase in taxes for oil and natural gas drillers.

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