Utica shale made 2013 successful for Gulfport Energy

Jan. 7, 2014 at 6:34 AM   |   Comments

OKLAHOMA CITY, Jan. 7 (UPI) -- Gulfport Energy Corp. said its production from the Utica shale gas area in Ohio helped make 2013 one of its most successful years on record.

Gulfport said it reached a record production level of 27,780 barrels of oil equivalent per day on New Year's Eve. Gulfport Chief Executive Officer James Palm said that represents a 340 percent growth rate from the previous year.

"We ... look forward to substantial growth as a company during 2014 as we continue to develop our Utica shale assets," he said in a statement Monday.

Gulfport, which has headquarters in Oklahoma, said production rates from 2014 should be "relatively flat." The company focuses on exploiting the Utica shale in parts of Ohio and holds a minority stake in oil sands developments in Alberta, Canada.

The company didn't provide a breakdown of 2013 production levels by reserve area.

Last year, the Ohio Department of Natural Resources said natural gas production from the Utica shale play was expected to pick up in the next few years.

The state expects the number of active drilling rigs to reach 750 and the number of permits to reach 1,000 by the end of 2014.

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