Gulfport’s second quarter results
Wednesday, August 12, 2015
CNN Money reports that Gulfport Energy Corp. posted a loss of $31.3 million for the second quarter. The company’s net production averaged 473.9 million cubic feet per day during that period. In July alone, average net production was 574 Mmcf/d.
In the west window, estimated ultimate recovery (EUR) for Utica Shale dry gas was quoted at 2.2 Billion cubic feet for 1,000 foot of lateral. In the central window, an estimated 2.4 Bcf per 1,000 foot lateral was quoted; in the east window, at least 2.6 Bcf per 1,000 foot lateral was estimated.
Earlier this year, Gulfport acquired more than 35,000 acres from American Energy Utica in Belmont and Jefferson counties.
Via: CNN Money > Gulfport Energy Corporation Reports Second Quarter 2015 Results
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.