Gulfport’s year-end reserves grow, mostly in Ohio’s Utica shale
Monday, February 8, 2016
Last week, Gulfport Energy Corp. reported a growth in its end of year proved reserves for 2015, according to Akron Beacon Journal. The majority of this growth was in eastern Ohio’s Utica shale.
The newspaper reports that Gulfport’s year-end reserves grew by 83 percent from 2014 to 2015. The company’s average net production for last year was 548.2 billion cubic feet of equivalents a day.
In October, Gulfport and Rice Midstream Holdings LLC partnered in a joint venture, and that business agreement is now complete. Rice will develop gas-gathering assets in parts of Monroe and Belmont counties. This will help Gulfport’s Utica shale dry gas drilling.
Via: Akron Beacon Journal > Gulfport Energy reports big jump in proved reserves, mostly in Ohio’s Utica Shale
Recent Gulfport Energy news:
- Belmont and Monroe counties prove to be fruitful for Gulfport Dec. 14, 2015
- Gulfport slows drilling and production down Nov. 8, 2015
- Joint venture formed by Rice and Gulfport for Ohio’s Utica Shale Oct. 10, 2015
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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.