Gulfport slows drilling and production down
Sunday, November 8, 2015
Gulfport Energy Corp. has been one of the top drillers in Ohio’s Utica Shale. The company has drilled 209 wells to date.
The Repository reports that Gulfport has decided to cut production through early next year. Low commodity prices and the company’s ability to drill more quickly than originally anticipated are cited as the reasons for the slowdown.
During the third quarter, Gulfport drilled 15 gross wells and began producing from 16 wells, according to the newspaper. At the beginning of November, the company cut production by 100 million cubic feet per day.
Via: The Repository > Gulfport to cut oil and gas production
Recent Gulfport news:
- Joint venture formed by Rice and Gulfport for Ohio’s Utica Shale Oct. 10, 2015
- Gulfport’s second quarter results Aug. 12, 2015
- Gulfport pays American Energy Utica $407M for 35,000-plus acres June 13, 2015
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How often do royalty payments come?
Depending on the company, royalty payments can arrive monthly or quarterly.
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Yes. If you plan on selling your property, notify the gas company that is leasing your land and your realtor. They will make arrangements to allow the royalty payments to transfer to a different land owner.
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Royalties are payments from the gas company to the landowner as part of a lease agreement. Royalties payments cannot begin until production begins. The payments are dependent upon the market price of the resource.