Newspaper article THE JOURNAL RECORD

OKC-Based Gulfport Energy Income Up 108%

Newspaper article THE JOURNAL RECORD

OKC-Based Gulfport Energy Income Up 108%

Article excerpt

Gulfport Energy on Thursday reported sharply higher earnings for the third quarter, reflecting a 74-percent increase in production.

Net income for the quarter totaled $12.5 million, or 37 cents per diluted share, up 108 percent from $6 million, or 18 cents per share, for the third quarter of 2005.

Revenues for the quarter totaled $24 million, up from $11.6 million a year earlier.

Oil and condensate sales for the quarter totaled $21.7 million, up 121.1 percent from a year earlier. Oil production for the quarter totaled 319,992 barrels of oil, up from 181,240 barrels for the third quarter of 2005.

Natural gas sales for the quarter totaled $2.4 million, up 40 percent, on production of 360.3 million cubic feet, up from 223.6 million cubic feet for the third quarter of 2005.

Gulfport completed six wells in its West Cote Bay field in southern Louisiana during the quarter.

"Our West Cote Blanche Bay assets continue to generate solid production growth and reserve adds while producing desirable high quality oil," said Jim Palm, CEO. …

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