Gulfport Energy Corporation (GPOR) entered the Niobrara Shale through an acquisition in June 2010. The company purchased 24,468 net acres for $7.75 million.
Gulfport Energy said that the acquired acreage is located between the Piceance and Sandwash basins in Colorado in Moffat and Rio Blanco counties. The company acquired 0.9 million barrels of oil equivalent (BOE) of proved reserves, 23 gross proven undeveloped locations, and 3 gross producing wells. The 3 Niobrara Shale wells were producing 114 gross, or 45 net barrels of oil per day.
Gulfport Energy reported that the gross estimated ultimate recovery (EUR) per well ranges from 84,000 to 143,000 barrels of oil. The company said that these Niobrara Shale wells were drilled vertically and without the use of hydraulic fracturing.
Gulfport Energy plans to conduct a seismic survey on a 60 square mile section of its Niobrara Shale properties. The survey is currently being permitted and should begin in the spring of 2011.
Gulfport Energy has the acreage split among various prospect areas. These include the Meeker prospect, Juniper prospect, West Danforth prospect, Craig Dome prospect and Waddle Creek prospect.