Niobrara Shale

Gulfport Energy - Niobrara Shale Summary

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.

EOG Resources Updates Operations In Niobrara Shale

EOG Resources (EOG) issued an operational update for the second quarter of 2010 regarding the company’s activities in the Niobrara Shale, where the company has built a position of 400,000 net acres. EOG Resources is focusing development on 25% of its total position, so the company can have enough concentrated production to justify building infrastructure.

EOG Resources completed two wells during the second quarter of 2010 and reported well costs of approximately $4 million each. The company won’t give out any estimates of reserves until more data is available.

Petroleum Development Corporation Changes Name To PDC Energy

Petroleum Development Corporation (PETD) announced that the company is changing its name to PDC Energy. The company will continue to use the old trading symbol.

PDC Energy has 70,500 net acres under lease that are prospective for the Niobrara Shale, located mostly in the Wattenberg Field. The company estimates that it has 650 Bcfe of recoverable reserves in the Niobrara Shale on that acreage.