Gulfport Energy tops estimates
Oklahoma City-based Gulfport Energy Corp. said it produced 1.19 million barrels of oil equivalent in the third quarter. The company's oil and natural gas production averaged 12,976 barrels of oil equivalent per day in the third quarter, up from its previous estimates of between 12,250 and 12,750 barrels of oil equivalent per day. By region, net production in the quarter was 662,333 barrels of oil equivalent in the Appalachian Basin's Utica shale; 351,171 barrels of oil equivalent at Louisiana's West Cote Blanche Bay; 167,520 barrels of oil equivalent at Hackberry in Louisiana; and an aggregate of 12,784 barrels of oil equivalent in the Bakken, Niobrara and other areas. Gulfport increased its Utica acreage in the third quarter by 9,000 acres, bringing it to 154,000 gross acres.
Osage sells Colombian assets
Osage Exploration and Development Inc. said it sold its Colombian assets and will focus its business on domestic production in the United States, including Oklahoma fields. The California-based company said this week it sold its Cimarrona LLC division to Bogota, Colombia-based Raven Pipeline Co. LLC for $6.6 million in cash. “With cash flows and asset values from our Nemaha Ridge (Oklahoma) project growing, the time is right to sell the Colombian assets,” Kim Bradford, Osage's chairman and CEO, said in a statement. Osage has about 31,000 acres in Logan County for projects in the Mississippian and Woodford shales.
Atlas activity strengthens
Atlas Pipeline Partners LP said volumes increased in the third quarter to more than 1.4 billion cubic feet per day, an increase of 100 million cubic feet per day from the second quarter. “We continue to see strong producer activity behind all of our systems,” CEO Eugene Dubay said in a statement. “Our job is to build a world-class midstream solution for our producers in our areas of operation and we have the assets, people, and expertise to do so.” Atlas said it expects a third-quarter distribution of 62 cents to 64 cents per limited partner unit, pending final third-quarter results and board approval. Philadelphia-based Atlas has pipelines, gas treatment and gas processing plants in Oklahoma, Kansas, Texas and Tennessee.