Gulfport Adds Acreage in Utica Play

- Gulfport Adds Acreage in Utica Play

Monday, July 11, 2011
Gulfport Energy Corp.

Gulfport reported an increased acreage position in the Utica Shale of Eastern Ohio and resource assessment and provided an update on the TEW-E exploratory well in Thailand.

Utica Shale Leasing Update

Gulfport continues to actively expand its acreage position in the Utica Shale of Eastern Ohio. To date, Gulfport has acquired leasehold interests in approximately 35,000 gross (17,500 net) acres. Gulfport currently has commitments which could bring its position in the Utica Shale to approximately 110,000 gross (55,000 net) leasehold acres if it acquired all such committed acreage. Gulfport is also currently evaluating additional acquisitions in the Utica Shale that could potentially increase its commitments to approximately 130,000 gross (65,000 net) leasehold acres in the coming months. Gulfport will serve as operator of its acreage in the Utica Shale and currently plans to bring a rig into the play in early 2012 to begin drilling its acreage.

TEW-E Exploratory Well Update

Tatex Thailand III, a company in which Gulfport owns a 17.9% interest, concluded drilling operations on the TEW-E well in March 2011, the second exploratory well drilled by Tatex III on an approximate one-million acre concession block in Northeastern Thailand. The well was drilled to a total depth of 15,026 feet and logged over 5,000 feet of apparent possible gas saturated column. TEW-E experienced gas shows and carried a flare measuring up to 25 feet after drilling below the intermediate casing point of 9,695 feet.

As previously announced, Tatex III recently conducted a coil tubing operation meant to remove compacted debris that formed a blockage in the open-hole portion of the TEW-E wellbore. Due to the limited pumping capacity of the coil tubing unit, the operation was unsuccessful in removing the blockage. Consequently, Tatex III has scheduled a drilling rig to return to the TEW-E by September 2011 and commence operations to remove the debris and test the well.

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