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Thinkpad (AXcess News) Oaklahoma City - Gulfport Energy Corp. (OTCBB:GPOR) reported record results for the quarter ended Sept 30, 2005, recording $6,045,000, or 19 cents per share, in net income compared to $1,206,000, or 8 cents per share in the same period last year.
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Microsoft Gulfport has oil and gas interests inthe West Cote Blanche Bay, West Hackberry, and East Hackberry fields along the Louisiana Gulf coast.
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Laptop Computers The company reported revenues of $11,519,000 for the quarter compared to $5,430,000 for the quarter ended
September 30, 2004.
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Laptop Computer The improvement in earnings was the result of an increase in the average price received for oil to $54.04 per barrel for the quarterfrom $38.26 per barrel for same period in 2004. In addition, there was a net increase in oil and gas production to 219 thousand barrels of oil equivalents (MBOE) from 143 MBOE for the same period in 2004. Production for the quarter was net of production down time of approximately 13 days from both Hurricanes Katrina and Rita.
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Desktop Computer Gulfport Energy said it also commenced its West Cote Blanche Bay drilling program in March 2005 and has drilled 14 wells with another 25 wells scheduled to be drilled along with 18 recompletions over the next 18 months.
Notebooks Since March 2005, Gulfport has successfully completed ten wells and nine recompletions in West Coteat a total cost of approximately $14.0 million. Of the 14 wells drilled, nine are producing, three are waiting on completion, one is waiting on side-tracking and one was unsuccessful.
Lenovo As of September 21, 2005, prior to Hurricane Rita, the nine new wells and nine recompletions were producing an aggregate of 570 net barrels of oil per day and 1,093 net mcf of gas per day. As of September 21, 2005, prior to Hurricane Rita, net oil production at West Cotewas 2,026 barrels of oil per day, an increase of 51% from December 31, 2004. West Cotenet gas production was 2,030 Mcf of gas on September 21, 2005, an increase of 19% from December 31, 2004.
Hard Drive The Company has previously reported that it sustained damage to both its Hackberry field located in Cameron Parish, Louisiana and its West Cote Blanche Bay field located in St. Mary Parish, Louisiana as a result of Hurricane Rita.
Travelstar Gulfport expects repairs to be completed and the wells back on line in December.
Gateway Shares of the energy company closed up 14 cents, or 1.3 percent, to end the week's trading session at $10.80.
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