Years of Growth. With the acquisition of our strategic assets in the Permian Basin of West Texas, Gulfport was able to secure low-risk, long life projects with a multi-year development drilling inventory. Highlighted facts regarding our Permian Basin assets include:
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- Gulfport's exposure to the Permian Basin began in December of 2007 with the acquisition of 4,100 net acres (one-half interest in 8,200 gross acres). The deal included 32 gross producing locations and 178 additional gross offset locations at 40-acre spacing
- Subsequently, Gulfport acquired 11,200 net acres, bringing its total net acreage position to 15,300 as of November 2, 2011
- Located in West Texas, the Permian Basin is considered to be one of the major producing basins in the United States
- Target productive zones in the long-established Wolfcamp play, also picking up zones in the shallower Spraberry formation
- Recent advancements in well fracturing technology drive the field's development. The application of high volume fracs generate compelling well economics
Valuable Drilling Inventory. Proved reserves are located in the Wolfcamp and Spraberry formations, both of which are characterized as long-lived, with predictable production profiles.
- Proved Reserves are estimated at approximately 14.5 million barrels of oil equivalent net to Gulfport as of December 31, 2010
- Potential for down spacing to 20-acre spacing - 40-acre spacing only recovers approximately 3% of original oil in place
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