Gulfport Energy Corporation today reported financial and operating results for the second quarter of 2007.
For the second quarter of 2007, Gulfport reported net income of $9.6 million on revenues of $25.0 million. Net income increased 31 percent compared to the first quarter of 2007 and 36 percent compared to the second quarter of 2006.
EBITDA for the second quarter of 2007 was $17.0 million, an increase of 64 percent from the second quarter of 2006 due to increased production levels. Cash flow from operating activities before changes in working capital was $16.6 million, an increase of 62 percent versus the same period last year.
Net production was 370,000 barrels of oil and 155.4 million cubic feet of natural gas or 395,900 barrels of oil equivalent for the second quarter of 2007. Realized price, which includes transportation, for the quarter was $63.88 per barrel of oil and $8.91 per MCF of natural gas or total equivalent of $63.20 per barrel.
In the second quarter, Gulfport drilled 11 wells in southern Louisiana. The company drilled seven wells at the West Cote Blanche Bay field with six productive wells and one well is awaiting completion. The company drilled four wells at the Hackberry field with one well producing, two wells are in the process of initial completion and one well is awaiting completion. The company also performed 19 recompletions, all at the West Cote Blanche Bay field.