Oklahoma City-based Gulfport Energy Corporation reported a 22 percent increase in production during the fourth quarter of 2016, according to a company press release issued Tuesday.
The independent oil and natural gas exploration and production company produced 787 million cubic feet of natural gas equivalent per day in the fourth quarter. The production was near the top of the company’s forecast range of 765 million to 790 million equivalent cubic feet per day.
Gulfport averaged nearly 720 million equivalent cubic feet per day in FY 2016, which is 31 percent higher than FY 2015 levels.
Gulfport’s realized price for the year averaged $1.12 per thousand cubic feet of natural gas and $35.65 per barrel of oil, resulting in a total price of $1.46 per equivalent thousand cubic feet.
For the full year, Gulfport’s net daily production mix was comprised of 86% natural gas, 9% natural gas liquids and 5% oil.
Production and sales prices both are expected to increase in 2017.
The company also has agreed to sell 1.7 million barrels per day of 2017 oil production at an average price of $51.97 a barrel, according to a report by The Oklahoman.
Gulfport executives also have positioned the company to increase production over the upcoming year. Last month, Gulfport agreed to buy 46,400 net acres in Oklahoma’s SCOOP play for $1.85 billion. The deal is expected to close in February.