Gulfport Energy (GPOR) has been active in the Permian Basin since 2007, when the company purchased 4,100 net acres. The company has since added to its holdings and now has 14,700 net acres with exposure to the Wolfcamp and Spraberry areas.
Gulfport Energy reported that it has 14.45 million barrels of oil equivalent (BOE) of net proved reserves in the Permian Basin as of 12/31/2010. The company estimates that it has 226 gross proved undeveloped reserve (PUD) locations on its Permian Basin leasehold. Gulfport Energy said that average net production is currently 775 BOE per day.
In 2011, Gulfport Energy is operating three rigs and plans to drill between 40 and 42 wells. The company has allocated from $37 million to $39 million in capital to develop its Permian Basin acreage.