Press Releases

Gulfport Energy Corporation Reports Fourth Quarter and Year-End 2009 Results

OKLAHOMA CITY, March 9, 2010 (GLOBE NEWSWIRE) -- Gulfport Energy Corporation (Nasdaq:GPOR) today reported financial and operational results for the quarter and year ended December 31, 2009, and provided updates on its 2010 activities.

For the quarter ended December 31, 2009, Gulfport reported net income of $9.1 million on oil and gas revenues of $24.9 million, or $0.21 per diluted share. For the fourth quarter of 2009, EBITDA (as defined below) was $17.0 million and cash flow from operating activities before changes in working capital was $16.7 million.

For the year ended December 31, 2009, Gulfport reported net income of $23.6 million on oil and gas revenues of $85.6 million, or $0.55 per diluted share. For 2009, EBITDA (as defined below) was $55.8 million and cash flow from operating activities before changes in working capital was $54.0 million.

                          Financial Highlights

  --  Produced full-year oil and gas sales volumes of 1.68 million barrels of
      oil equivalent ("BOE") during 2009
  --  Increased average daily sales volumes to 4,858 barrels of oil equivalent
      per day ("BOEPD") in the fourth quarter of 2009, an 8% sequential
      increase over the third quarter of 2009
  --  Generated $17.0 million of EBITDA in the fourth quarter, a 15%
      sequential increase over the third quarter of 2009
  --  Recorded net income of $9.1 million for the fourth quarter of 2009, a
      37% sequential improvement over the third quarter of 2009
  --  Reduced 2009 unit lease operating expense and unit general and
      administrative expense by 25% and 23%, respectively, as compared to 2008

Production

For the fourth quarter of 2009, net production was 403,197 barrels of oil, 170,203 thousand cubic feet ("MCF") of natural gas and 643,899 gallons of natural gas liquids ("NGL"), or 446,895 BOE. Net production for the fourth quarter of 2009 by region was 390,437 BOE in Southern Louisiana, 50,276 BOE in the Permian Basin and 6,182 BOE in the Bakken. For 2009, Gulfport recorded net production of 1,530,908 barrels of oil, 491,022 MCF of natural gas and 2,718,632 gallons of NGL, or 1,677,474 BOE.

Realized price for the fourth quarter of 2009 including transportation costs was $58.14 per barrel of oil, $5.16 per MCF of natural gas and $0.88 per gallon of NGL, for a total equivalent of $55.68 per BOE. Realized price for the full-year 2009 including transportation costs was $53.29 per barrel of oil, $4.06 per MCF of natural gas and $0.73 per gallon of NGL, for a total equivalent of $51.01 per BOE.

                 Gulfport Energy Corporation
                     Production Schedule
                         (Unaudited)


                              4Q      4Q
                             2009    2008    2009     2008
                            ------  ------  -------  -------

  Production Volumes:

  Oil (MBbls)                403.2   452.1  1,530.9  1,583.9
  Gas (MMcf)                 170.2   153.1    491.0    712.1
  NGL (MGal)                 643.9   778.6  2,718.6  2,583.2
  Oil equivalents (MBOE)     446.9   496.2  1,677.5  1,764.1

  Average Realized Price:

  Oil (per Bbl)             $58.14  $80.05   $53.29   $83.23
  Gas (per Mcf)              $5.16   $6.25    $4.06    $9.23
  NGL (per Gal)              $0.88   $0.60    $0.73    $1.26
  Oil equivalents (BOE)     $55.68  $75.82   $51.01   $80.30
                         Operational Highlights

  --  Achieved a 94% drilling success rate in Southern Louisiana during 2009
  --  Began drilling in the Permian in November of 2009 under a long-term
      turnkey drilling contract through the end of 2010
  --  Returned a rig to West Cote Blanche Bay ("WCBB") on March 1, 2010 to
      begin drilling under a long-term daywork contract
  --  Currently actively drilling with one rig at WCBB and one rig in the
      Permian and are scheduled to add a rig at Hackberry in mid-March
  --  Grizzly Oil Sands ULC ("Grizzly") submitted a regulatory application for
      its Algar Lake Project, and in doing so, Grizzly expects that the
      majority of the 89 million barrels of contingent resource assigned to
      the Algar Lake property will be reclassified as probable reserves by its
      third party engineer, McDaniel & Associates.

Operations Update

Gulfport drilled a total of 17 wells in Southern Louisiana after beginning its 2009 drilling program in June of 2009, achieving a 94% drilling success rate for the year. At WCBB, Gulfport drilled eleven wells, completing ten as producers, and performed 56 recompletions during 2009. At Hackberry, Gulfport drilled six wells, completing all six as producers, and performed five recompletions during 2009. Gulfport brought a rig back to WCBB on March 1, 2010 under a long-term contract to begin drilling an estimated 19 to 21 wells during 2010. Currently, the rig is drilling ahead at approximately 7,098' on the first well of Gulfport's 2010 drilling program at the field. At Hackberry, Gulfport is scheduled to spud the first well of its 2010 program by mid-March. Gulfport currently intends to drill a total of three wells at Hackberry during 2010; however continued success may result in additional wells being drilled at the field.

Gulfport has continued to add to its acreage position in the Permian, acquiring 4,095 net acres during 2009 and an additional 1,346 net acres during 2010, bringing Gulfport's total position in the play to 9,751 net acres. A total of four gross wells were drilled on Gulfport's Permian acreage during 2009, one of which was drilled on a 20-acre unit. Two gross wells have already been drilled during 2010 and the rig is currently drilling ahead on the third well of this year's drilling program. Currently, Gulfport has one rig under long-term turnkey contract through the remainder of 2010 and currently plans to drill a total of 24 to 26 gross wells this year in the Permian.

In Canada, Grizzly, in which Gulfport owns a 24.9% interest, has filed an application with the Alberta Energy Resources Conservation Board ("ECRB") and Alberta Environment ("AENV") for the development of an 11,300 barrel per day oil sands project at Algar Lake. With the submission of this application, Grizzly expects that the majority of the 89 million barrels of contingent resource assigned to the Algar Lake property will be reclassified as probable reserves by its third party engineer, McDaniel & Associates. Once approved, Stage 1 of the Algar Lake Project will consist of two plant phases and 40 well pairs on four well pads. Each plant phase is designed to operate at an average capacity of 5,000 barrel per day. Upon approval, Grizzly intends to construct the first phase consisting of one modular central processing facility ("CPF"), ten well pairs on one well pad and associated roads and pipelines. As proposed, the second plant phase, to be developed two years subsequent to approval, will include a second modular CPF and an additional ten well pairs on one well pad. In order to maintain consistent production, an additional well pad will be required for each phase every five years. Upon completion of the second phase, the Algar Lake Project is expected to operate at an average capacity of 10,000 barrels per day over a design life of 30 years. Grizzly expects construction of the first phase to begin within 12 to 18 months following its receipt of approvals from the ECRB and AENV and first production 18 months subsequent to that. Meanwhile, during 2010 Grizzly intends to continue preparation work on its Algar Lake Project by drilling two water supply wells, performing geotechnical drilling in and around the Algar Lake facility site, constructing the first surface well pad site, conducting a detailed feed engineering study and beginning procurement of long-lead items. In addition, Grizzly is currently planning their 2010/2011 winter drilling program.

Reserves

Gulfport reported year-end 2009 total proved reserves of 17.5 million barrels of oil and 14.3 billion cubic feet of natural gas, or 19.9 million BOE. In addition, Gulfport's third party engineers issued a probable reserve report, estimating 9.4 million barrels of oil and 4.2 billion cubic feet of natural gas, or 10.1 million BOE. Proved reserves declined by 5.6 million BOE primarily due to production, the divestiture of certain non-core assets, and downward revisions because of the re-categorization of proved undeveloped reserves ("PUDs") to probable reserves as a result of the SEC's new five-year limitation on the life of PUDs from the date they were initially recorded. Partially offsetting this decline were discoveries and extensions from acquisitions and our drilling programs. Year-end 2009 proved reserves were comprised of 88% oil and NGL and 12% natural gas.

                     GULFPORT ENERGY CORPORATION
                   DECEMBER 31, 2009 NET RESERVES
                             (Unaudited)


                                                            Oil
                                                Natural  Equivalent
                                         Oil      Gas
                                        MMBBL     BCF       MMBOE
                                       -------  -------  ----------
  Proved Developed Producing             2.644    2.377       3.040
  Proved Developed Non-Producing         3.521    1.948       3.846

  Proved Undeveloped                    11.323   10.007      12.991
                                       -------  -------  ----------

  Total Proved Reserves                 17.488   14.332      19.877
                                       =======  =======  ==========

  Probable Reserves                      9.407    4.208      10.108
                                       -------  -------  ----------
  Total Proved and Probable
   Reserves                             26.895   18.540      29.985
                                       -------  -------  ----------

In accordance with new SEC guidelines which were effective December 29, 2009 ("SEC Case"), our proved reserves as of December 31, 2009 were determined to be economically producible under existing economic conditions, which requires us to use the 12-month average price for each product calculated as the unweighted arithmetic average of the first-day-of-the-month price for the period January 2009 through December 2009. According to these new SEC guidelines, the present value of our total proved reserves discounted at 10% (referred to as "PV-10"), which includes the impact of estimated asset retirement obligations, was $263 million at December 31, 2009. The PV-10 value of our total proved and probable reserves was $352 million at December 31, 2009. In addition to the SEC Case, Gulfport has also prepared estimates of its year-end PV-10 values using two alternate commodity price assumptions. The following table summarizes Gulfport's PV-10 values as of December 31, 2009 under each of the three cases.


                   GULFPORT ENERGY CORPORATION
             DECEMBER 31, 2009 PV-10 Sensitivities
                           (Unaudited)

                                               Flat
                                        SEC    Price    NYMEX
                                        Case  Case(1)  Case(2)

                                       ($MM)   ($MM)    ($MM)
                                       -----  -------  -------
  Proved Developed Producing             $59      $96     $107
  Proved Developed Non-Producing         $67     $115     $136

  Proved Undeveloped                    $137     $246     $331
                                       -----  -------  -------

  Total Proved Reserves                 $263     $457     $574
                                       =====  =======  =======

  Probable Reserves                      $89      $89     $247
                                       -----  -------  -------

  Total Proved and Probable Reserves    $352     $546     $821
                                       =====  =======  =======

  (1) The Flat Price Case was based on the posted spot prices
   as of December 31, 2009 for both oil and natural gas. For
   oil and natual gas liquids, the West Texas Intermediate
   posted price of $79.39 per barrel was adjusted by lease for
   quality, transportation fees and regional price
   differentials. For natural gas, the Henry Hub spot price of
   $5.83 per MMBTU was adjusted by lease for energy content,
   transportation fees, and regional price differentials. Such
   prices were held constant throughout the estimated lives of
   the reserves.
  (2) The NYMEX Case was based on the forward closing prices
   on the New York Mercantile Exchange for oil and natural gas
   as of December 31, 2009. For oil and natural gas liquids,
   the price was based on a crude oil price which increased
   from $79.36 per barrel to $101.92 per barrel during the
   life of the reserves and was adjusted by lease for quality,
   transportation fees and regional price differentials. For
   natural gas, the price was based on a natural gas price
   which increased from $5.57 per MMBTU to $9.05 per MMBTU
   over the life of the properties and was adjusted by lease
   for energy content, transportation fees and regional price
   differentials.

2010 Guidance

Gulfport's 2010 guidance issued on November 5, 2009 remains unchanged. Gulfport estimates 2010 production to be in the range of 1.85 to 2.05 million BOE. Capital expenditures for 2010 are estimated to be in the range of $56 to $62 million prior to any new acreage or asset acquisitions. Operationally, Gulfport currently plans to drill 19 to 21 wells at WCBB, approximately three wells at Hackberry and 12 to 13 net wells in the Permian Basin. For 2010, Gulfport projects lease operating expense to be in the range of $8.00 to $9.50 per BOE, general and administrative expense to be between $2.50 to $3.50 per BOE, production taxes to be between $7.00 to $8.00 per BOE and depreciation, depletion and amortization expense to be in the range of $18.00 to $20.00 per BOE.


                                                  Year Ending
                                                   12/31/2010
                                              -------------------
  Estimated Production
                                                  1,850,000 -
   Oil Equivalent - BOE                             2,050,000
   Daily Oil Equivalent Midpoint - BOEPD             5,342

   Year-Over-Year Production Increase(1)              16%

  Operating Costs per BOE of Projected
   Production
   Lease Operating Expense -- $/BOE              $8.00 -- $9.50
   Production Taxes -- $/BOE                     $7.00 -- $8.00
   Depreciation, Depletion and Amortization
    -- $/BOE                                   $18.00 -- $20.00
   General and Administrative -- $/BOE           $2.50 -- $3.50

  Budgeted Capital Expenditures - In
   Millions:
   Total Budgeted Capital Expenditures             $56 -- $62

  (1) Based upon actual average daily oil equivalent production
   of 1.68 MMBOE and the average daily oil equivalent midpoint
   for 2010 estimated production of 1.95 MMBOE

Presentation

An updated presentation has been posted to the Company's website. The presentation can be found at www.gulfportenergy.com under the "Webcasts & Presentations" section on the "Investor Relations" page. Information on the Company's website does not constitute a portion of this press release.

Conference Call

Gulfport will host a conference call today at 9:30 a.m. CST to discuss its fourth quarter and full-year 2009 financial and operational results. Interested parties may listen to the call via Gulfport's website at www.gulfportenergy.com or by calling 1-866-783-2143. The passcode for the call is 30506319. A replay of the call will be available for two weeks at 1-888-286-8010. The replay passcode is 12184827. The webcast will be archived on the Company's website for one year and can be accessed on the Company's "Investor Relations" page.

About Gulfport

Gulfport Energy Corporation is an Oklahoma City-based independent oil and natural gas exploration and production company with its principal producing properties located along the Louisiana Gulf Coast and the Permian Basin in West Texas. Gulfport also holds a sizeable acreage position in the Alberta Oil Sands in Canada through its interest in Grizzly Oil Sands ULC.

Forward Looking Statements

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Gulfport expects or anticipates will or may occur in the future, including such things as future capital expenditures (including the amount and nature thereof), business strategy and measures to implement strategy, competitive strength, goals, expansion and growth of Gulfport's business and operations, plans, market conditions, references to future success, reference to intentions as to future matters and other such matters are forward-looking statements. These statements are based on certain assumptions and analyses made by Gulfport in light of its experience and its perception of historical trends, current conditions and expected future developments as well as other factors it believes are appropriate in the circumstances. However, whether actual results and developments will conform with Gulfport's expectations and predictions is subject to a number of risks and uncertainties, general economic, market, credit or business conditions; the opportunities (or lack thereof) that may be presented to and pursued by Gulfport; competitive actions by other oil and gas companies; changes in laws or regulations; and other factors, many of which are beyond the control of Gulfport. Information concerning these and other factors can be found in the Company's filings with the Securities and Exchange Commission, including its Forms 10-K, 10-Q and 8-K. Consequently, all of the forward-looking statements made in this news release are qualified by these cautionary statements and there can be no assurances that the actual results or developments anticipated by Gulfport will be realized, or even if realized, that they will have the expected consequences to or effects on Gulfport, its business or operations. Gulfport has no intention, and disclaims any obligation, to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.

Non-GAAP Financial Measures

EBITDA is a non-GAAP financial measure equal to net income, the most directly comparable GAAP financial measure, plus interest expense, income tax expense (benefit), accretion expense, impairment of oil and gas properties and depreciation, depletion and amortization. Cash flow from operating activities before changes in operating assets and liabilities is a non-GAAP financial measure equal to cash flows from operating activities before changes in operating assets and liabilities. The Company has presented EBITDA because it uses EBITDA as an integral part of its internal reporting to measure its performance and to evaluate the performance of its senior management. EBITDA is considered an important indicator of the operational strength of the Company's business. EBITDA eliminates the uneven effect of considerable amounts of non-cash depletion, depreciation of tangible assets and amortization of certain intangible assets. A limitation of this measure, however, is that it does not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues in the Company's business. Management evaluates the costs of such tangible and intangible assets and the impact of related impairments through other financial measures, such as capital expenditures, investment spending and return on capital. Therefore, the Company believes that EBITDA provides useful information to its investors regarding its performance and overall results of operations. EBITDA and cash flow from operating activities before changes in operating assets and liabilities are not intended to be performance measures that should be regarded as an alternative to, or more meaningful than, either net income as an indicator of operating performance or to cash flows from operating activities as a measure of liquidity. In addition, EBITDA and cash flow from operating activities before changes in operating assets and liabilities are not intended to represent funds available for dividends, reinvestment or other discretionary uses, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The EBITDA and cash flow from operating activities before changes in operating assets and liabilities presented in this press release may not be comparable to similarly titled measures presented by other companies, and may not be identical to corresponding measures used in the Company's various agreements.

                                      GULFPORT ENERGY CORPORATION
                                 CONSOLIDATED STATEMENTS OF OPERATIONS
                                              (Unaudited)



                                                                       Twelve Months Ended December
                                     Three Months Ended December 31,                31,
                                     -------------------------------  -------------------------------

                                          2009            2008             2009            2008
                                     -------------  ----------------  -------------  ----------------
  Revenues:
   Oil and condensate sales           $ 23,441,000      $ 36,189,000   $ 81,587,000     $ 131,825,000
   Gas sales                               878,000           958,000      1,992,000         6,570,000
   Natural gas liquids sales               565,000           471,000      1,997,000         3,255,000

   Other income (expense)                    9,000          (52,000)      (314,000)         (433,000)
                                     -------------  ----------------  -------------  ----------------

                                        24,893,000        37,566,000     85,262,000       141,217,000
                                     -------------  ----------------  -------------  ----------------
  Costs and expenses:
   Lease operating expenses              3,805,000         7,950,000     16,316,000        22,856,000
   Production taxes                      2,941,000         4,415,000      9,797,000        15,813,000
   Depreciation, depletion, and
    amortization                         7,068,000        13,560,000     29,225,000        42,472,000
   Impairment of oil and gas
    assets                                      --       272,722,000             --       272,722,000
   General and administrative            1,333,000         1,573,000      4,992,000         6,843,000

   Accretion expense                       150,000           143,000        582,000           560,000
                                     -------------  ----------------  -------------  ----------------

                                        15,297,000       300,363,000     60,912,000       361,266,000
                                     -------------  ----------------  -------------  ----------------

  INCOME (LOSS) FROM OPERATIONS:         9,596,000     (262,797,000)     24,350,000     (220,049,000)
                                     -------------  ----------------  -------------  ----------------

  OTHER (INCOME) EXPENSE:
   Interest expense                        623,000         1,360,000      2,309,000         4,762,000
   Settlement of fixed price
    contracts                                   --      (39,000,000)             --      (39,000,000)
   Insurance proceeds                           --                --    (1,050,000)         (769,000)

   Interest income                       (169,000)         (136,000)      (564,000)         (540,000)
                                     -------------  ----------------  -------------  ----------------

                                           454,000      (37,776,000)        695,000      (35,547,000)
                                     -------------  ----------------  -------------  ----------------
  INCOME (LOSS) BEFORE INCOME
   TAXES                                 9,142,000     (225,021,000)     23,655,000     (184,502,000)


  INCOME TAX EXPENSE (BENEFIT):                 --          (20,000)         28,000                --
                                     -------------  ----------------  -------------  ----------------


  NET INCOME (LOSS)                    $ 9,142,000   $ (225,001,000)   $ 23,627,000   $ (184,502,000)
                                     =============  ================  =============  ================

  NET INCOME (LOSS) PER COMMON
   SHARE:


   Basic                                    $ 0.21          $ (5.28)         $ 0.55          $ (4.33)
                                     =============  ================  =============  ================


   Diluted                                  $ 0.21          $ (5.28)         $ 0.55          $ (4.33)
                                     =============  ================  =============  ================


   Basic weighted average shares
    outstanding                         42,689,728        42,630,837     42,667,581        42,599,611

   Diluted weighted average
    shares outstanding                  43,059,680        42,630,837     43,017,648        42,599,611


                       GULFPORT ENERGY CORPORATION
                       CONSOLIDATED BALANCE SHEETS
                               (Unaudited)




                                          December 31,    December 31,
                                              2009            2008
                                         --------------  --------------
                Assets
  Current assets:
   Cash and cash equivalents                $ 1,724,000     $ 5,944,000
   Accounts receivable - oil and gas          9,492,000      12,543,000
   Accounts receivable - related
    parties                                     136,000       1,101,000
   Prepaid expenses and other current
    assets                                    2,047,000       1,045,000
                                         --------------  --------------


    Total current assets                     13,399,000      20,633,000
                                         --------------  --------------

  Property and equipment:
   Oil and natural gas properties,
    full-cost accounting, $17,521,000
    and $22,543,000 excluded from
    amortization in 2009 and 2008,
    respectively                            628,849,000     599,761,000
   Other property and equipment               7,182,000       7,168,000
   Accumulated depletion, depreciation,
    amortization and impairment           (473,915,000)   (444,690,000)
                                         --------------  --------------


    Property and equipment, net             162,116,000     162,239,000
                                         --------------  --------------

  Other assets:
   Equity investments                        32,006,000      25,440,000
   Other assets                               3,370,000       3,755,000

   Note receivable - related party           15,920,000       9,153,000
                                         --------------  --------------


    Total other assets                       51,296,000      38,348,000
                                         --------------  --------------

  Deferred tax asset                            533,000         653,000
                                         --------------  --------------


    Total assets                          $ 227,344,000   $ 221,873,000
                                         ==============  ==============

   Liabilities and Stockholders' Equity
  Current liabilities:
   Accounts payable and accrued
    liabilities                            $ 20,977,000    $ 27,772,000
   Asset retirement obligation -
    current                                     635,000         635,000
   Short-term derivative instruments         18,735,000              --

   Current maturities of long-term debt       2,842,000         815,000
                                         --------------  --------------


    Total current liabilities                43,189,000      29,222,000
                                         --------------  --------------

  Asset retirement obligation -
   long-term                                  9,518,000       8,634,000
  Long-term debt, net of current
   maturities                                49,586,000      69,916,000
                                         --------------  --------------


    Total liabilities                       102,293,000     107,772,000
                                         --------------  --------------

  Commitments and contingencies

  Preferred stock, $.01 par value;
   5,000,000 authorized, 30,000
   authorized as redeemable 12%
   cumulative preferred stock, Series
   A; 0 issued and outstanding                       --              --

  Stockholders' equity:
   Common stock -- $.01 par value,
    100,000,000 authorized, 42,696,409
    issued and outstanding in 2009 and
    42,639,201 in 2008                          427,000         426,000
   Paid-in capital                          273,901,000     273,343,000
   Accumulated other comprehensive
    income (loss)                          (18,039,000)     (4,803,000)
   Retained earnings (accumulated
    deficit)                              (131,238,000)   (154,865,000)
                                         --------------  --------------


    Total stockholders' equity              125,051,000     114,101,000
                                         --------------  --------------

     Total liabilities and
      stockholders' equity                $ 227,344,000   $ 221,873,000
                                         ==============  ==============


                                 Gulfport Energy Corporation
                            Reconciliation of EBITDA and Cash Flow
                                         (Unaudited)



                                   Three Months Ended              Twelve Months Ended
                            -------------------------------  -------------------------------

                             December 31,    December 31,     December 31,    December 31,
                                 2009            2008             2009            2008
                            -------------  ----------------  -------------  ----------------

  Net income (loss)           $ 9,142,000   $ (225,001,000)   $ 23,627,000   $ (184,502,000)
  Interest expense                623,000         1,360,000      2,309,000         4,762,000
  Income tax expense
   (benefit)                           --          (20,000)         28,000                --
  Accretion expense               150,000           143,000        582,000           560,000
  Impairment of oil and
   gas properties                      --       272,722,000             --       272,722,000
  Depreciation, depletion
   and
  amortization                  7,068,000        13,560,000     29,225,000        42,472,000
                            -------------  ----------------  -------------  ----------------

  EBITDA                     $ 16,983,000      $ 62,764,000   $ 55,771,000     $ 136,014,000
                            =============  ================  =============  ================



                                   Three Months Ended              Twelve Months Ended
                            -------------------------------  -------------------------------

                             December 31,    December 31,     December 31,    December 31,
                                 2009            2008             2009            2008
                            -------------  ----------------  -------------  ----------------

  Cash provided by
   operating activities      $ 17,487,000      $ 60,060,000   $ 53,299,000     $ 135,323,000
  Adjustments:
   Changes in operating
    assets and
   liabilities                  (835,000)           851,000        731,000       (3,844,000)
                            -------------  ----------------  -------------  ----------------

  Operating Cash Flow        $ 16,652,000      $ 60,911,000   $ 54,030,000     $ 131,479,000
                            =============  ================  =============  ================
CONTACT:  Gulfport Energy Corporation
          Investor Relations
          Paul K. Heerwagen
          405-242-4888
          pheerwagen@gulfportenergy.com