Gulfport Energy Corporation Announces Pricing of Common Stock Offering

Gulfport Energy Corporation Announces Pricing of Common Stock Offering

OKLAHOMA CITY, Dec. 19, 2012 (GLOBE NEWSWIRE) -- Gulfport Energy Corporation
(Nasdaq:GPOR) today announced the pricing of an underwritten public offering
of 11,000,000 shares of its common stock at a price to the public of $38.00
per share. The 11,000,000 share offering represents a 2,000,000 share upsize
to the originally proposed 9,000,000 share offering. The underwriters have an
option to purchase up to an additional 1,650,000 shares from Gulfport at the
public offering price per share (less the underwriting discount) solely to
cover over-allotments. Net proceeds to Gulfport from the sale of the
11,000,000 shares, after underwriting discounts and estimated expenses, will
be approximately $399.6 million. Gulfport intends to use the net proceeds from
this offering to fund its pending acquisition of oil and gas assets in the
Utica Shale in Ohio and for general corporate purposes, which may include
expenditures associated with Gulfport's 2013 capital development plan. The
offering is expected to close on December 24, 2012, subject to customary
closing conditions.

Credit Suisse Securities (USA) LLC is acting as sole book-running manager in
the offering. Copies of the preliminary prospectus supplement for the offering
may be obtained on the website of the Securities and Exchange Commission,
www.sec.gov, or by contacting Credit Suisse Securities (USA) LLC, Prospectus
Department, at One Madison Avenue, New York, New York 10010, or by telephone
at (800) 221-1037.

The common stock will be issued pursuant to an effective automatic shelf
registration statement on Form S-3 previously filed with the Securities and
Exchange Commission. This press release shall not constitute an offer to sell
or the solicitation of an offer to buy these securities, nor shall there be
any sale of these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of such state or jurisdiction. This offering may
only be made by means of a prospectus supplement and related base prospectus.

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. Gulfport has also acquired
acreage positions in the Utica Shale of Eastern Ohio and the Niobrara
Formation of Western Colorado. In addition, Gulfport holds a sizeable acreage
position in the Alberta Oil Sands in Canada through its interest in Grizzly
Oil Sands ULC and has interests in entities that operate in the Permian Basin
in West Texas and in Southeast Asia, including the Phu Horm gas field in
Thailand.

Forward Looking Statements

Certain statements included in this press release are intended as
"forward-looking statements." These statements include assumptions,
expectations, predictions, intentions or beliefs about future events,
particularly the consummation of the transactions described above. Gulfport
cautions that actual future results may vary materially from those expressed
or implied in any forward-looking statements. Specifically, Gulfport cannot
assure you that the proposed transactions described above will be consummated
on the terms Gulfport currently contemplates, if at all. Information
concerning these and other factors can be found in Gulfport's filings with the
SEC, including its Forms 10-K, 10-Q and 8-K, which can be obtained free of
charge on the SEC's web site at http://www.sec.gov.

Any forward-looking statements made in this press release speak only as of the
date of this release and, except as required by law, Gulfport undertakes no
obligation to update any forward-looking statement contained in this press
release, even if Gulfport's expectations or any related events, conditions or
circumstances change. Gulfport is not responsible for any changes made to this
release by wire or Internet services.

CONTACT: Investor & Media Contact:
         Paul K. Heerwagen IV
         Director, Investor Relations
         pheerwagen@gulfportenergy.com
         405-242-4888

Gulfport Energy