Gulfport Energy Corporation Reports Fourth Quarter and Year-End 2012 Results

Gulfport Energy Corporation Reports Fourth Quarter and Year-End 2012 Results

OKLAHOMA CITY, Feb. 26, 2013 (GLOBE NEWSWIRE) -- Gulfport Energy Corporation
(Nasdaq:GPOR) today reported financial and operational results for the quarter
and year ended December 31, 2012 and provided an update on its 2013
activities.

For the quarter ended December 31, 2012, Gulfport reported net income of $15.9
million on oil and gas revenues of $56.5 million, or $0.28 per diluted share.
For the fourth quarter of 2012, EBITDA (as defined below) was $50.8 million
and cash flow from operating activities before changes in working capital was
$35.5 million.

For the year ended December 31, 2012, Gulfport reported net income of $68.4
million on oil and gas revenues of $248.6 million, or $1.21 per diluted
share.For 2012, EBITDA (as defined below) was $191.4 million and cash flow
from operating activities before changes in working capital was $178.8
million.

                             Financial Highlights

  *Produced full-year oil and gas sales volumes of 2.57 million barrels of
    oil equivalent ("BOE") during 2012, a 10% increase over 2011
  *Generated $50.8 million of EBITDA in the fourth quarter of 2012, a 19%
    sequential increase over the third quarter of 2012

Production

For the fourth quarter of 2012, net production was 540,558 barrels of oil,
366,258 thousand cubic feet ("MCF") of natural gas and 289,728 gallons of
natural gas liquids ("NGL"), or 608,499 BOE.Net production for the fourth
quarter of 2012 by region was 293,906 BOE at West Cote Blanche Bay, 217,686
BOE at Hackberry, 69,667 BOE in the Utica Shale, 17,100 BOE in the Permian
Basin, and an aggregate of 10,140 BOE in the Bakken, Niobrara and other
areas.For 2012, Gulfport recorded net production of 2,323,373 barrels of oil,
1,107,744 MCF of natural gas and 2,714,085 gallons of NGL, or 2,572,618 BOE.

Realized price for the fourth quarter of 2012 including transportation costs
was $101.89 per barrel of oil, $3.00 per MCF of natural gas and $1.01 per
gallon of NGL, for a total equivalent of $92.80 per BOE.Realized price for
the full-year 2012 including transportation costs was $104.46 per barrel of
oil, $2.91 per MCF of natural gas and $0.98 per gallon of NGL, for a total
equivalent of $96.63 per BOE. Realized prices for oil in the fourth quarter of
2012 reflect the impact of fixed price contracts of approximately 4,000
barrels of oil per day at a weighted average price of $107.29.Gulfport
currently has fixed price swaps in place for 5,000 barrels of oil per day at a
weighted average price of $100.90 for the remainder of 2013.

                                            
GULFPORT ENERGY CORPORATION
PRODUCTION SCHEDULE
(Unaudited)
                                            
Production Volumes:     4Q2012  4Q2011  2012    2011
                                            
Oil (MBbls)             540.6   617.9   2,323.4 2,128.1
Natural Gas (MMcf)      366.3   186.3   1,107.7 878.1
NGL (MGal)              289.7   535.4   2,714.1 2,468.5
Oil equivalents (MBOE)  608.5   661.7   2,572.6 2,333.2
                                            
Average Realized Price:                      
                                            
Oil (per Bbl)           $101.89 $109.18 $104.46 $104.33
Natural Gas (per Mcf)   $3.00   $3.67   $2.91   $4.37
NGL (per Gal)           $1.01   $1.39   $0.98   $1.25
Oil equivalents (BOE)   $92.80  $104.11 $96.63  $98.13

Year-End 2012 Reserves

Gulfport reported year-end 2012 total proved reserves of 13.88 million BOE,
consisting of 8.25 million barrels of oil ("MMBBL"), which includes natural
gas liquids, and 33.77 billion cubic feet ("BCF") of natural gas.In addition,
Gulfport's third party engineers estimated Gulfport's year-end 2012 probable
reserves to be 12.84 million barrels of oil and 80.62 billion cubic feet of
natural gas, or 26.27 million BOE.At year-end 2012, 59.8% of Gulfport's
proved reserves were classified as proved developed reserves. Giving pro forma
effect to Gulfport's contribution of all of its oil and gas interests in the
Permian Basin to Diamondback Energy, Inc. ("Diamondback"), as if such
contribution had occurred on December 31, 2011, year-end total proved reserves
increased 114% over 2011.

                                                   
GULFPORT ENERGY CORPORATION
DECEMBER 31, 2012 NET RESERVES
(Unaudited)
                                                   
                                  Oil    Natural Gas Oil Equivalent
                                  MMBBL  BCF         MMBOE
                                                   
Proved Developed Producing         1.88  4.95       2.70
Proved Developed Non-Producing     3.34  13.53      5.60
Proved Undeveloped                 3.03  15.29      5.58
                                                   
Total Proved Reserves              8.25  33.77      13.88
                                                   
Probable Reserves                  12.84 80.62      26.27
                                                   
Total Proved and ProbableReserves 21.09 114.39     40.15

In accordance with SEC guidelines ("SEC Case"), at year-end 2012, reserve
calculations were based on the average first day of the month price for the
prior 12 months.The prices utilized for Gulfport's year-end 2012 reserve
report were $91.32 per barrel of crude oil and $2.76 per MMBTU of natural gas,
in each case as adjusted by lease for transportation fees and regional price
differentials.Utilizing these prices, the present value of Gulfport's total
proved reserves discounted at 10% (referred to as "PV-10") was $437 million at
December 31, 2012. The PV-10 value of our total proved and probable reserves
was $863 million at December 31, 2012.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, 2012 under each of the three cases. For the period
presented, the SEC Case PV-10 proved reserve values, a non-GAAP measure,are
equal to the standardized measure, a GAAP measure.

                                                             
GULFPORT ENERGY CORPORATION
DECEMBER 31, 2012 PV-10 Sensitivities
(Unaudited)
                                                             
                                    SEC Case     Flat Price    NYMEX Case²
                                                  Case¹
                                    ($MM)        ($MM)         ($MM)
                                                             
Proved Developed Producing           $119         $119          $121
Proved Developed Non-Producing       $182         $187          $188
Proved Undeveloped                   $136         $141          $149
                                                             
Total Proved Reserves                $437         $447          $458
                                                             
Probable Reserves                    $426         $443          $477
                                                             
Total Proved and ProbableReserves   $863         $890          $935
                                                             
¹The Flat Price Case was based on the posted spot prices as of December 31,
2012 for both oil and natural gas.
For oil and natural gas liquids, the West Texas Intermediate posted price of
$91.82 per barrel was adjusted by
lease for quality, transportation fees and regional price differentials.For
natural gas, the Henry Hub spot price of
$3.35 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.
²The NYMEX Case was based on the forward closing prices on the New York
Mercantile Exchange for oil and
natural gas as of December 31, 2012.For oil and natural gas liquids, the
price was based on a crude oil price
which decreased from $93.19 per barrel to $85.59 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 $3.56 per MMBTU to $5.16 per MMBTU
over the life of the properties
and was adjusted by lease for energy content, transportation fees and regional
price differentials.

Grizzly Oil Sands Reserves and Resource

Effective December 31, 2012, third party engineers GLJ Petroleum Consultants
Ltd. ("GLJ") provided an assessment report to Grizzly Oil Sands ULC
("Grizzly"), a company in which Gulfport holds an approximate 25% equity
interest, estimating that Grizzly has 67 million barrels of proved reserves,
71 million barrels of probable reserves, and 3.1 billion barrels of best
estimate (P50) contingent resource.

The following table summarizes GLJ's determination of Grizzly's reserves and
resources effective December 31, 2012.

                                        Grizzly
Reserves and Resources                  Working Interest
                                        Recoverable Volumes
                                        (Millions of Barrels)
Proved Reserves                        67
Probable Reserves                       71
Proved + Probable (2P) Reserves         138
                                       
Best Estimate (P50) Contingent Resource 3,060

The GLJ reserve and resource assessment report was prepared in accordance with
National Instrument 51-101 using the best practices detailed in the Canadian
Oil and Gas Evaluation Handbook.For important qualifications and limitations
relating to these oil sands reserves and resources, please see "Oil Sands
Reserves & Resources Notes" below.

                        Recent Operational Highlights

  *Gulfport recently added a third drilling rig in the Utica Shale and plans
    to add a fourth rig in April 2013.
  *Gulfport spud a total of 11 wells in Southern Louisiana during the fourth
    quarter, completing seven of the wells as productive. Two wells were still
    being drilled at the end of the quarter.
  *Grizzly recently entered into a long-term agreement to transport its
    bitumen via rail to the U.S. Gulf Coast premium markets.
  *Six rigs are currently active in Gulfport's three core operating areas,
    with three rigs drilling in the Utica, two rigs drilling at Hackberry, and
    one rig drilling at WCBB.

Operational Update

Utica Shale

In the Utica Shale, Gulfport now holds approximately 137,000 gross (128,000
net) acres under lease. Gulfport spud 14 gross (6.68 net) wells during 2012.
At the end of the 2012, two of these gross wells were producing, eight gross
wells were completed and in their resting period, two gross wells were waiting
on completion, and two gross wells were being drilled. Gulfport is
accelerating its 2013 drilling program and recently added a third rig in the
play, which is expected to spud its first well during the first week of March.
At present, Gulfport has two rigs drilling ahead on the first and second wells
of 2013 in the play. Gulfport currently anticipates adding a fourth drilling
rig in April 2013.

Canadian Oil Sands

In the Canadian Oil Sands, Grizzly is currently conducting a well delineation
program at May River, recently expanding the program to 28 wells, with 25
wells completed to date. Following the 2012/2013 winter exploration program,
Grizzly's May River property will have been explored to a sufficient level so
as to support the filing of an initial 12,000 barrel per day ("bpd") SAGD
project regulatory application.

As previously announced, Grizzly has entered into a memorandum of
understanding that outlines the rate structure for a 10 year agreement with
Canadian National Railway Company ("CN") to transport its bitumen to the U.S.
Gulf Coast via CN's rail network. This arrangement is expected to provide
consistent access to Brent-based pricing from Grizzly's Algar Lake project.

Hackberry

At the Hackberry fields, Gulfport drilled 24 wells, completing 19 wells as
productive during 2012 with two wells still being drilled at year-end 2012.In
addition, Gulfport performed 32 recompletions at the fields.At present,
Gulfport has two rigs active at the Hackberry fields drilling ahead on the
second and third wells of 2013.

West Cote Blanche Bay ("WCBB")

At WCBB, Gulfport drilled 31 wells, completing 27 wells as productive during
2012.In addition, Gulfport performed 61 recompletions at the field.At
present, Gulfport has one rig active at WCBB and is drilling ahead on the
first well of 2013.

Presentation

An updated presentation will be posted to the Company's website tomorrow
morning.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.

2013 Guidance

Gulfport estimates 2013 production to be in the range of 7.8 million to 8.1
million BOE.Capital expenditures for drilling activities and infrastructure
projects during 2013 are estimated to be in the range of $458 million to $512
million. For 2013, Gulfport projects lease operating expense to be in the
range of $5.00 to $6.00 per BOE, general and administrative expense to be
between $1.50 and $2.50 per BOE, production taxes to be between 8% and 9% of
revenues, and depreciation, depletion and amortization expense to be in the
range of $33.00 to $35.00 per BOE.

                                                      
GULFPORT ENERGY CORPORATION
2013 GUIDANCE
                                                      
                                                      Year Ending
                                                      12/31/2013
Forecasted Production                                  
Oil Equivalent - BOE                                   7,800,000 - 8,100,000
Average Daily Oil Equivalent - BOEPD                   21,370 - 22,192
                                                      
Projected Year-Over-Year Production Increase¹          203% - 205%
                                                      
Projected Cash Operating Costs per BOE                 
Lease Operating Expense - $/BOE                        $5.00 - $6.00
Production Taxes - % of Revenue                        8.0% - 9.0%
General and Administrative - $/BOE                     $1.50 - $2.50
                                                      
Depreciation, Depletion and Amortization per BOE       $33.00 - $35.00
                                                      
Budgeted Capital Expenditures - In Millions:²          
West Cote Blanche Bay                                  $42 - $45
Hackberry                                              $24 - $26
Utica                                                  $382 - $426
Grizzly                                                $8 - $12
Thailand                                               $2.0 - $2.5
Total Budgeted E&P Capital Expenditures                $458 - $512
                                                      .
                                                      
¹ Based upon 2012 actual production of 2.573 million BOE and the 2013
forecasted production
² Excludes amounts for infrastructure, vertical integration projects and
acquisitions

Conference Call

Gulfport will host a conference call on February 27, 2013 at 12:00 p.m.
Central Time to discuss its fourth quarter and full-year 2012 financial and
operational results. Interested parties may listen to the call via Gulfport's
website at www.gulfportenergy.com or by calling toll-free at 877-291-1287 or
973-409-9250 for international callers.The passcode for the call is
94574808.A replay of the call will be available for two weeks at 855-859-2056
or 404-537-3406 for international callers.The replay passcode is
94574808.The webcast will be archived on the Company's website 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. Gulfport has also acquired
acreage positions in the Niobrara Formation of Northwestern Colorado and in
the Utica Shale of Eastern Ohio. In addition, Gulfport holds a sizeable
acreage position in the Alberta Oil Sands in Canada through its interest in
Grizzly Oil Sands ULC, a 21.4% equity interest in Diamondback Energy Inc., a
NASDAQ Global Select Market listed company, and has an interest in an entity
that operates in Southeast Asia, including the Phu Horm gas field in Thailand.

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 Gulfport's 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; completion of Gulfport's pending contribution discussed above
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 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 provided by
operating activities before changes in operating assets and liabilities.
Adjusted net income available is a non-GAAP financial measure equal to net
income plus income tax expense. 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.

Oil Sands Reserves and Resource Notes:

(1) Proved reserves are defined in the Canadian Oil and Gas Evaluation
Handbook (the "COGE Handbook") as those reserves that can be estimated with a
high degree of certainty to be recoverable. It is likely that the actual
remaining quantities recovered will exceed the estimated Proved reserves.

(2) Probable reserves are defined in the COGE Handbook as those additional
reserves that are less certain to be recovered than proved reserves. It is
equally likely that the actual remaining quantities recovered will be greater
or less than the sum of the estimated proved plus probable reserves.

(3) Contingent Resources are defined in the COGE Handbook as those
quantities of petroleum estimated, as of a given date, to be potentially
recoverable from known accumulations using established technology or
technology under development, but which are not currently considered to be
commercially recoverable due to one or more contingencies.

(4) Prospective Resources are defined in the COGE Handbook as those
quantities of petroleum estimated, as of a given date, to be potentially
recoverable from undiscovered accumulations by application of future
development projects.

(5) Best Estimate as defined in the COGE Handbook is considered to be the
best estimate of the quantity that will actually be recovered from the
accumulation. If probabilistic methods are used, this term is a measure of
central tendency of the uncertainty distribution (P50).

(6) It should be noted that reserves, Contingent Resources and Prospective
Resources involve different risks associated with achieving commerciality.
There is no certainty that it will be commercially viable for Grizzly to
produce any portion of the Contingent Resources. There is no certainty that
any portion of Grizzly's Prospective Resources will be discovered. If
discovered, there is no certainty that it will be commercially viable to
produce any portion of the Prospective Resources. Grizzly's Prospective
Resource estimates discussed in this press release have been risked for the
chance of discovery but not for the chance of development and hence are
considered by Grizzly as partially risked estimates.

                                                            
GULFPORT ENERGY CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
                                                            
                                                            
                   Three Months Ended December Twelve Months Ended December
                    31,                         31,
                   2012           2011          2012           2011
Revenues:                                                    
Oil and condensate  $55,075,000  $67,466,000 $242,708,000 $222,025,000
sales
Gas sales           1,098,000     683,000      3,225,000     3,838,000
Natural gas liquids 294,000       744,000      2,668,000     3,090,000
sales
Other income        136,000       53,000       325,000       301,000
                                                            
                   56,603,000    68,946,000   248,926,000   229,254,000
                                                            
Costs and expenses:                                          
Lease operating     6,107,000     5,794,000    24,308,000    20,897,000
expenses
Production taxes    6,989,000     7,813,000    29,400,000    26,333,000
Depreciation,
depletion, and      20,325,000    21,714,000   90,749,000    62,320,000
amortization
General and         4,438,000     1,865,000    13,808,000    8,074,000
administrative
Accretion expense   169,000       175,000      698,000       666,000
Gain on sale of     (7,300,000)   --           (7,300,000)   --
assets
                                                            
                   30,728,000    37,361,000   151,663,000   118,290,000
                                                            
INCOME FROM         25,875,000    31,585,000   97,263,000    110,964,000
OPERATIONS
                                                            
OTHER (INCOME)                                               
EXPENSE:
Interest expense    5,828,000     237,000      7,458,000     1,400,000
Interest income     (35,000)      (47,000)     (72,000)      (186,000)
(Income) loss from
equity method       (10,115,000)  512,000      (8,322,000)   1,418,000
investments
                                                            
                   (4,322,000)   702,000      (936,000)     2,632,000
INCOME FROM
CONTINUING          30,197,000    30,883,000   98,199,000    108,332,000
OPERATIONS BEFORE
INCOME TAXES
INCOME TAX EXPENSE  10,849,000    (91,000)     26,363,000    (90,000)
(BENEFIT)
INCOME FROM
CONTINUING          19,348,000    30,974,000   71,836,000    108,422,000
OPERATIONS
                                                            
DISCONTINUED                                                 
OPERATIONS
Loss on disposal of
Belize properties,  3,465,000     --           3,465,000     --
net of tax
                                                            
NET INCOME          $15,883,000  $30,974,000 $68,371,000  $108,422,000
                                                            
NET INCOME PER                                               
COMMON SHARE:
Basic net income
from continuing     $0.34        $0.59       $1.28        $2.22
operations per
share
Basic net income
from discontinued   (0.06)        --          (0.06)        --
operations, net of
tax, per share
Basic net income    $0.28        $0.59       $1.22        $2.22
per share
                                                            
Diluted net income
from continuing     $0.34        $0.59       $1.27        $2.20
operations per
share
Diluted net income
from discontinued
operations, net of  (0.06)        --          (0.06)        --
tax, per
share
Diluted net income  $0.28        $0.59       $1.21        $2.20
per share
                                                            
Basic weighted
average shares      56,751,919     52,331,045    55,933,354    48,754,840
outstanding
                                                            
Diluted weighted
average shares      57,248,931     52,814,781    56,417,488    49,206,963
outstanding

                                                              
GULFPORT ENERGY CORPORATION
                                                              
CONSOLIDATED BALANCE SHEETS
(Unaudited)
                                              December 31,     December 31,
                                              2012             2011
Assets                                                         
Current assets:                                                
Cash and cash equivalents                      $167,088,000   $93,897,000
Accounts receivable - oil and gas              25,615,000      28,019,000
Accounts receivable - related parties          34,848,000      4,731,000
Prepaid expenses and other current assets      1,506,000       1,327,000
Short-term derivative instruments              664,000         1,601,000
                                                              
Total current assets                           229,721,000     129,575,000
                                                              
Property and equipment:                                        
                                                              
Oil and natural gas properties, full-cost
accounting, $626,295,000 and $138,623,000      1,611,090,000   1,035,754,000
excluded from amortization in 2012 and 2011,
respectively
Other property and equipment                   8,662,000       8,024,000
Accumulated depletion, depreciation,           (665,884,000)   (575,142,000)
amortization and impairment
                                                              
Property and equipment, net                    953,868,000     468,636,000
                                                              
Other assets:                                                  
Equity investments                             381,484,000     86,824,000
Other assets                                   13,295,000      5,123,000
Total other assets                             394,779,000     91,947,000
Deferred tax asset                             --              1,000,000
                                                              
Total assets                                   $1,578,368,000 $691,158,000
                                                              
Liabilities and Stockholders' Equity                           
Current liabilities:                                           
Accounts payable and accrued liabilities       $110,244,000   $43,872,000
Asset retirement obligation - current          60,000          620,000
Short-term derivative instruments              10,442,000      --
Current maturities of long-term debt           150,000         141,000
                                                              
Total current liabilities                      120,896,000     44,633,000
                                                              
Asset retirement obligation - long-term        13,215,000      12,033,000
Deferred tax liability                         18,607,000      --
Long-term debt, net of current maturities      298,888,000     2,142,000
Other non-current liabilities                  354,000         --
                                                              
Total liabilities                              451,960,000     58,808,000
                                                              
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, 67,527,386 issued and outstanding  674,000         556,000
in 2012 and 55,621,371 in 2011
Paid-in capital                                1,036,245,000   604,584,000
Accumulated other comprehensive income (loss)  (3,429,000)     2,663,000
Retained earnings                              92,918,000      24,547,000
                                                              
Total stockholders' equity                     1,126,408,000   632,350,000
                                                              
Total liabilities and stockholders' equity     $1,578,368,000 $691,158,000
                                                              

                                                            
Gulfport Energy Corporation
Reconciliation of EBITDA and Cash Flow
(Unaudited)
                                                            
                                                            
                                                            
                    Three Months Ended        Twelve Months Ended
                    December 31,  December 31,  December 31,   December 31,
                     2012          2011          2012           2011
                                                            
Net income           $15,883,000 $30,974,000 $68,371,000  $108,422,000
Interest expense     5,828,000    237,000      7,458,000     1,400,000
Income tax expense   8,612,000    (91,000)     24,126,000    (90,000)
(benefit)
Accretion expense    169,000      175,000      698,000       666,000
Depreciation,
depletion and        20,325,000   21,714,000   90,749,000    62,320,000
amortization
EBITDA               $50,817,000 $53,009,000 $191,402,000 $172,718,000
                                                            
                                                            
                                                            
                                                            
                    Three Months Ended        Twelve Months Ended
                    December 31,  December 31,  December 31,   December 31,
                     2012          2011          2012           2011
                                                            
Cash provided by     $33,282,000 $36,092,000 $199,158,000 $158,138,000
operating activities
Adjustments:                                                 
Changes in operating
assets and           2,226,000    17,734,000   (20,343,000)  15,456,000
liabilities
Operating Cash Flow  $35,508,000 $53,826,000 $178,815,000 $173,594,000

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

Gulfport Energy
 
Press spacebar to pause and continue. Press esc to stop.