Gulfport Energy Provides Operational Update and Schedules Second Quarter 2013 Financial and Operational Results Conference Call

Gulfport Energy Provides Operational Update and Schedules Second Quarter 2013
Financial and Operational Results Conference Call

OKLAHOMA CITY, July 23, 2013 (GLOBE NEWSWIRE) -- Gulfport Energy Corporation
(Nasdaq:GPOR) ("Gulfport") today provides an operational update and schedules
second quarter 2013 financial and operational results conference call.

Production

  *Gulfport produced oil and natural gas sales volumes of 815,300 barrels of
    oil equivalent ("BOE"), or 8,959 barrels of oil equivalent per day
    ("BOEPD"), compared to the company's previously estimated guidance range
    of 8,500 to 9,000 BOEPD.

For the second quarter of 2013, net production was 535,182 barrels of oil,
1,414,797 thousand cubic feet ("MCF") of natural gas and 1,861,360 gallons of
natural gas liquids ("NGL"), or 815,300 BOE. Net production for the second
quarter of 2013 by region was 297,421 BOE at West Cote Blanche Bay ("WCBB"),
183,703 BOE at Hackberry, 320,718 BOE in the Utica Shale and an aggregate of
13,458 BOE in the Bakken, Niobrara and other areas.

Realized prices for the second quarter of 2013, which includes transportation
costs, were $113.98 per barrel of oil, $4.80 per MCF of natural gas and $1.29
per gallon of NGL, for a total equivalent price of $86.10 per BOE. Realized
price for oil in the second quarter of 2013 reflects the impact of fixed price
contracts for approximately 5,000 barrels of oil per day at a weighted average
price of $101.96 before transportation costs and differentials.Gulfport
currently has fixed price swaps in place for 5,000 barrels of oil per day at a
weighted average price of $99.86 for the remainder of 2013. Subsequent to the
second quarter, Gulfport entered into a new hedging program consisting of
fixed price swaps for January 2014 through December 2014 of 1,000 barrels of
oil per day at a weighted average price of $101.75 hedging Brent as the
underlying index and fixed price swaps for October 2013 through March 2016 of
10,000 MCF of natural gas per day at a weighted average price of $4.00.

GULFPORT ENERGY CORPORATION
PRODUCTION SCHEDULE
(Unaudited)
                                                             
Production Volumes: ^(1) 2Q2013       2Q2012       YTD 2013      YTD 2012
                                                             
Oil (MBbls)              535.2        608.5        1,052.1       1203.5
Natural Gas (MMcf)       1,414.8      216.1        1,734.5       426.8
NGL (MGal)               1,861.4      804.1        2,084.3       1,428.8
Oil equivalents (MBOE)   815.3        663.6        1,390.8       1,308.7
                                                             
Average Realized Price:                                       
                                                             
Oil (per Bbl)            $113.98      $106.86      $108.43       $107.20
Natural Gas (per Mcf)    $4.80        $2.50        $4.76         $2.70
NGL (per Gal)            $1.29        $0.86        $1.31         $1.05
Oil equivalents (BOE)    $86.10       $99.84       $89.92        $100.62
                                                             
^(1) Gulfport's production during the second quarter of 2012 includes 68,272
barrels of oil, 93,049 MCF of natural gas and 792,238 gallons of NGLs, or
102,643 BOE attributable to its oil and natural gas assets in the Permian
Basin. In October 2012, Gulfport contributed these assets to Diamondback. As a
result, no Permian Basin production is included in Gulfport's production
volumes during the second quarter of 2013

Utica Shale

  *Gulfport increased its acreage position in the core of the play and
    currently has approximately 145,000 gross acres under lease.
  *Gulfport's McCort 1-28H well was recently placed on production in the
    Utica Shale. The McCort 1-28H produced at an average seven-day sales rate
    of 9.6 million cubic feet ("MMCF") per day of natural gas and 835 barrels
    of NGLs per day assuming full ethane recovery and a natural gas shrink of
    14%, or 2,218 BOEPD.
  *Gulfport's McCort 2-28H well was recently placed on production in the
    Utica Shale. The McCort 2-28H produced at an average seven-day sales rate
    of 11.6 MMCF per day of natural gas, 21 barrels of condensate per day, and
    1,009 barrels of NGLs per day assuming full ethane recovery and a natural
    gas shrink of 14%, or 2,701 BOEPD.

Gulfport increased its acreage position in the core of the play by adding
approximately 8,000 gross acres, bringing the company's total acreage position
to approximately 145,000 gross acres under lease in the Utica Shale. The
Company plans to fund the acquisition of this additional acreage with
available cash on hand.

Gulfport recently began flowing into sales pipelines its McCort 1-28H and
McCort 2-28H wells in the Utica Shale. The McCort 1-28H was drilled to a true
vertical depth of 8,475 feet with a 7,501 foot horizontal lateral. Following a
60-day resting period, the well was placed on production at an average gross
seven-day sales rate of 9.6 MMCF per day of natural gas. The well produced at
a flowing tubing pressure of 4,654 psi. Based upon composition analysis, the
gas being produced is 1,167 BTU gas. Assuming full ethane recovery, the
composition above is expected to produce an additional 87 barrels of NGLs per
MMCF of natural gas and result in a natural gas shrink of 14%. In ethane
rejection mode, the composition is expected to yield 31 barrels of NGLs per
MMCF of natural gas and result in a natural gas shrink of 7%.

The McCort 2-28H was drilled to a true vertical depth of 8,466 feet with a
9,489 foot horizontal lateral. Following a 60-day resting period, the well was
placed on production at an average gross seven-day sales rate of 11.6 MMCF per
day of natural gas and 21 barrels of condensate per day. The well produced at
a flowing tubing pressure of 4,755 psi. Based upon composition analysis, the
gas being produced is 1,167 BTU rich gas. Assuming full ethane recovery, the
composition above is expected to produce an additional 87 barrels of NGLs per
MMCF of natural gas and result in a natural gas shrink of 14%. In ethane
rejection mode, the composition is expected to yield 31 barrels of NGLs per
MMCF of natural gas and result in a natural gas shrink of 7%.

Second Quarter 2013 Conference Call

Gulfport will hold a conference call on Wednesday, August 7, 2013 at 8:00 a.m.
CDT to discuss its second quarter 2013 financial and operational results and
to provide an update on the Company's recent activities. Gulfport's second
quarter 2013 earnings are scheduled to be released after the market close on
Tuesday, August 6, 2013.

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 17381754.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 17381754.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 and in the Utica Shale of
Eastern Ohio. Gulfport also has producing properties in the Niobrara Formation
of Northwestern Colorado. In addition, Gulfport holds a sizeable acreage
position in the Alberta Oil Sands in Canada through its interest in Grizzly
Oil Sands ULC, a 13.5% 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, 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.

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

         Jessica R. Wills
         Associate Director, Investor Relations
         jwills@gulfportenergy.com
         405-242-4421

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