Gulfport Energy Reports Third Quarter 2013 Production and Provides Operational Update

Gulfport Energy Reports Third Quarter 2013 Production and Provides Operational
Update

OKLAHOMA CITY, Oct. 16, 2013 (GLOBE NEWSWIRE) -- Gulfport Energy Corporation
(Nasdaq:GPOR) ("Gulfport") today provides third quarter 2013 production and
provides an operational update.

Production

  *Gulfport produced oil and natural gas sales volumes of 1,193,808 barrels
    of oil equivalent ("BOE"), or 12,976 barrels of oil equivalent per day
    ("BOEPD"), compared to the company's previously estimated guidance range
    of 12,250 to 12,750 BOEPD.

For the third quarter of 2013, net production was 590,187 barrels of oil,
2,981,632 thousand cubic feet ("MCF") of natural gas and 4,480,667 gallons of
natural gas liquids ("NGL"), or 1,193,808 BOE. Net production for the third
quarter of 2013 by region was 662,333 BOE in the Utica Shale, 351,171 BOE at
West Cote Blanche Bay, 167,520 BOE at Hackberry and an aggregate of 12,784 BOE
in the Bakken, Niobrara and other areas.

Derivatives

The table below sets forth the company's hedging positions as of October 16,
2013.

GULFPORT ENERGY CORPORATION
COMMODITY DERIVATIVES - HEDGE POSITION AS OF OCTOBER 16, 2013
(Unaudited)
                                               
                       4Q2013                   
Oil (MBbls):                                   
Swap Contracts                                 
Volume                  460                     
Price                   $99.86                 
                                               
Natural Gas (MMcf):                             
Swap Contracts                                 
Volume                 920                     
Price                  $4.00                  
                                               
                       Year Ending
                       2014          2015        2016
Oil (MBbls):                                   
Swap Contracts                                 
Volume                  910          --        --
Price                   $102.79     --        --
                                               
Natural Gas (MMcf):                             
Swap Contracts                                 
Volume                 18,250       16,425     5,145
Price                  $4.06       $4.06     $4.06
                                               
Swaption Contracts                             
Volume                 --          3,650      1,210
Price                  --          $4.27     $4.27

Utica Shale

  *Gulfport increased its acreage position in the core of the play and
    currently has approximately 154,000 gross (144,500 net) acres under lease.

Gulfport increased its acreage position in the core of the play adding
approximately 9,000 gross acres, bringing the company's total acreage position
to approximately 154,000 gross (144,500 net) acres under lease in the Utica
Shale.

Guidance

Gulfport currently anticipates exiting 2013 with production in the range of
27,000 to 32,000 BOEPD. Gulfport's previously anticipated 2013 exit rate has
been adversely impacted by delays associated with drilling.

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 in the Utica Shale of Eastern Ohio and along the Louisiana
Gulf Coast. In addition, Gulfport holds a sizeable acreage position in the
Alberta Oil Sands in Canada through its 24.9% interest in Grizzly Oil Sands
ULC, a 12.1% 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
 
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