Gulfport Energy Corporation Announces Pricing of Its Common Stock Offering and Its Offering of Shares of Diamondback Energy

Gulfport Energy Corporation Announces Pricing of Its Common Stock Offering and
Its Offering of Shares of Diamondback Energy Common Stock

OKLAHOMA CITY, Nov. 7, 2013 (GLOBE NEWSWIRE) -- On November 6, 2013 Gulfport
Energy Corporation (Nasdaq:GPOR) ("Gulfport") announced the pricing of an
underwritten public offering (the "Gulfport Offering") of 6,500,000 shares of
its common stock at a price to the public of $56.75 per share. The
underwriters have an option to purchase up to an additional 975,000 shares
from Gulfport at the public offering price per share (less the underwriting
discount). Net proceeds to Gulfport from the sale of the 6,500,000 shares of
its common stock, after the underwriting discount and estimated offering
expenses, will be approximately $354.3 million (or $407.5 million, if the
underwriters exercise their option in full). On November 6, 2013, Gulfport
also entered into an underwriting agreement for the sale, in an underwritten
public offering (the "Diamondback Offering"), of 2,000,000 shares of common
stock of Diamondback Energy, Inc. (NASDAQ: FANG) held by it. The underwriters
also have an option to purchase up to an additional 300,000 shares of
Diamondback common stock from Gulfport. Net proceeds to Gulfport from the sale
of the 2,000,000 shares of its Diamondback common stock will be approximately
$102.6 million (or $118.0 million, if the underwriters exercise their option
in full). Gulfport intends to use the net proceeds from these offerings for
general corporate purposes, which may include expenditures associated with the
2014 drilling program and additional acreage acquisitions in the Utica Shale.
Each offering is expected to close on November 13, 2013, subject to customary
closing conditions.

Credit Suisse, Barclays, Goldman, Sachs & Co. and Wells Fargo Securities are
acting as joint book-runners in the Gulfport Offering. Copies of the
preliminary prospectus supplement for the Gulfport 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;
Barclays Capital Inc. c/o Broadridge Financial Solutions, 1155 Long Island
Avenue, Edgewood, New York 11717, by email at
barclaysprospectus@broadridge.com, or by calling toll-free: (888) 603-5847;
Goldman, Sachs & Co. at 200 West Street, New York, New York 10282-2198,
Attention: Prospectus Department, by telephone at (866) 471-2526, by facsimile
at: (212) 902-9316, or by email at: prospectus-ny@ny.email.gs.com; or Wells
Fargo Securities, LLC Attn: Equity Syndicate Dept., 375 Park Avenue, New York,
New York 10152, by telephone at: (800) 326-5897, by email at:
cmclientsupport@wellsfargo.com. Credit Suisse is acting as the sole lead
book-runner in the Diamondback Offering. Copies of the preliminary prospectus
supplement for the Diamondback Offering may be obtained on the website of the
Securities and Exchange Commission, www.sec.gov, or by contacting Credit
Suisse.

The common stock will be sold in each of these offerings 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 any of
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. These offerings 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 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, an 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

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 Contacts:
         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