Gulfport Energy Corporation Provides Midstream Update, Reports Second Quarter 2014 Production and Schedules Second Quarter 2014

Gulfport Energy Corporation Provides Midstream Update, Reports Second Quarter
2014 Production and Schedules Second Quarter 2014 Financial and Operational
Results Conference Call

OKLAHOMA CITY, July 30, 2014 (GLOBE NEWSWIRE) -- Gulfport Energy Corporation
(Nasdaq:GPOR) ("Gulfport") today provides an update on its midstream
activities in the Utica Shale of Eastern Ohio, announces second quarter 2014
production and schedules second quarter 2014 financial and operational results
conference call.

Dry Gas Gathering Update

To capture development synergies within the area of mutual interest ("AMI") of
the previously announced joint development agreement between Gulfport and Rice
Energy Inc. (NYSE:RICE) ("Rice"), Gulfport and Rice have entered into a letter
of intent and are finalizing definitive agreements whereby Rice will construct
and operate gas gathering pipelines associated with Gulfport's Utica Shale
interests in Smith Township and portions of Goshen, Wayneand Washington
Townships in Belmont County, Ohio. In conjunction with these agreements,
Gulfport and MarkWest Energy Partners, LP (NYSE:MWE) ("MarkWest") have
executed a letter of intent and are finalizing definitive agreements pursuant
to which MarkWest will construct gas gathering facilities to gather Gulfport's
dry gas production from portions of Wayne and Washington Townships in Belmont
County, Ohio, Sunsbury Township in Monroe County, Ohio and portions of
adjacent townships.

The agreements announced today are intended to ensure the efficient
deliverability of Gulfport's product to the market. Together, MarkWest's and
Rice's dry gas systems will have the capacity to provide over 1 Bcf per day of
natural gas into multiple interconnections including, Rockies Express Pipeline
and Texas Eastern Transmission Co. pipeline.

Firm Transportation on Rockies Express Pipeline and ANR Pipeline

To secure the movement of Gulfport's Utica Shale production out of the basin,
the Company recently entered into a firm transportation agreement with Rockies
Express Pipeline beginning in mid-2015 for a term of 20 years for 175,000
MMBtu/day of gas originating from Gulfport's acreage position in Belmont
County, Ohio. In connection with this arrangement, Gulfport has entered into
firm agreements with ANR Pipeline via the Rockies Express Pipeline connection
for delivery of its gas to the premium markets in both the Midwest and Gulf
Coast. Gulfport continues to actively build its firm transportation portfolio
to ensure the deliverability of its production and position the Company to
continue to capitalize on strong price realizations for its Utica Shale
production.

Second Quarter 2014 Production

Gulfport produced oil and natural gas sales volumes of 2,431,955 barrels of
oil equivalent ("BOE"), or 26,725 barrels of oil equivalent per day ("BOEPD"),
in line with the company's previously estimated guidance of approximately
27,100 BOEPD. For the second quarter of 2014, net production was 709,484
barrels of oil, 8,972,137 thousand cubic feet ("MCF") of natural gas and
9,538,843 gallons of natural gas liquids ("NGL"), or 2,431,955 BOE. Net
production for the second quarter of 2014 by region was 1,930,139 BOE in the
Utica Shale, 483,910 BOE in Southern Louisiana and an aggregate of 17,906 BOE
in the Bakken, Niobrara and other areas.

Gulfport's 2014 second quarter realized prices include an aggregate non-cash
gain of $2.2 million due to a hedge ineffectiveness. Before the impact of
derivatives, realized prices for the second quarter of 2014 were $99.40 per
barrel of oil, $4.43 per MCF of natural gas and $1.14 per gallon of NGL, for a
total equivalent of $49.81 per BOE. Gulfport's second quarter natural gas
realized price before the impact of derivatives of $4.43 per Mcf represents a
price realization of approximately 95% of the NYMEX settlement prices for the
second quarter.

GULFPORT ENERGY CORPORATION
PRODUCTION SCHEDULE
(Unaudited)
                                                       
Production Volumes:     2Q2014     2Q2013      YTD 2014    YTD 2013
                                                       
Oil (MBbls)             709.5     535.2      1,436.2    1,052.1
Natural gas (MMcf)      8,972.1   1,414.8    16,634.0   1,734.5
NGL (MGal)              9,538.8   1,861.4    27,773.6   2,084.5
Oil equivalents (MBOE)  2,432.0   815.3      4,869.8    1,390.8
                                                       
Average Realized Prices                                 
(before the impact of                                   
derivatives):
                                                       
Oil (per Bbl)           $99.40   $104.07   $98.83    $107.28
Natural gas (per Mcf)   $4.43    $4.80     $4.68     $4.76
NGL (per Gal)           $1.14    $1.29     $1.33     $1.31
Oil equivalents (per    $49.81   $79.59    $52.73    $89.05
BOE)
                                                       
Average Realized                                        
Prices:
(including cash-settlement of derivatives and excluding non-cash hedge    
ineffectiveness):
                                                       
Oil (per Bbl)           $97.29   $103.65   $97.01    $103.34
Natural gas (per Mcf)   $3.60    $4.80     $3.75     $4.76
NGL (per Gal)           $1.14    $1.29     $1.33     $1.31
Oil equivalents (per    $46.16   $79.32    $49.04    $86.07
BOE)
                                                       
Average Realized                                        
Prices:
                                                       
Oil (per Bbl)           $95.95   $113.98   $98.49    $108.43
Natural gas (per Mcf)   $3.96    $4.80     $3.24     $4.76
NGL (per Gal)           $1.14    $1.29     $1.33     $1.31
Oil equivalents (per    $47.08   $86.10    $47.71    $89.92
BOE)

Second Quarter 2014 Conference Call

Gulfport will host a conference call on Thursday, August 7, 2014 at 8:00 a.m.
CDT to discuss its second quarter financial and operational results and to
provide an update on the Company's recent activities. Gulfport's second
quarter earnings are scheduled to be released after the market close on
Wednesday, August 6, 2014.

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 71580874. 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 71580874. 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 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 and has an equity interest in Diamondback Energy, Inc., a NASDAQ Global
Select Market listed company.

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 Contacts:
         Paul K. Heerwagen IV
         pheerwagen@gulfportenergy.com
         405-242-4888
        
         Jessica R. Wills
         jwills@gulfportenergy.com
         405-242-4421

Gulfport Energy
 
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