UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 5) GULFPORT ENERGY CORPORATION (Name of issuer) Common Stock, $.01 Par Value Per Share (Title of class of securities) 402635-10-6 (CUSIP number) Arthur H. Amron Wexford Capital LLC 411 West Putnam Avenue Greenwich, CT 06830 (203) 862-7012 (Name, address and telephone number of person authorized to receive notices and communications) May 22, 2001 (Date of event which requires filing of this statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because ss.ss. 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box [ ]. Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule SS.240.13d-7 Page 1 of 27 Pages CUSIP No. 402635-10-6 - -------------------------------------------------------------------------------- 1. Names of Reporting Persons. Wexford Capital LLC I.R.S. Identification Nos. of Above Persons (entities only) (Intentionally Omitted) - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (a) [x] (See Instructions) (b) [ ] - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. Source of Funds (See Instructions) AF - -------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization Connecticut - -------------------------------------------------------------------------------- 7. Sole Voting Power 0 Number of Shares -------------------------------------------------------- Beneficially 8. Shared Voting Power 1,904,485 Owned by Each (see Item 5 below) Reporting -------------------------------------------------------- Person With 9. Sole Dispositive Power 0 -------------------------------------------------------- 10. Shared Dispositive Power 1,904,485 (see Item 5 below) - -------------------------------------------------------------------------------- 11. Aggregate Amount Beneficially Owned by Each Reporting Person 1,904,485 - -------------------------------------------------------------------------------- 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] - -------------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (11) 18.6% - -------------------------------------------------------------------------------- 14. Type of Reporting Person (See Instructions) OO - -------------------------------------------------------------------------------- Page 2 of 27 Pages CUSIP No. 402635-10-6 - -------------------------------------------------------------------------------- 1. Names of Reporting Persons. Wexford Spectrum Investors LLC I.R.S. Identification Nos. of Above Persons (entities only) (Intentionally Omitted) - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (a) [x] (See Instructions) (b) [ ] - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. Source of Funds (See Instructions) WC - -------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization Delaware - -------------------------------------------------------------------------------- 7. Sole Voting Power 0 Number of Shares -------------------------------------------------------- Beneficially 8. Shared Voting Power 11,138 Owned by Each (see Item 5 below) Reporting ------------------------------------------------------- Person With 9. Sole Dispositive Power 0 -------------------------------------------------------- 10. Shared Dispositive Power 11,138 (see Item 5 below) - -------------------------------------------------------------------------------- 11. Aggregate Amount Beneficially Owned by Each Reporting Person 11,138 - -------------------------------------------------------------------------------- 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] - -------------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (11) 0.1% - -------------------------------------------------------------------------------- 14. Type of Reporting Person (See Instructions) OO - -------------------------------------------------------------------------------- Page 3 of 27 Pages CUSIP No. 402635-10-6 - -------------------------------------------------------------------------------- 1. Names of Reporting Persons. Wexford Spectrum Advisors, LLC I.R.S. Identification Nos. of Above Persons (entities only) (Intentionally Omitted) - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (a) [x] (See Instructions) (b) [ ] - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. Source of Funds (See Instructions) AF - -------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization Delaware - -------------------------------------------------------------------------------- Number of Shares 7. Sole Voting Power 0 Beneficially ---------------------------------------------------------- Owned by Each 8. Shared Voting Power (see Item 5 below) 11,138 Reporting ---------------------------------------------------------- Person With 9. Sole Dispositive Power 0 ---------------------------------------------------------- 10. Shared Dispositive Power (see Item 5 below) 11,138 11. Aggregate Amount Beneficially Owned by Each Reporting Person 11,138 - -------------------------------------------------------------------------------- 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] - -------------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (11) 0.1% - -------------------------------------------------------------------------------- 14. Type of Reporting Person (See Instructions) OO - -------------------------------------------------------------------------------- Page 4 of 27 Pages CUSIP No. 402635-10-6 - -------------------------------------------------------------------------------- 1. Names of Reporting Persons. Wexford Special Situations 1996, L.P. I.R.S. Identification Nos. of Above Persons (entities only) (Intentionally Omitted) - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (a) [x] (See Instructions) (b) [ ] - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. Source of Funds (See Instructions) WC - -------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization Delaware - -------------------------------------------------------------------------------- Number of Shares 7. Sole Voting Power 0 Beneficially ---------------------------------------------------------- Owned by Each 8. Shared Voting Power (see Item 5 below) 608,702 Reporting ---------------------------------------------------------- Person With 9. Sole Dispositive Power 0 ---------------------------------------------------------- 10. Shared Dispositive Power (see Item 5 below) 608,702 - -------------------------------------------------------------------------------- 11. Aggregate Amount Beneficially Owned by Each Reporting Person 608,702 - -------------------------------------------------------------------------------- 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] - -------------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (11) 6.0% - -------------------------------------------------------------------------------- 14. Type of Reporting Person (See Instructions) PN - -------------------------------------------------------------------------------- Page 5 of 27 Pages CUSIP No. 402635-10-6 - -------------------------------------------------------------------------------- 1. Names of Reporting Persons. Wexford Special Situations 1996 Institutional, L.P. I.R.S. Identification Nos. of Above Persons (entities only) (Intentionally Omitted) - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (a) [x] (See Instructions) (b) [ ] - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. Source of Funds (See Instructions) WC - -------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization Delaware - -------------------------------------------------------------------------------- Number of Shares 7. Sole Voting Power 0 Beneficially ---------------------------------------------------------- Owned by Each 8. Shared Voting Power (see Item 5 below) 102,141 Reporting ---------------------------------------------------------- Person With 9. Sole Dispositive Power 0 ---------------------------------------------------------- 10. Shared Dispositive Power (see Item 5 below) 102,141 ---------------------------------------------------------- 11. Aggregate Amount Beneficially Owned by Each Reporting Person 102,141 - -------------------------------------------------------------------------------- 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] - -------------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (11) 1.0% - -------------------------------------------------------------------------------- 14. Type of Reporting Person (See Instructions) PN - -------------------------------------------------------------------------------- Page 6 of 27 Pages CUSIP No. 402635-10-6 - -------------------------------------------------------------------------------- 1. Names of Reporting Persons. Wexford Advisors, LLC I.R.S. Identification Nos. of Above Persons (entities only) (Intentionally Omitted) - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (a) [x] (See Instructions) (b) [ ] - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. Source of Funds (See Instructions) AF - -------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization Delaware - -------------------------------------------------------------------------------- Number of Shares 7. Sole Voting Power 0 Beneficially ---------------------------------------------------------- Owned by Each 8. Shared Voting Power (see Item 5 below) 738,168 Reporting ---------------------------------------------------------- Person With 9. Sole Dispositive Power 0 10. Shared Dispositive Power (see Item 5 below) 738,168 - -------------------------------------------------------------------------------- 11. Aggregate Amount Beneficially Owned by Each Reporting Person 738,168 - -------------------------------------------------------------------------------- 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] - -------------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (11) 7.3% - -------------------------------------------------------------------------------- 14. Type of Reporting Person (See Instructions) OO - -------------------------------------------------------------------------------- Page 7 of 27 Pages CUSIP No. 402635-10-6 - -------------------------------------------------------------------------------- 1. Names of Reporting Persons. Wexford-Euris Special Situations 1996, L.P. I.R.S. Identification Nos. of Above Persons (entities only) (Intentionally Omitted) - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (a) [x] (See Instructions) (b) [ ] - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. Source of Funds (See Instructions) WC - -------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization Delaware - -------------------------------------------------------------------------------- Number of Shares 7. Sole Voting Power 0 Beneficially ---------------------------------------------------------- Owned by Each 8. Shared Voting Power (see Item 5 below) 172,767 Reporting ---------------------------------------------------------- Person With 9. Sole Dispositive Power 0 ---------------------------------------------------------- 10.Shared Dispositive Power (see Item 5 below) 172,767 - -------------------------------------------------------------------------------- 11. Aggregate Amount Beneficially Owned by Each Reporting Person 172,767 - -------------------------------------------------------------------------------- 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] - -------------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (11) 1.7% - -------------------------------------------------------------------------------- 14. Type of Reporting Person (See Instructions) PN - -------------------------------------------------------------------------------- Page 8 of 27 Pages CUSIP No. 402635-10-6 - -------------------------------------------------------------------------------- . Names of Reporting Persons. Wexford-Euris Advisors, LLC I.R.S. Identification Nos. of Above Persons (entities only) (Intentionally Omitted) - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (a) [x] (See Instructions) (b) [ ] - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. Source of Funds (See Instructions) AF - -------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization Delaware - -------------------------------------------------------------------------------- Number of Shares 7. Sole Voting Power 0 Beneficially ---------------------------------------------------------- Owned by Each 8. Shared Voting Power (see Item 5 below) 172,767 Reporting ---------------------------------------------------------- Person With 9. Sole Dispositive Power 0 ---------------------------------------------------------- 10.Shared Dispositive Power (see Item 5 below) 172,767 - -------------------------------------------------------------------------------- 11. Aggregate Amount Beneficially Owned by Each Reporting Person 172,767 - -------------------------------------------------------------------------------- 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] - -------------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (11) 1.7% - -------------------------------------------------------------------------------- 14. Type of Reporting Person (See Instructions) PN - -------------------------------------------------------------------------------- Page 9 of 27 Pages CUSIP No. 402635-10-6 - -------------------------------------------------------------------------------- 1. Names of Reporting Persons. Wexford Special Situations 1996, Limited I.R.S. Identification Nos. of Above Persons (entities only) (Intentionally Omitted) - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (a) [x] (See Instructions) (b) [ ] - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. Source of Funds (See Instructions) WC - -------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization Cayman Islands - -------------------------------------------------------------------------------- Number of Shares 7. Sole Voting Power 0 Beneficially ---------------------------------------------------------- Owned by Each 8. Shared Voting Power (see Item 5 below) 27,325 Reporting ---------------------------------------------------------- Person With 9. Sole Dispositive Power 0 ---------------------------------------------------------- 10. Shared Dispositive Power (see Item 5 below) 27,325 - -------------------------------------------------------------------------------- 11. Aggregate Amount Beneficially Owned by Each Reporting Person 27,325 - -------------------------------------------------------------------------------- 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] - -------------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (11) 0.3% - -------------------------------------------------------------------------------- 14. Type of Reporting Person (See Instructions) OO - -------------------------------------------------------------------------------- Page 10 of 27 Pages CUSIP No. 402635-10-6 - -------------------------------------------------------------------------------- 1. Names of Reporting Persons. Wexford Capital Partners II, L.P. I.R.S. Identification Nos. of Above Persons (entities only) (Intentionally Omitted) - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (a) [x] (See Instructions) (b) [ ] - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. Source of Funds (See Instructions) WC - -------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization Delaware - -------------------------------------------------------------------------------- Number of Shares 7. Sole Voting Power 0 Beneficially ---------------------------------------------------------- Owned by Each 8. Shared Voting Power (see Item 5 below) 736,342 Reporting ---------------------------------------------------------- Person With 9. Sole Dispositive Power 0 ---------------------------------------------------------- 10.Shared Dispositive Power (see Item 5 below) 736,342 - -------------------------------------------------------------------------------- 11. Aggregate Amount Beneficially Owned by Each Reporting Person 736,342 - -------------------------------------------------------------------------------- 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] - -------------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (11) 7.3% - -------------------------------------------------------------------------------- 14. Type of Reporting Person (See Instructions) PN - -------------------------------------------------------------------------------- Page 11 of 27 Pages CUSIP No. 402635-10-6 - -------------------------------------------------------------------------------- 1. Names of Reporting Persons. Wexford Capital Corporation I.R.S. Identification Nos. of Above Persons (entities only) (Intentionally Omitted) - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (a) [x] (See Instructions) (b) [ ] - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. Source of Funds (See Instructions) AF - -------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization Delaware - -------------------------------------------------------------------------------- Number of Shares 7. Sole Voting Power 0 Beneficially ---------------------------------------------------------- Owned by Each 8. Shared Voting Power (see Item 5 below) 736,342 Reporting ---------------------------------------------------------- Person With 9. Sole Dispositive Power 0 ---------------------------------------------------------- 10. Shared Dispositive Power (see Item 5 below) 736,342 - -------------------------------------------------------------------------------- 11. Aggregate Amount Beneficially Owned by Each Reporting Person 736,342 - -------------------------------------------------------------------------------- 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] - -------------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (11) 7.3% - -------------------------------------------------------------------------------- 14. Type of Reporting Person (See Instructions) CO - -------------------------------------------------------------------------------- Page 12 of 27 Pages CUSIP No. 402635-10-6 - -------------------------------------------------------------------------------- 1. Names of Reporting Persons. Wexford Overseas Partners I, L.P. I.R.S. Identification Nos. of Above Persons (entities only) (Intentionally Omitted) - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (a) [x] (See Instructions) (b) [ ] - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. Source of Funds (See Instructions) WC - -------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization Cayman Islands - -------------------------------------------------------------------------------- Number of Shares 7. Sole Voting Power 0 Beneficially ---------------------------------------------------------- Owned by Each 8. Shared Voting Power (see Item 5 below) 137,445 Reporting ---------------------------------------------------------- Person With 9. Sole Dispositive Power 0 ---------------------------------------------------------- 10. Shared Dispositive Power (see Item 5 below) 137,445 - -------------------------------------------------------------------------------- 11. Aggregate Amount Beneficially Owned by Each Reporting Person 137,445 - -------------------------------------------------------------------------------- 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] - -------------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (11) 1.4% - -------------------------------------------------------------------------------- 14. Type of Reporting Person (See Instructions) PN - -------------------------------------------------------------------------------- Page 13 of 27 Pages CUSIP No. 402635-10-6 - -------------------------------------------------------------------------------- 1. Names of Reporting Persons. Wexford Capital Limited I.R.S. Identification Nos. of Above Persons (entities only) (Intentionally Omitted) - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (a) [x] (See Instructions) (b) [ ] - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. Source of Funds (See Instructions) AF - -------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization Cayman Islands - -------------------------------------------------------------------------------- Number of Shares 7. Sole Voting Power 0 Beneficially ---------------------------------------------------------- Owned by Each 8. Shared Voting Power (see Item 5 below) 137,445 Reporting ---------------------------------------------------------- Person With 9. Sole Dispositive Power 0 ---------------------------------------------------------- 10. Shared Dispositive Power (see Item 5 below) 137,445 - -------------------------------------------------------------------------------- 11. Aggregate Amount Beneficially Owned by Each Reporting Person 137,445 - -------------------------------------------------------------------------------- 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] - -------------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (11) 1.4% - -------------------------------------------------------------------------------- 14. Type of Reporting Person (See Instructions) OO - -------------------------------------------------------------------------------- Page 14 of 27 Pages CUSIP No. 402635-10-6 - -------------------------------------------------------------------------------- 1. Names of Reporting Persons. CD Holding Company, LLC I.R.S. Identification Nos. of Above Persons (entities only) (Intentionally Omitted) - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (a) [x] (See Instructions) (b) [ ] - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. Source of Funds (See Instructions) AF - -------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization Delaware - -------------------------------------------------------------------------------- Number of Shares 7. Sole Voting Power 0 Beneficially ---------------------------------------------------------- Owned by Each 8. Shared Voting Power (see Item 5 below) 3,574,722 Reporting ---------------------------------------------------------- Person With 9. Sole Dispositive Power 0 ---------------------------------------------------------- 10. Shared Dispositive Power (see Item 5 below) 3,574,722 - -------------------------------------------------------------------------------- 11. Aggregate Amount Beneficially Owned by Each Reporting Person 3,574,722 - -------------------------------------------------------------------------------- 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] - -------------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (11) 35.2% - -------------------------------------------------------------------------------- 14. Type of Reporting Person (See Instructions) OO - -------------------------------------------------------------------------------- Page 15 of 27 Pages CUSIP No. 402635-10-6 - -------------------------------------------------------------------------------- 1. Names of Reporting Persons. Charles E. Davidson I.R.S. Identification Nos. of Above Persons (entities only) - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (a) [x] (See Instructions) (b) [ ] - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. Source of Funds (See Instructions) AF - -------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization United States - -------------------------------------------------------------------------------- Number of Shares 7. Sole Voting Power 4,358,995 Beneficially ---------------------------------------------------------- Owned by Each 8. Shared Voting Power (see Item 5 below) 1,904,485 Reporting ---------------------------------------------------------- Person With 9. Sole Dispositive Power 4,358,995 ---------------------------------------------------------- 10. Shared Dispositive Power (see Item 5 below) 1,904,485 - -------------------------------------------------------------------------------- 11. Aggregate Amount Beneficially Owned by Each Reporting Person 6,263,480 - -------------------------------------------------------------------------------- 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] - -------------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (11) 61.1% - -------------------------------------------------------------------------------- 14. Type of Reporting Person (See Instructions) IN - -------------------------------------------------------------------------------- Page 16 of 27 Pages CUSIP No. 402635-10-6 - -------------------------------------------------------------------------------- 1. Names of Reporting Persons. Joseph M. Jacobs I.R.S. Identification Nos. of Above Persons (entities only) - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (a) [x] (See Instructions) (b) [ ] - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. Source of Funds (See Instructions) AF - -------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization United States - -------------------------------------------------------------------------------- Number of Shares 7. Sole Voting Power 0 Beneficially ---------------------------------------------------------- Owned by Each 8. Shared Voting Power (see Item 5 below) 1,904,485 Reporting ---------------------------------------------------------- Person With 9. Sole Dispositive Power 0 ---------------------------------------------------------- 10. Shared Dispositive Power (see Item 5 below) 1,904,485 - -------------------------------------------------------------------------------- 11. Aggregate Amount Beneficially Owned by Each Reporting Person 1,904,485 - -------------------------------------------------------------------------------- 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] - -------------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (11) 18.6% - -------------------------------------------------------------------------------- 14. Type of Reporting Person (See Instructions) IN - -------------------------------------------------------------------------------- Page 17 of 27 Pages CUSIP No. 402635-10-6 - -------------------------------------------------------------------------------- 1. Names of Reporting Persons. Gulfport Funding, LLC I.R.S. Identification Nos. of Above Persons (entities only) (Intentionally Omitted) - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (a) [x] (See Instructions) (b) [ ] - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. Source of Funds (See Instructions) AF - -------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization Delaware - -------------------------------------------------------------------------------- Number of Shares 7. Sole Voting Power 0 Beneficially --------------------------------------------------------- Owned by Each 8. Shared Voting Power (see Item 5 below) 108,625 Reporting --------------------------------------------------------- Person With 9. Sole Dispositive Power 0 10. Shared Dispositive Power (see Item 5 below) 108,625 - -------------------------------------------------------------------------------- 11. Aggregate Amount Beneficially Owned by Each Reporting Person 108,625 - -------------------------------------------------------------------------------- 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] - -------------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (11) 1.0% - -------------------------------------------------------------------------------- 14. Type of Reporting Person (See Instructions) OO - -------------------------------------------------------------------------------- Page 18 of 27 Pages This Amendment No. 5 to Schedule 13D modifies and supplements the Schedule 13D (the "Statement") initially filed on July 22, 1997, amended and restated in its entirely by Amendment No. 1 to the Statement filed July 30, 1997, and further amended by Amendment No. [sic] 1 to the Statement filed on June 12, 1998, Amendment No. 3 to the Statement filed on January 21, 1999, and Amendment No. 4 to the Statement filed October [20], 1999 with respect to the common stock, $0.01 par value per share (the "Common Stock"), of GULFPORT ENERGY CORPORATION, a Delaware corporation (the "Company"). Except to the extent supplemented by the information contained in this Amendment No. 5, the Statement, as amended as provided above, remains in full force and effect. Capitalized terms used herein without definition have the respective meanings ascribed to them in the Statement. Item 2. Identity and Background. Since the date of the last amendment to the Statement filed as aforesaid, the Reporting Persons disclosed herein formed Gulfport Funding, LLC, a Delaware limited liability company ( "GF LLC"), for the purpose of making one or more loans to the Company. In consideration of a $3,000,000 loan made by GF LLC to the Company in May 2001, GF LLC received warrants (the "Warrants") exercisable to purchase up to 108,625 shares of the Common Stock at an exercise price equal to the average closing price of the Common Stock over the five trading days following the grant of such Warrants. The Warrants are currently exercisable. GF LLC is owned by the Reporting Persons disclosed herein in proportion to their ownership of Common Stock. GF LLC is managed by Wexford Capital LLC, formerly known as Wexford Management LLC ("Wexford Capital"). Item 5. Interest in Securities of the Issuer. As a result of the grant of Warrants to GF LLC, the Reporting Persons may be deemed to beneficially own the respective percentages and numbers of outstanding shares of Common Stock set forth below (on the basis of 10,146,566 shares of Common Stock issued and outstanding, which, based upon information and belief, is the number of Shares currently outstanding):