Gulfport Energy Corporation Announces $39.0 Million Gain On the Monetization of Fixed Price Contracts for 2009
OKLAHOMA CITY, Dec. 23, 2008 (GLOBE NEWSWIRE) -- Gulfport Energy Corporation (Nasdaq:GPOR) today announced the monetization of its 2009 fixed price contracts for $39.0 million in cash. Gulfport's fixed price contracts for 2009 provided for the sale of 3,000 barrels of oil per day (BOPD) at a weighted average price of $89.06 per barrel (before transportation costs) for the period January through December 2009. Gulfport retained its remaining fixed price contracts for 2008, which provide for the sale of 3,500 BOPD at a weighted average price of $86.60 per barrel (before transportation costs) through December 31, 2008. Gulfport plans to use proceeds from the sale for general corporate purposes, which may include reducing outstanding borrowings under its revolving credit facility.
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 the Permian Basin in West Texas. Gulfport also holds a sizeable acreage position in the Alberta Oil Sands in Canada through its interest in Grizzly Oil Sands ULC. In addition, Gulfport is participating in numerous wells in the Bakken play in the Williston Basin in North Dakota.
Forward Looking Statements
This news 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 news release that address activities, events or developments that Gulfport expects or anticipates will or may occur in the future, 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 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 disclaim any obligation, to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.
CONTACT: Gulfport Energy Corporation Investor & Media Contact: Investor Relations Paul K. Heerwagen 405-242-4888 firstname.lastname@example.org
Released December 23, 2008