Gulfport Energy Corporation Announces Record Financial Results for 2000

Apr 02, 2001, 01:00 ET from Gulfport Energy Corporation

    OKLAHOMA CITY, April 2 /PRNewswire/ -- Gulfport Energy Corporation,
 (OTC Bulletin Board:   GPOR) reported record financial results for the year
 ended December 31, 2000.  For the year ended December 31, 2000, the Company
 reported net income of $4.5 million, or $.44 per share, on total revenue of
 $16.7 million.  This compares with net income of $.6 million, or $.13 per
 share, on total revenue of $10.2 million for the year ended 1999.  The
 significant improvement in earnings for the year ended December 31, 2000 as
 compared to the same period in 1999 was primarily the result of higher oil
 prices.
     Gulfport engaged the engineering firm of Netherland, Sewell & Associates,
 Inc. of Houston, Texas to render its 2000 reserve report.  The basis of the
 new reserve report as it pertains to the West Cote Blanche Bay field,
 Gulfport's most valuable asset, changed from a statistical assessment to a
 report based on actual documented projects.  Gulfport's other fields, the East
 and West Hackberry, continue to be evaluated on a project basis.  The reserve
 report reflects total proved reserves of 25,130 MBOE (thousand barrels of oil
 equivalent) for Gulfport with 1,554 MBOE (6%) categorized as proved developed
 producing reserves, 1,858 MBOE (7%) classified as proved developed non-
 producing reserves and 21,717 MBOE (87%) shown as proved undeveloped reserves.
 The reserve report assigns a PV10 of $280,893 million for total proved
 reserves using the SEC required Company year-end pricing of $26.80 a barrel
 for oil and $9.52 per MMBTU for natural gas.  Company's management believes a
 more realistic pricing scenario is $25.00 per barrel for oil and $4.50 per
 MMBTU for gas.  Using those prices, the Company's PV10 of its total proved
 reserves is approximately $210,436 million.  Gulfport's technical team
 continues to map at West Cote adding projects and the Company plans to issue
 an updated report following the second quarter of 2001.
 
     Recent Activity
     Gulfport announced results of recent work at the West Cote Blanche Bay
 Field in St. Mary Parish, Louisiana.  Five new wells were drilled and one well
 was recompleted with three of the recently drilled wells and the recompletion
 currently producing at a combined rate of 628 barrels of oil and 1,239 mcf of
 gas per day.  One of the remaining new wells is currently being completed and
 the other new well is in the final stages of being drilled.  The four recently
 drilled wells that have been logged encountered a total of twenty-four
 productive zones and 754 feet of net pay.  Gulfport plans on drilling one
 additional new well and recompleting two more wells at West Cote Blanche Bay
 during the second quarter of 2001.
     Mike Liddell, President and Chief Executive Officer, stated, "I believe
 with our recent success in the field together with our considerable inventory
 of drilling projects, Gulfport is poised to take advantage of today's product
 prices."
 
     Gulfport is an independent oil and gas exploration and production company
 with properties located in the Louisiana Gulf Coast area.  The Company seeks
 to achieve reserve growth and increased cash flow from operations through low
 risk development activities on its existing properties.  This news release
 includes "forward looking statements" within the meaning of Section 27A of the
 Securities Exchange Act of 1934, as amended.
 
 

SOURCE Gulfport Energy Corporation
    OKLAHOMA CITY, April 2 /PRNewswire/ -- Gulfport Energy Corporation,
 (OTC Bulletin Board:   GPOR) reported record financial results for the year
 ended December 31, 2000.  For the year ended December 31, 2000, the Company
 reported net income of $4.5 million, or $.44 per share, on total revenue of
 $16.7 million.  This compares with net income of $.6 million, or $.13 per
 share, on total revenue of $10.2 million for the year ended 1999.  The
 significant improvement in earnings for the year ended December 31, 2000 as
 compared to the same period in 1999 was primarily the result of higher oil
 prices.
     Gulfport engaged the engineering firm of Netherland, Sewell & Associates,
 Inc. of Houston, Texas to render its 2000 reserve report.  The basis of the
 new reserve report as it pertains to the West Cote Blanche Bay field,
 Gulfport's most valuable asset, changed from a statistical assessment to a
 report based on actual documented projects.  Gulfport's other fields, the East
 and West Hackberry, continue to be evaluated on a project basis.  The reserve
 report reflects total proved reserves of 25,130 MBOE (thousand barrels of oil
 equivalent) for Gulfport with 1,554 MBOE (6%) categorized as proved developed
 producing reserves, 1,858 MBOE (7%) classified as proved developed non-
 producing reserves and 21,717 MBOE (87%) shown as proved undeveloped reserves.
 The reserve report assigns a PV10 of $280,893 million for total proved
 reserves using the SEC required Company year-end pricing of $26.80 a barrel
 for oil and $9.52 per MMBTU for natural gas.  Company's management believes a
 more realistic pricing scenario is $25.00 per barrel for oil and $4.50 per
 MMBTU for gas.  Using those prices, the Company's PV10 of its total proved
 reserves is approximately $210,436 million.  Gulfport's technical team
 continues to map at West Cote adding projects and the Company plans to issue
 an updated report following the second quarter of 2001.
 
     Recent Activity
     Gulfport announced results of recent work at the West Cote Blanche Bay
 Field in St. Mary Parish, Louisiana.  Five new wells were drilled and one well
 was recompleted with three of the recently drilled wells and the recompletion
 currently producing at a combined rate of 628 barrels of oil and 1,239 mcf of
 gas per day.  One of the remaining new wells is currently being completed and
 the other new well is in the final stages of being drilled.  The four recently
 drilled wells that have been logged encountered a total of twenty-four
 productive zones and 754 feet of net pay.  Gulfport plans on drilling one
 additional new well and recompleting two more wells at West Cote Blanche Bay
 during the second quarter of 2001.
     Mike Liddell, President and Chief Executive Officer, stated, "I believe
 with our recent success in the field together with our considerable inventory
 of drilling projects, Gulfport is poised to take advantage of today's product
 prices."
 
     Gulfport is an independent oil and gas exploration and production company
 with properties located in the Louisiana Gulf Coast area.  The Company seeks
 to achieve reserve growth and increased cash flow from operations through low
 risk development activities on its existing properties.  This news release
 includes "forward looking statements" within the meaning of Section 27A of the
 Securities Exchange Act of 1934, as amended.
 
 SOURCE  Gulfport Energy Corporation