Gulfport Energy Corporation Announces Successful Results of Recent Drilling Activity

Apr 23, 2001, 01:00 ET from Gulfport Energy Corporation

    OKLAHOMA CITY, April 23 /PRNewswire Interactive News Release/ -- Gulfport
 Energy Corporation (OTC Bulletin Board:   GPOR) announced successful results of
 recent drilling and recompletion activities at the West Cote Blanche Bay Field
 in St. Mary Parish, Louisiana.  Six new wells have been drilled since January
 2001 and four existing wells were recompleted.
     The six new recently drilled wells at West Cote Blanche Bay had a total
 cost to date of $5.1 million and were designed to exploit proved and probable
 reserves in multiple fault blocks and horizons.  The company's reserve report
 rendered by Netherland, Sewell and Associates dated January 1, 2001 assigned
 the target objectives 2,539,000 barrels of oil equivalent of proved
 undeveloped reserves (PUD) and 247,000 barrels of oil equivalent of probable
 reserves.  The post drilling results suggest Gulfport has met or exceeded
 these expectations.
     The logs of the six recently drilled wells show a total of thirty-nine
 productive zones and 1,130 feet of net pay.  Five of the recently drilled
 wells have been completed to date and are currently producing at a combined
 average rate of 930 barrels of oil and 770 mcf of gas per day.  One of the new
 wells is currently being completed and drilling of one additional new well was
 commenced today, which will conclude the company's first half 2001 drilling
 program.  Gulfport plans on beginning another five to seven well drilling
 program at West Cote Blanche Bay during the summer of 2001.
     Gulfport has also recently recompleted four additional wells for a total
 cost to date of $430,000.  The reserve report assigned the recompletion
 program 87,000 barrels of oil equivalent of proved developed, non-producing
 reserves with post drilling results indicating the projects met or exceeded
 preliminary forecasts.  The four recompletions are currently producing at a
 combined rate of 56 barrels of oil per day and 1,600 mcf of gas per day.
     Mike Liddell, President and Chief Executive Officer of Gulfport, said "The
 management and majority owners of the company are interested in maximizing
 shareholder value during this business cycle, whether by internal value
 creation or a capital markets transaction which could include the sale of all
 or part of the company."
     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" as defined by the Securities and
 Exchange Commission.  Such statements are those concerning the company's
 plans, expectations and objectives for future operations.  All statements
 included in this news release, other than statements of historical fact, that
 address activities, events or developments that the company, expects, believes
 or anticipates will or may occur in the future, are forward-looking
 statements.  Such statements are subject to a number of assumptions, risks and
 uncertainties, many of which are beyond the control of the company.  Investors
 are cautioned that any such statements are not guarantees of future
 performance and that actual results or developments may differ materially from
 those projected in the forward-looking statements.
 
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SOURCE Gulfport Energy Corporation
    OKLAHOMA CITY, April 23 /PRNewswire Interactive News Release/ -- Gulfport
 Energy Corporation (OTC Bulletin Board:   GPOR) announced successful results of
 recent drilling and recompletion activities at the West Cote Blanche Bay Field
 in St. Mary Parish, Louisiana.  Six new wells have been drilled since January
 2001 and four existing wells were recompleted.
     The six new recently drilled wells at West Cote Blanche Bay had a total
 cost to date of $5.1 million and were designed to exploit proved and probable
 reserves in multiple fault blocks and horizons.  The company's reserve report
 rendered by Netherland, Sewell and Associates dated January 1, 2001 assigned
 the target objectives 2,539,000 barrels of oil equivalent of proved
 undeveloped reserves (PUD) and 247,000 barrels of oil equivalent of probable
 reserves.  The post drilling results suggest Gulfport has met or exceeded
 these expectations.
     The logs of the six recently drilled wells show a total of thirty-nine
 productive zones and 1,130 feet of net pay.  Five of the recently drilled
 wells have been completed to date and are currently producing at a combined
 average rate of 930 barrels of oil and 770 mcf of gas per day.  One of the new
 wells is currently being completed and drilling of one additional new well was
 commenced today, which will conclude the company's first half 2001 drilling
 program.  Gulfport plans on beginning another five to seven well drilling
 program at West Cote Blanche Bay during the summer of 2001.
     Gulfport has also recently recompleted four additional wells for a total
 cost to date of $430,000.  The reserve report assigned the recompletion
 program 87,000 barrels of oil equivalent of proved developed, non-producing
 reserves with post drilling results indicating the projects met or exceeded
 preliminary forecasts.  The four recompletions are currently producing at a
 combined rate of 56 barrels of oil per day and 1,600 mcf of gas per day.
     Mike Liddell, President and Chief Executive Officer of Gulfport, said "The
 management and majority owners of the company are interested in maximizing
 shareholder value during this business cycle, whether by internal value
 creation or a capital markets transaction which could include the sale of all
 or part of the company."
     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" as defined by the Securities and
 Exchange Commission.  Such statements are those concerning the company's
 plans, expectations and objectives for future operations.  All statements
 included in this news release, other than statements of historical fact, that
 address activities, events or developments that the company, expects, believes
 or anticipates will or may occur in the future, are forward-looking
 statements.  Such statements are subject to a number of assumptions, risks and
 uncertainties, many of which are beyond the control of the company.  Investors
 are cautioned that any such statements are not guarantees of future
 performance and that actual results or developments may differ materially from
 those projected in the forward-looking statements.
 
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 SOURCE  Gulfport Energy Corporation