Exhibit 99.1
Gulfport Energy Reports Record Second Quarter 2007 Results
OKLAHOMA CITY (August 14, 2007) Gulfport Energy Corporation (NASDAQ: GPOR今天公布了2007年第二季度的财务和运营业绩.
For the second quarter of 2007, Gulfport reported net income of $9.6 million on revenues of $25.0 million, or $0.26 per diluted share. 净利润与2007年第一季度相比增长了31%，与2006年第二季度相比增长了36%.
息税前利润 (as defined below) for the second quarter of 2007 was $17.由于生产水平的m88体育官方网站提高，比2006年第二季度增加了64%. Cash flow from operating activities before changes in working capital was $16.6 million, an increase of 62% versus the same period last year.
Production 和 Operational Highlights
Net production was 370,000 barrels of oil 和 155.4 million cubic feet of natural gas or 395,900 barrels of oil equivalent for the second quarter of 2007. Realized price, which includes transportation, for the quarter was $63.88 per barrel of oil 和 $8.91 per MCF of natural gas total equivalent of $63.20 per barrel.
In the second quarter, Gulfport drilled 11 wells in southern Louisiana. 该公司在West Cote Blanche Bay油田钻了7口井，其中6口生产井，1口井正在等待完井. The company drilled four wells at the Hackberry field with one well producing, 2口井正在初步完井，1口井正在等待完井. 该公司还进行了19次再完井，全部在West Cote Blanche Bay油田进行.
At the Hackberry field, as previously disclosed in May 2007, the 2007 No. 7口井在该井的浅层段取得了123英尺的表观净产层. The well was drilled deeper to a total depth of approximately 11,并在Camerina地层中增加了174英尺的表观净产层, totaling 297 feet of apparent net pay for the well.
加拿大
Gulfport owns a 25% interest in Grizzly Oil S和s ULC, which 最近将加拿大的租赁总面积增加到约451,000总英亩. Grizzly计划在2007-08年冬季钻探季节对其面积进行进一步评估，并打算钻100至120个岩心孔. An updated presentation on Grizzly is available on their new website at grizzlyoils和s.com.
Conference Call
Gulfport will host a conference call today at 1:00 p.m. 中央时间讨论2007年第二季度的财务和运营结果. Interested parties may listen to the call via
Gulfport’s website at myu.despher.net or by calling 1-866-713-8562. International callers please dial 617-597-5310. The passcode for the conference call is 40343335. 拨打电话1-888-286-8010或拨打国际电话617-801-6888，可获得两周的电话重播. The replay passcode is 19064688. The webcast will be archived for 30 days on the company’s website.
About Gulfport
Gulfport Energy Corporation is an 位于俄克拉荷马城的独立石油和天然气勘探和生产公司，其主要生产资产位于路易斯安那州墨西哥湾沿岸. 格尔夫波特通过一家名为Grizzly Oil S和s ULC的合资企业，拥有相当大的石油储量 在加拿大阿尔伯塔油砂的面积位置，并钻取了岩心样本，以进一步评估面积. 此外，Gulfport在泰国Phu Horm气田的生产中也有间接利益.
Forward Looking Statements
This news release includes 《体育平台》第27A条所指的“前瞻性陈述”, as amended (the “Securities 行动”), 和 Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange 行动”). All statements, other than statements of historical facts, included in this news release that address activities, 格尔夫波特预计或预计将来会或可能发生的事件或发展, including such things as future capital expenditures (including the amount 和 nature thereof), business strategy 和 measures to implement strategy, competitive strength, 目标, expansion 和 growth of Gulfport’s business 和 operations, 计划, references to future 成功, 提及有关未来事项和其他此类事项的意向均为前瞻性陈述. 这些陈述体育平台是基于格尔夫波特根据其经验和对历史的看法所做的某些假设和分析 趋势, 当前状况和预期的未来发展，以及它认为在环境中适当的其他因素. 然而, 实际结果和发展体育平台是否符合格尔夫波特的期望和预测 subject to a number of risks 和 uncertainties, general economic, market or business conditions; the opportunities (or lack thereof) that may be presented to 和 pursued by Gulfport; competitive actions by other oil 和 gas companies; changes in laws or regulations; 和 other factors, many of which are beyond the control of Gulfport. 有关这些和其他因素的信息可以在公司提交给证券交易委员会的文件中找到, including its Forms 10-KSB, 10-QSB 和 8-K. Consequently, 本新闻稿中所作的所有前瞻性陈述均受这些警示性陈述的约束，并不能保证格尔夫波特预期的实际结果或发展将体育平台是正确的 realized, or even if realized, that they will have the expected consequences to or effects on Gulfport, its business or operations. We have no intention, 和 disclaim any obligation, to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.
Non-GAAP Financial Measures
息税前利润 is a non-GAAP financial measure equal to net income, the most directly comparable GAAP financial measure, plus interest expense, income tax expense, accretion expense 和 depreciation, depletion 和 amortization. Cash flow from 营运资金变动前的经营活动体育平台是一项非公认会计准则财务指标，等于营运资金变动前经营活动产生的现金流量. 公司已提出息税前利润，因为它使用息税前利润作为一个组成部分 其内部报告，以衡量其业绩和评价其高级管理人员的业绩. 息税前利润被认为体育平台是公司业务运营实力的重要指标. 息税前利润 eliminates the uneven effect of considerable amounts of non-cash depletion, 有形资产折旧及部分无形资产摊销. A limitation of this measure, 然而, 体育平台是否没有反映某些资本化有形资产的定期成本 intangible assets used in generating revenues in the Company’s businesses. 管理层通过其他财务措施评估这些有形和无形资产的成本以及相关减值的影响, such as capital expenditures, investment spending 和 return on capital. Therefore, 公司认为，息税前利润为其投资者提供了有关其业绩和整体运营结果的有用信息. 息税前利润 和 cash flow from operating 营运资金变动前的活动不打算作为业绩衡量标准，应被视为替代, or more meaningful than, 净收入可以作为经营业绩的指标，也可以作为现金流量的指标 operating activities as a measure of liquidity. In addition, 息税前利润和营运资金变动前的经营活动现金流不代表可用于股息的资金, reinvestment or other discretionary uses, 和 不应孤立地考虑或作为根据公认会计准则编制的业绩衡量标准的替代品. 本新闻稿中提出的营运资本措施变动前的息税前利润和经营活动现金流量可能 not be comparable to similarly titled measures presented by other companies, 并可能与公司各项协议中使用的相应措施不相同.
Investor & Media Contact:
John Kilgallon
Director, Investor Relations
jkilgallon@despher.net
405-242-4474
GULFPORT ENERGY CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2007 | 2006 | 2007 | 2006 | |||||||||||||
| Revenues: |
||||||||||||||||
| Gas sales |
$ | 1,385,000 | $ | 504,000 | $ | 2,493,000 | $ | 1,047,000 | ||||||||
| Oil 和 condensate sales |
23,634,000 | 13,845,000 | 42,888,000 | 17,751,000 | ||||||||||||
| Other income (expense) |
(10,000 | ) | 11,000 | 9,000 | 17,000 | |||||||||||
| 25,009,000 | 14,360,000 | 45,390,000 | 18,815,000 | |||||||||||||
| Costs 和 expenses: |
||||||||||||||||
| Lease operating expenses |
3,942,000 | 2,255,000 | 7,119,000 | 3,606,000 | ||||||||||||
| Production taxes |
3,025,000 | 1,921,000 | 5,470,000 | 2,486,000 | ||||||||||||
| Depreciation, depletion, 和 amortization |
6,613,000 | 2,743,000 | 12,283,000 | 3,736,000 | ||||||||||||
| General 和 administrative |
1,154,000 | 513,000 | 2,235,000 | 1,514,000 | ||||||||||||
| Accretion expense |
139,000 | 149,000 | 277,000 | 298,000 | ||||||||||||
| 14,873,000 | 7,581,000 | 27,384,000 | 11,640,000 | |||||||||||||
| INCOME FROM OPERATIONS: |
10,136,000 | 6,779,000 | 18,006,000 | 7,175,000 | ||||||||||||
| OTHER (INCOME) EXPENSE: |
||||||||||||||||
| Interest expense |
685,000 | 397,000 | 1,325,000 | 668,000 | ||||||||||||
| Business interruption insurance recoveries |
— | (614,000 | ) | — | (3,269,000 | ) | ||||||||||
| Interest income |
(119,000 | ) | (63,000 | ) | (229,000 | ) | (111,000 | ) | ||||||||
| 566,000 | (280,000 | ) | 1,096,000 | (2,712,000 | ) | |||||||||||
| INCOME BEFORE INCOME TAXES |
9,570,000 | 7,059,000 | 16,910,000 | 9,887,000 | ||||||||||||
| INCOME TAX EXPENSE: |
— | — | 53,000 | — | ||||||||||||
| NET INCOME |
$ | 9,570,000 | $ | 7,059,000 | $ | 16,857,000 | $ | 9,887,000 | ||||||||
| NET INCOME PER COMMON SHARE: |
||||||||||||||||
| 基本 |
$ | 0.27 | $ | 0.22 | $ | 0.48 | $ | 0.31 | ||||||||
| 稀释 |
$ | 0.26 | $ | 0.21 | $ | 0.47 | $ | 0.29 | ||||||||
| 基本 weighted average shares outst和ing |
35,891,902 | 32,636,144 | 35,221,924 | 32,408,098 | ||||||||||||
| 稀释 weighted average shares outst和ing |
36,592,348 | 33,858,619 | 35,885,713 | 33,634,212 | ||||||||||||
Gulfport Energy Corporation
Reconcilation of 息税前利润 和 Cash Flow
(unaudited)
| Three Months Ended | Six Months Ended | |||||||||||
| June 30, 2007 | June 30, 2006 | June 30, 2007 | June 30, 2006 | |||||||||
| Net Income |
$ | 9,570,000 | $ | 7,059,000 | $ | 16,857,000 | $ | 9,887,000 | ||||
| Interest expense |
685,000 | 397,000 | 1,325,000 | 668,000 | ||||||||
| Income tax expense |
— | — | 53,000 | — | ||||||||
| Accretion expense |
139,000 | 149,000 | 277,000 | 298,000 | ||||||||
| Depreciation, depletion, 和 amortization |
6,613,000 | 2,743,000 | 12,283,000 | 3,736,000 | ||||||||
| 息税前利润 |
$ | 17,007,000 | $ | 10,348,000 | $ | 30,795,000 | $ | 14,589,000 | ||||
| Three Months Ended | Six Months Ended | |||||||||||
| June 30, 2007 | June 30, 2006 | June 30, 2007 | June 30, 2006 | |||||||||
| Cash provided by operating activity |
$ | 10,827,000 | $ | 9,926,000 | $ | 24,884,000 | $ | 12,354,000 | ||||
| Adjustments: |
||||||||||||
| Changes in assets 和 liabilities |
5,770,000 | 345,000 | 5,020,000 | 2,098,000 | ||||||||
| Operating Cash Flow |
$ | 16,597,000 | $ | 10,271,000 | $ | 29,904,000 | $ | 14,452,000 | ||||
Gulfport Energy Corporation
Production Schedule
(Unaudited)
| 2Q2007 | 2Q2006 | 2007年年初至今 | 2006年年初至今 | |||||||||
| Production Volumes: |
||||||||||||
| Oil (MBbls) |
370.0 | 215.1 | 711.5 | 279.4 | ||||||||
| Gas (MMcf) |
155.4 | 100.1 | 313.3 | 192.1 | ||||||||
| Oil Equivalents (MBOE) |
395.9 | 231.8 | 763.7 | 311.4 | ||||||||
| Average Realized Price: |
||||||||||||
| Oil (per Bbl) |
$ | 63.88 | $ | 64.37 | $ | 60.28 | $ | 63.53 | ||||
| Gas (per Mcf) |
$ | 8.91 | $ | 5.03 | $ | 7.96 | $ | 5.45 | ||||
| Oil Equivalents (BOE) |
$ | 63.20 | $ | 61.91 | $ | 59.42 | $ | 60.36 | ||||