8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): September 19, 2008

GULFPORT ENERGY CORPORATION

(Exact Name of Registrant as Specified in Charter)

Delaware	000-19514	73-1521290
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification Number)

14313 North May Avenue Suite 100 Oklahoma City, OK	73134
(Address of principal executive offices)	(Zip code)

(405) 848-8807

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

Item 7.01. Regulation FD Disclosure.

On September 19, 2008, in connection with the unveiling of its new corporate website design, Gulfport Energy Corporation published its updated corporate presentation on its website. A copy of such presentation is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

Number	Exhibit
99.1	Gulfport Energy September 19, 2008 presentation.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	GULFPORT ENERGY CORPORATION
Date: September 19, 2008	By:	/s/ MICHAEL G. MOORE
		Michael G. Moore Chief Financial Officer

Exhibit Index

Number	Exhibit
99.1	Gulfport Energy September 19, 2008 presentation.

EX-99.1

Gulfport Energy

Gulfport Energy

September 19, 2008

September 19, 2008

Presentation

Presentation

Exhibit 99.1

This

presentation

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

presentation

that

address

activities,

events

or

developments

that

Gulfport

expects

or

anticipates

will

or

may

occur

in

the

future,

including

such

things

as

future

capital

expenditures

(including

the

amount

and

nature

thereof),

business

strategy

and

measures

to

implement

strategy,

competitive

strength,

goals,

expansion

and

growth

of

Gulfport’s

business

and

operations,

plans,

references

to

future

success,

reference

to

intentions

as

to

future

matters

and

other

such

matters

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,

business

or

weather

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

presentation

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.

We

have

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.

Forward-Looking Statement

Forward-Looking Statement

1

Gulfport Today

Gulfport Today

Proved Reserves (12/31/07):

29 Million BOE

Production:

2Q’08

4,886 BOED

Production Mix (2Q2008):

92% Oil & NGLs

8% Gas

Reserves / Production Ratio:

16 Years

Enterprise Value¹:

$501 Million

2

¹

Source: Bloomberg calculated as of the close of the market on 09/15/08 at a price of $9.72 per share using 2Q’08 shares outstanding, short-

term and long-term debt, and cash and cash equivalents from the company’s second quarter 2008 10-Q

Gulfport’s Business Strategy Defined

Gulfport’s Business Strategy Defined

Gulfport’s business strategy is straightforward and growth oriented:

Establish an oil-focused asset portfolio with a large reserve base, apply new technologies

and pursue first mover advantages in emerging plays when possible

Build a financially conservative capital structure with low levels of debt allowing for

flexibility in pursuing acquisition opportunities as they present themselves

Today, Gulfport is positioned to prosper in the present with significant

upside potential for the future:

Developed operating efficiencies in our core areas providing for

a stream of free cash flow

and effective growth through the drill bit

Secured significant acreage positions in emerging plays among major players

Provided long term growth opportunities through investing in high impact projects

Gulfport’s

core

competencies

in

the

fields

of

geology

and

geophysics

have

helped

Gulfport

to

secure

first

mover

positions

in

a

number

of

North

America’s

hottest

plays

3

Compelling 2Q2008 Results

Compelling 2Q2008 Results

Strong 2Q2008 financial performance

$25.3 million of operating cash flow

$26.1 million of EBITDA

$14.9 million of net income available to common share

$0.35 of earnings per fully diluted common share

Exceeds 2Q’08 consensus estimates of $0.27 of fully diluted EPS by $0.08,

contributing to a company record in per share performance

Continued production growth

2Q2008 production averaged 4,886 BOE per day

12% year-over-year growth, up 5% sequentially

4

¹

Please

refer

to

Gulfport’s

August

7,

2008,

news

release

regarding

financial

and

operating

results

for

the

second

quarter

of

2008

for

reconciliation of non-GAAP financial measures to GAAP financial measures

1

1

2008 E&P Capital Forecast

2008 E&P Capital Forecast

Permian

Hackberry

WCBB

Bakken

Grizzly

& Other

Approximately $95 MM

Growth

Core

5

1,724

1,679

2,693

4,485

2004

2005

2006

2007

Production Growth

Production Growth

¹

Compound Annual Growth Rate

6

7

Operational Areas

Operational Areas

Southern Louisiana

Acreage:

13,858 Net Acres

2007 Reserves:

22.5 MM BOE

2008 Capital Plan:     Approx. $40 MM

Permian Basin

Acreage:

4,100 Net Acres

2007 Reserves:

6.6 MM BOE

2008 Capital Plan:    Approx. $35 MM

Bakken Shale

Acreage:

16,511 Net Acres

2008 Capital Plan:      Approx. $10 MM

Canadian Oil Sands

Acreage:                      127,941 Net Acres

OBIP:                           Approx. 3 Billion Net Barrels

2008 Capital Plan:      Approx. $10 MM

Thailand

Acreage:

4,000,000 Gross Acres

2005 Reserves: 3.5 Net BCF Gas          

.                         10,000 Net Bbl Oil

West Cote Blanche Bay

West Cote Blanche Bay

Operational Statistics

Operational Statistics

•

•

Leasehold Position:

Leasehold Position:

5,668 Net Acres

5,668 Net Acres

•

•

Proved  Reserves (12/31/07) :

Proved  Reserves (12/31/07) :

17.78 Million Net BOE

17.78 Million Net BOE

•

•

Production:

Production:

–

2Q’08

3961

3961

Net

Net

BOED

BOED

•

•

2008 Capital Plan:

2008 Capital Plan:

$22 Million

$22 Million

•

•

2008 Strategic Plan :

2008 Strategic Plan :

•

•

Sustain Production

Sustain Production

•

•

Maximize Return on Capital

Maximize Return on Capital

8

West Cote Blanche Bay –

West Cote Blanche Bay –

Operational Overview

Operational Overview

•

Located approximately five miles off the coast of Louisiana in a

shallow water bay with water depths averaging eight to ten feet

–

Discovery well drilled in 1940 based on a seismic and gravitational

anomaly

–

3-D seismic and directional drilling techniques drive the field’s

development

*

Calculated

based

on

December

31,

2007

reserves

using

December

31,

2007

pricing

of

$92.50

per

barrel

WTI

oil

and

$6.80

per

Mcf

Henry

Hub

gas

prices,

adjusted

for

field

differentials,

held

flat

in

nominal

terms

**Calculated

based

on

December

31,

2007

reserves

using

August

6,

2008

pricing

of

$118.58

per

barrel

WTI

oil

and

$8.69

per

Mcf

Henry

Hub

gas

prices,

adjusted

for

field

differentials,

held

flat

in

nominal

terms

9

•

Significant salt intrusive feature, elliptical in shape, created

traps in the Pliocene through middle Miocene in a series of

complex, steeply dipping fault blocks

–

Intense faulting near and immediately above the salt stock leading to

numerous compartmentalized reservoirs; less intense further away

leading to larger, more continuous reservoirs

$92.50 Oil

$118.58 Oil

Oil

Gas

Equiv.

PV10*

PV10**

MMBbls

Bcf

MMBOE

$MM

$MM

PDP

0.76

0.80

0.89

34.56

$          

52.42

$             

PDNP

3.97

3.39

4.54

162.54

223.94

PUD

10.41

11.70

12.36

304.59

434.97

Total

15.14

15.89

17.79

501.69

$        

711.33

$           

Net

•

At 12/31/07 Netherland Sewell had evaluated 111 booked PUDs

–

Anticipate

drilling

a

total

of

twelve

wells

and

recompleting

60

wells

at

WCBB

during

2008

•

There are over 100 different formations that have produced from within the field

–

Within

the

over

850

wellbores

drilled

to

date,

over

4,000

potential

zones

have

been

penetrated

December 31, 2007 Reserves

•

Reservoirs have high porosity and permeability

with stacked pay zones averaging five to six pay

zones per well bore

–

Substantial cumulative gross production estimated to

be approximately

227 MMBOE

–

Deep prospective gas opportunities at WCBB

•

10 Bcf

Potential

Hackberry

Hackberry

Operational Statistics

Operational Statistics

•

Leasehold Position¹:

8,190 Net Acres

•

Proved  Reserves (12/31/07):

4.74 Million Net BOE

•

Production:

–

2Q’08

370 Net BOED

•

2008 Capital Plan:

$18 Million

•

2008 Strategic Plan:

•

Grow Production

•

Maximize Return on Capital

10

Lake

Calcasieu

¹

Leasehold position includes an exercised state lease option to acquire an additional 3,233 acres at Hackberry

Hackberry –

Hackberry –

Operational Overview

Operational Overview

•

Located along the western shore of Lake Calcasieu,  

15 miles inland from the waters of the Gulf of Mexico

–

Discovered in 1926 by Gulf Oil Co. and developed using        

2-D seismic

–

Our leases at West Hackberry are located within two miles of

one of the United States Department of Energy’s Strategic

Petroleum Reserves

–

During 2005 Gulfport completed a proprietary 42 square mile 

3-D seismic survey at Hackberry

•

Major salt intrusive feature, elliptical in shape, divided into east and west entities by a

saddle

–

A series of structurally complex and steeply dipping fault blocks formed by the salt intrusion serve to trap

hydrocarbon accumulations

–

Multiple pay zones and highly productive sands in the deep and shallow sections on the north flank of the

field

•

Wells

currently

produce

from

perforations

found

between

5,100’

and

12,200’

–

Development Potential of over 30 different pay zones

11

•

Impressive cumulative production

–

Over 79 MMBOE has been produced to date from

the Hackberry fields

•

13 drilling locations approved

$92.50 Oil

$118.58 Oil

Oil

Gas

Equiv.

PV10*

PV10**

MMBbls

Bcf

MMBOE

$MM

$MM

PDP

0.410

0.414

0.479

16.33

$          

23.80

$             

PDNP

0.631

0.663

0.742

36.74

47.83

PUD

3.236

1.699

3.519

120.26

180.34

Total

4.277

2.776

4.740

173.33

$        

251.97

$           

Net

December 31, 2007 Reserves

*

Calculated

based

on

December

31,

2007

reserves

using

December

31,

2007

pricing

of

$92.50

per

barrel

WTI

oil

and

$6.80

per

Mcf

Henry

Hub

gas

prices,

adjusted

for

field

differentials,

held

flat

in

nominal

terms

**Calculated

based

on

December

31,

2007

reserves

using

August

6,

2008

pricing

of

$118.58

per

barrel

WTI

oil

and

$8.69

per

Mcf

Henry

Hub

gas

prices,

adjusted

for

field

differentials,

held

flat

in

nominal

terms

Southern Louisiana –

Southern Louisiana –

What’s New

What’s New

12

Production from Southern Louisiana averaged 4,336 net BOE per day for 2Q2008, an increase of 315 net

BOE per day from the 1Q2008 average of 4,021 net BOE per day

-

July Production from Southern Louisiana averaged 4,277 net BOE per day

-

Production increased to an average of 4,939 net BOE per day for the first 29 days of August prior to being shut-in in

preparation for Hurricane Gustav

-

Gulfport deployed personnel to the fields shortly after Gustav; however, full production was not restored before the fields were

shut-in in preparation for Hurricane Ike

-

As announced on September 15, 2008 Gulfport has deployed personnel back to its Southern Louisiana properties and is in

the process of completing full physical assessments of the fields and facilities.  The company intends to restore production as

soon as possible although an anticipated date cannot be determined until a full assessment is complete.

West Cote Blanche Bay

Brought a rig back to WCBB early

-

Rig returned on July 2    to begin drilling a ten well program

Despite the fact that GPOR did not drill at West Cote for most of the first half of the year, we were able to maintain

production through increased operational efficiencies and the normal cycle of up-hole recompletion

Hackberry

Spudded

the

first

of

four

wells

at

Hackberry

on

May

5

-

Pleased to report all four appear to be productive

nd

th

Permian Basin

Permian Basin

Operational Statistics

•

Leasehold Position:

4,100 Net Acres

•

Proved  Reserves (12/31/07):

6.63 Million Net BOE

•

Production:

–

2Q’08

479

Net

BOED

•

2008

Capital

Plan:

$35

Million

•

2008 Strategic Plan :

•

Grow

production

through

the

drill

bit

by

actively

drilling

on

40-acre

spacing

•

Evaluate

potential

for

20-acre

down

spacing

13

GPOR

Acreage

Permian Basin –

Permian Basin –

Operational Overview

Operational Overview

14

•

Potential for down spacing to 20-acre units

–

40-acre spacing only recovers 3% of original oil in place

–

Down spacing would yield an additional 200+ gross well locations

$92.50 Oil

$118.58 Oil

Oil

Gas

NGL

Equiv.

PV10*

PV10**

MMBbls

Bcf

MMBbls

MMBOE

$MM

$MM

PDP

0.710

1.243

0.381

1.298

33.73

$          

48.19

$             

PDNP

0.184

0.232

0.068

0.291

10.59

15.14

PUD

3.135

4.112

1.221

5.041

101.67

168.10

Total

4.029

5.587

1.670

6.630

145.99

$        

231.43

$           

Net

•

Proved reserves are estimated at approx. 6.6

million barrels net to Gulfport as of 12/31/07

•

Gulfport’s exposure to the Permian began in December 2007 with the

acquisition of 4,100 net acres

(50% interest in 8,200 gross acres)

–

The deal included 32 gross producing locations and 178 gross additional offset

locations at 40-acre spacing

•

Located in West Texas, the Permian Basin is considered to be

one of the major producing basins in the United States

–

Target

productive

zones

in

the

long-established

Wolfcamp

play,

also

picking

up

zones

in

the

shallower

Sprayberry

formation

•

Expect to drill 17 to 22 net wells in 2008 with production

additions being backend loaded

•

Recent advancements in well fracturing technology drive

the field’s development

–

The

application

of

new

developments

in

high

volume

fracs

generate

compelling

well

economics

December 31, 2007 Reserves

*

Calculated

based

on

December

31,

2007

reserves

using

December

31,

2007

pricing

of

$92.50

per

barrel

WTI

oil

and

$6.80

per

Mcf

Henry

Hub

gas

prices,

adjusted

for

field

differentials,

held

flat

in

nominal

terms

**Calculated

based

on

December

31,

2007

reserves

using

August

6,

2008

pricing

of

$118.58

per

barrel

WTI

oil

and

$8.69

per

Mcf

Henry

Hub

gas

prices,

adjusted

for

field

differentials,

held

flat

in

nominal

terms

Permian Basin –

Permian Basin –

What’s New

What’s New

15

As of September 15, 2008, a total of 27 gross wells had spudded on our

acreage year-to-date

Of these, 15 wells have been completed and 4 have reached peak production

New wells are behaving as expected with a three to four month flow back to peak

production after being fractured

2Q2008 production of 479 BOE net to Gulfport

Gross drill and complete costs for a typical well are approximately $1.8 MM

Field development continues at 40-acre spacing, however, down spacing  to

20-acres on the horizon

Based on internal estimates, 40-acre spacing recovers only 3% of total oil in place.

Currently employing drilling pattern to facilitate efficient down spacing to 20-acres. 

Bakken Shale

Bakken Shale

Operational Statistics

•

Leasehold Position:

16,511 Net Acres

•

Proved Reserves (12/31/07):

81,000 Net BOE

•

Production:

–

2Q’08

71

Net

BOED

•

2008

Capital

Plan:

$10

Million

•

2008 Strategic Plan :

•

Actively

pursue

new

leasing

opportunities

•

Develop

acreage

by

participating

in

drilling

activity

16

Bakken Shale –

Bakken Shale –

Operational Overview

Operational Overview

•

Located in Montana, North Dakota, South Dakota and Saskatchewan,

the Bakken formation covers over 200,000 square miles of the

subsurface of the Williston Basin

–

In April 2008, the USGS released a report estimating there to be

3.0 to 4.3

billion barrels of undiscovered, technically recoverable oil in the Bakken

formation

17

•

Based upon the identified geologic trends, Gulfport began      

actively pursuing acreage in the play, effectively achieving first   

mover advantages

•

Until recently, lower than average porosity and permeability have hindered field development

–

However, extensive vertical faulting combined with the application of horizontal drilling techniques and

advancements in fracturing technology have helped transform the tight shale play into one of the hottest oil plays in

N. America

•

For 2008, Gulfport estimates that its capital spending in the Bakken will  total approximately $8 to

$10 million, the equivalent of approximately 1.5 net wells

–

As

of

June

30th

,

2008,

Gulfport

had

secured

16,511

net

acres

in

the

play

Three Forks

Fault

Parshall

Bakken Shale –

Bakken Shale –

What’s New

What’s New

18

The Windsor operated Whitmore 1-6H, of which GPOR owns an approximate 16% working

interest, underwent a multistage frac

in late August

This well is located in the Parshall

field, approximately 3 to 5 miles from two EOG wells which have

reported

peak

production

rates

of

3,744

and

3,255

barrels

of

oil

per

day.

The second Windsor operated well, the Whitmore 1-7H, has reached total depth and is

scheduled to be fracture treated in the upcoming weeks

Excitement surrounding the play continues to build

Currently GPOR is most active in EOG’s

Parshall

area where a number of wells, some in which Gulfport

has

participated,

have

reported

initial

production

rates

between

2000

and

3000+

BOE

per

day 

Gulfport’s current acreage position has been expanded from approximately 14,000 as

reported at the end of the first quarter to 16,500 net acres, and we intend to continue to

actively lease in the area

As of September 15, 2008 we are participating in, or had elected

to participate in, 41 wells  

for 2008

Drilling and completion costs have been in line with AFE’s

of around $6 million per well

depending on the completion and frac

techniques

Meanwhile, average EUR’s

have been steadily increasing throughout the play 

With approximately 16,500 net acres, GPOR has a drilling inventory in some of North

America’s hottest acreage

Canadian Oil Sands

Canadian Oil Sands

Operational Statistics

Operational Statistics

•

Leasehold Position:

127,941 Net Acres

•

OBIP¹

(09/30/07):

3

Billion

Net

Bbls

•

2008

Capital

Plan:

$10

Million

•

2008 Strategic Plan :

•

Continue

core

hole

drilling

program

to

delineate

acreage

•

Develop

Algar

Lake

Project

with

the

goal

of

first 

oil in 2011

¹Original-Bitumen-In-Place: Total bitumen in place over an area of 152,564 acres for sand greater than 10 meters of thickness

19

Canadian Oil Sands –

Canadian Oil Sands –

Operational Overview

Operational Overview

The Canadian Oil Sands rivals Saudi Arabia as the largest oil play in the world

with 315 billion barrels of estimated recoverable resources

-

The oil sands are deposits of bitumen, a molasses-like viscous oil that will not flow unless heated

or diluted with lighter hydrocarbons

The vast majority of Grizzly’s acreage was acquired by the summer of 2007, by

which time virtually all prospective acreage had been leased

20

Since making the strategic decision to invest in oil sands acreage, Gulfport has

acquired the largest acreage position of any US independent producer through its

participation in Grizzly Oil Sands ULC

-

Devon is the next closest with 75,000 acres

Grizzly

is

developing

a

section

of

acreage

known

as

Algar

Lake

with

the

intent

of

employing

a

method

of in-situ

extraction

called

Steam

Assisted

Gravity

Drainage

(SAGD)

to

produce

the

leasehold

-

First production estimated for the second half of 2011 with 2,500 barrel per day of net production on an estimated facility and

well pair capital expenditure of $90 million net to Gulfport

Potential for 3.65 million barrels per year, with approximately 900,000 barrels net to Gulfport

Resource potential of approximately 100 million barrels per facility, with approximately 25 million barrels net   

to Gulfport

Following

the

2006

and

2007

winter

drilling

seasons,

third

party

engineers

DeGolyer

&

McNaughten

issued

a

report

estimating

total

bitumen

in

place

for

seven

Grizzly

properties

as

11.9

billion

barrels

over

an

area

of

152,564

acres

for

sand

greater

than

10

meters

of

thickness

Alberta’s highly prospective oil sands land base is now essentially leased up and Grizzly is positioned

to take advantage of the lease supply shortfall

-

Given that many of the leases offset viable projects, Grizzly’s non-concentrated land base increases the likelihood of multiple

significant farm out and land swap opportunities

Various Grizzly leases directly offset: Nexen/OPTI, ConocoPhillips, Imperial Oil/Petro-Canada, Encana, JACOS,

Statoil, Chevron/Shell/Marathon, Value Creation, Athabasca Oil Sands & Laricina

Canadian Oil Sands –

Canadian Oil Sands –

What’s New

What’s New

21

Drilled 55 core holes during 2007-2008

winter drilling program

28

core

holes

at

Algar

Lake

12 core holes at Silvertip

10 core holes at Birchwood

5

core

holes

at

Thickwood

Hills

Shot

7.5

square

mile

seismic

survey

at

Algar

Lake

Progress continues to be made on Grizzly’s regulatory application for a SAGD

facility at Algar

Lake

Thailand

Thailand

Operational Statistics

Operational Statistics

•

Leasehold

Position:

4

Million¹

Gross

Acres

•

Net

Proved

Reserves

(1/1/05):

3.6

Net

BCF

of

Gas

10,000

Net

BBL

of

Oil

•

2008

Strategic

Plan

:

–

Expand

project,

applying

project

cash

flow

to

offset

capital

outlays

–

Shoot

3-D

seismic

survey

in

the

fourth

quarter

of

2008

22

¹Gulfport

owns

a

2%

indirect

interest

in

APICO,

LLC,

an

international

oil

and

gas

exploration

company.

APICO

owns

a

35%

interest

the

Phu

Horm

gas

field

operated

by

Hess

Corporation,

a

100%

of

concession

blocks

L15/43

and

27/43,

and

a

60%

of

concession

block

L13/48.

The

APICO

holdings

total

approximately

3

million

acres.

During

the

first

quarter

of

2008,

Gulfport

purchased

a

5%

interest

in

Tatex

Thailand

III,

LLC,

the

owner

of

concession

block

L16/50.

Thailand –

Thailand –

Operational Overview

Operational Overview

Through an indirect equity investment in APICO, Gulfport has leveraged significant

exposure

to

a

natural

gas

play

of

immense

magnitude

in

northeast

Thailand

Third party engineers Gaffney Cline credit wells producing in the Phu

Horm

gas field with

approximately ½

TCF¹

of reserves

3P

Reserves

of

9

TCF

provide

substantial

exploratory

upside

Production net to Gulfport at year-end 2007 totaled

approximately 100 Mcf

per day. 

Cash flow from the project is expected to offset

capital outlays

Significant upside provided by the exploratory

potential of four concession blocks totaling

approximately 4 million acres

23

¹

Third party report issued on  01/01/05

Plans are in place to shoot a 3-D seismic survey of

Block L16/50 in the fourth quarter of 2008

APICO has identified several high-quality exploration

targets

Gulfport Financial Highlights

Gulfport Financial Highlights

Enterprise value of $501.2¹

million

$414.26²

million equity value,

$89.1³

million debt, $2.2³

million working capital deficit

Expect strong performance in 2008

EBITDA estimated to be from $110 million to $120 million for YE2008

Compelling statistics

4.7x EBITDA and 8.38 P/E Ratio

Trading at a discount to NAV

PV-10 of $821 million for YE2007 based upon price deck of $92.50 WTI oil and $6.80

HH gas before adjustments

Reserves

attributable

to

the

Bakken,

Canadian

Oil

Sands,

and

Thailand

are

not

reflected in

the

PV-10

figure

provided

by

the

YE2007

reserve

report

¹

Source: Bloomberg calculated as of the 09/15/08 close price of $9.72 and 2Q’08 10-Q

²

Calculated as of the 09/15/08 close price of $9.72

³

Source: 2Q’08 10-Q Financial Statements

4

Source: Bloomberg calculated as of the 09/15/08 close price of $9.72

24

4

Fixed Price Contracts to Secure Cash Flow

Fixed Price Contracts to Secure Cash Flow

Oil Fixed Price Contracts

Barrels per Day

Avg. Daily Price

3Q2008

3500

$86.43

4Q2008

3500

$86.60

3Q-4Q 2008 Total

3500

$86.52

2009 Total

3000

$89.06

Month

Weighted Average

Daily Price

Barrels Per Day

July-08

$85.89

3500

August-08

$86.81

3500

September-08

$86.60

3500

October-08

$86.60

3500

November-08

$86.60

3500

December-08

$86.60

3500

Gulfport Energy Corporation

Fixed Price Contracts

2H2008

Month

Weighted Average

Daily Price

Barrels Per Day

January-09

$89.06

3000

February-09

$89.06

3000

March-09

$89.06

3000

April-09

$89.06

3000

May-09

$89.06

3000

June-09

$89.06

3000

July-09

$89.06

3000

August-09

$89.06

3000

September-09

$89.06

3000

October-09

$89.06

3000

November-09

$89.06

3000

December-09

$89.06

3000

Gulfport Energy Corporation

Fixed Price Contracts

2009

25

-

10.00

20.00

30.00

40.00

50.00

60.00

70.00

80.00

2004

2005

2006

2007

1H2008

Net cash margin

Interest expense

G&A

Production Tax

Lease Operating Expense

Net Interest Exp: $1.43

G&A: $4.06

Production Taxes: $8.56

LOE: $9.85

Realized

Price

$77.37

1H2008 Averages

(per boe)

1H2008 Net

Cash Margin:

$53.47

Expanding Cash Margins

Expanding Cash Margins

26

Compelling Portfolio

Compelling Portfolio

Low-risk cash generation through developmental drilling in S. Louisiana

and now the Permian Basin

Activity commencing in the Bakken, one of North America’s hottest plays

Canadian Oil Sands investment adds substantial upside value

Conservative financial structure with hedges in place to secure cash flow

Production and reserve mixes are heavily oil-weighted

Asset portfolio provides great diversity, providing exposure to multiple rich

oil plays

27

Corporate Information

Corporate Information

Gulfport

Energy

Headquarters:

14313 N. May Ave, Suite 100

Oklahoma City, OK 73134

Contact:

Michael G. Moore

Vice President &

Chief Financial Officer

(405) 848-8807

Paul K. Heerwagen

Investor Relations

(405) 242-4888

www.gulfportenergy.com

Common

Stock

–

NASDAQ:

GPOR

28