10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

ý	QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended March 31, 2015 OR

¨	TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934
	For the transition period from                      to

Commission File Number 000-19514

Gulfport Energy Corporation

(Exact Name of Registrant As Specified in Its Charter)

Delaware	73-1521290
(State or Other Jurisdiction of Incorporation or Organization)	(IRS Employer Identification Number)
14313 North May Avenue, Suite 100 Oklahoma City, Oklahoma	73134
(Address of Principal Executive Offices)	(Zip Code)

(405) 848-8807

(Registrant Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Name of Each Exchange on Which Registered
Common Stock, par value $0.01 per share	The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit and post such files).    Yes  ý    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large Accelerated filer  ý    Accelerated filer   ¨    Non-accelerated filer  ¨    Smaller reporting company  ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  ý

As of May 1, 2015, 96,656,652 shares of the registrant’s common stock were outstanding.

GULFPORT ENERGY CORPORATION

TABLE OF CONTENTS

		Page
PART I FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements (unaudited):	2
	Consolidated Balance Sheets at March 31, 2015 and December 31, 2014	2
	Consolidated Statements of Operations for the Three Months Ended March 31, 2015 and 2014	3
	Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2015 and 2014	4
	Consolidated Statements of Stockholders’ Equity for the Three Months Ended March 31, 2015 and 2014	5
	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2015 and 2014	6
	Notes to Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Conditions and Results of Operations	31
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	43
Item 4.	Controls and Procedures	45
PART II OTHER INFORMATION
Item 1.	Legal Proceedings	46
Item 1A.	Risk Factors	46
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	46
Item 3.	Defaults Upon Senior Securities	46
Item 4.	Mine Safety Disclosures	46
Item 5.	Other Information	47
Item 6.	Exhibits	47
Signatures		49

1

GULFPORT ENERGY CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited)

	March 31, 2015			December 31, 2014
	(In thousands, except share data)
Assets
Current assets:
Cash and cash equivalents	$	74,740		$	142,340
Accounts receivable—oil and gas	79,680			103,858
Accounts receivable—related parties	33			46
Prepaid expenses and other current assets	15,777			3,714
Short-term derivative instruments	93,030			78,391
Total current assets	263,260			328,349
Property and equipment:
Oil and natural gas properties, full-cost accounting, $1,546,804 and $1,465,538 excluded from amortization in 2015 and 2014, respectively	4,177,962			3,923,154
Other property and equipment	19,051			18,344
Accumulated depletion, depreciation, amortization and impairment	(1,140,168		)	(1,050,879		)
Property and equipment, net	3,056,845			2,890,619
Other assets:
Equity investments	374,971			369,581
Derivative instruments	41,956			24,448
Other assets	18,566			19,396
Total other assets	435,493			413,425
Total assets	$	3,755,598		$	3,632,393
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued liabilities	$	400,096		$	371,410
Asset retirement obligation—current	75			75
Deferred tax liability	29,622			27,070
Short-term derivative instruments	823			—
Current maturities of long-term debt	1,781			168
Total current liabilities	432,397			398,723
Asset retirement obligation—long-term	18,656			17,863
Deferred tax liability	215,122			203,195
Long-term debt, net of current maturities	779,130			716,316
Total liabilities	1,445,305			1,336,097
Commitments and contingencies (Note 8)
Preferred stock, $.01 par value; 5,000,000 authorized, 30,000 authorized as redeemable 12% cumulative preferred stock, Series A; 0 issued and outstanding	—			—
Stockholders’ equity:
Common stock - $.01 par value, 200,000,000 authorized, 85,715,819 issued and outstanding in 2015 and 85,655,438 in 2014	857			856
Paid-in capital	1,832,063			1,828,602
Accumulated other comprehensive loss	(41,659		)	(26,675		)
Retained earnings	519,032			493,513
Total stockholders’ equity	2,310,293			2,296,296
Total liabilities and stockholders’ equity	$	3,755,598		$	3,632,393

See accompanying notes to consolidated financial statements.

2

GULFPORT ENERGY CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three months ended March 31,
	2015			2014
	(In thousands, except share data)
Revenues:
Gas sales	$	118,570		$	18,349
Oil and condensate sales	35,500			73,377
Natural gas liquid sales	22,007			26,136
Other income	240			167
	176,317			118,029
Costs and expenses:
Lease operating expenses	16,980			11,629
Production taxes	4,285			6,957
Midstream gathering and processing	25,381			7,769
Depreciation, depletion and amortization	89,909			56,877
General and administrative	10,799			9,511
Accretion expense	190			188
Gain on sale of assets	—			(11		)
	147,544			92,920
INCOME FROM OPERATIONS	28,773			25,109
OTHER (INCOME) EXPENSE:
Interest expense	8,759			3,885
Interest income	(9		)	(106		)
Litigation settlement	—			18,000
Income from equity method investments	(19,975		)	(128,475		)
	(11,225		)	(106,696		)
INCOME BEFORE INCOME TAXES	39,998			131,805
INCOME TAX EXPENSE	14,479			49,247
NET INCOME	$	25,519		$	82,558
NET INCOME PER COMMON SHARE:
Basic	$	0.30		$	0.97
Diluted	$	0.30		$	0.96
Weighted average common shares outstanding—Basic	85,679,606			85,259,407
Weighted average common shares outstanding—Diluted	86,120,030			85,738,626

See accompanying notes to consolidated financial statements.

3

GULFPORT ENERGY CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

	Three months ended March 31,
	2015			2014
	(In thousands)
Net income	$	25,519		$	82,558
Foreign currency translation adjustment	(14,984		)	(7,278		)
Other comprehensive loss	(14,984		)	(7,278		)
Comprehensive income	$	10,535		$	75,280

See accompanying notes to consolidated financial statements.

4

GULFPORT ENERGY CORPORATION

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

				Paid-in Capital			Accumulated Other Comprehensive Loss			Retained Earnings		Total Stockholders’ Equity
	Common Stock
	Shares	Amount
	(In thousands, except share data)
Balance at January 1, 2015	85,655,438	$	856	$	1,828,602		$	(26,675	)	$	493,513	$	2,296,296
Net income	—	—		—			—			25,519		25,519
Other Comprehensive Loss	—	—		—			(14,984		)	—		(14,984		)
Stock Compensation	—	—		3,462			—			—		3,462
Issuance of Restricted Stock	60,381	1		(1		)	—			—		—
Issuance of Common Stock through exercise of options	—	—		—			—			—		—
Balance at March 31, 2015	85,715,819	$	857	$	1,832,063		$	(41,659	)	$	519,032	$	2,310,293
Balance at January 1, 2014	85,177,532	$	851	$	1,813,058		$	(9,781	)	$	246,110	$	2,050,238
Net income	—	—		—			—			82,558		82,558
Other Comprehensive Loss	—	—		—			(7,278		)	—		(7,278		)
Stock Compensation	—	—		4,307			—			—		4,307
Issuance of Restricted Stock	63,951	—		—			—			—		—
Issuance of Common Stock through exercise of options	182,908	2		613			—			—		615
Balance at March 31, 2014	85,424,391	$	853	$	1,817,978		$	(17,059	)	$	328,668	$	2,130,440

See accompanying notes to consolidated financial statements.

5

GULFPORT ENERGY CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Three months ended March 31,
	2015			2014
	(In thousands)
Cash flows from operating activities:
Net income	$	25,519		$	82,558
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion of discount—Asset Retirement Obligation	190			188
Depletion, depreciation and amortization	89,909			56,877
Stock-based compensation expense	2,077			2,584
Gain from equity investments	(12,759		)	(43,688		)
Interest income - note receivable	—			(13		)
Unrealized (gain) loss on derivative instruments	(31,324		)	8,665
Deferred income tax expense	14,479			33,564
Amortization of loan commitment fees	617			294
Amortization of note discount and premium	(528		)	78
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable	24,178			(27,944		)
Decrease in accounts receivable—related party	13			2,047
Increase in prepaid expenses	(12,063		)	(771		)
(Decrease) increase in accounts payable and accrued liabilities	(290		)	43,406
Settlement of asset retirement obligation	(981		)	(1,695		)
Net cash provided by operating activities	99,037			156,150
Cash flows from investing activities:
Deductions to cash held in escrow	8			8
Additions to other property and equipment	(632		)	(1,002		)
Additions to oil and gas properties	(226,905		)	(420,431		)
Proceeds from sale of oil and gas properties	1,314			—
Contributions to equity method investments	(6,093		)	(23,687		)
Distributions from equity method investments	817			—
Net cash used in investing activities	(231,491		)	(445,112		)
Cash flows from financing activities:
Principal payments on borrowings	(50,045		)	(42		)
Borrowings on line of credit	115,000			—
Debt issuance costs and loan commitment fees	(101		)	(185		)
Proceeds from issuance of common stock, net of offering costs and exercise of stock options	—			615
Net cash provided by financing activities	64,854			388
Net decrease in cash and cash equivalents	(67,600		)	(288,574		)
Cash and cash equivalents at beginning of period	142,340			458,956
Cash and cash equivalents at end of period	$	74,740		$	170,382
Supplemental disclosure of cash flow information:
Interest payments	$	240		$	18
Income tax payments	$	29,750		$	13,000
Supplemental disclosure of non-cash transactions:
Capitalized stock based compensation	$	1,385		$	1,723
Asset retirement obligation capitalized	$	1,584		$	1,869
Interest capitalized	$	3,694		$	2,318
Foreign currency translation loss on investment in Grizzly Oil Sands ULC	$	(14,984	)	$	(7,278	)

 See accompanying notes to consolidated financial statements.

6

GULFPORT ENERGY CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

These consolidated financial statements have been prepared by Gulfport Energy Corporation (the “Company” or “Gulfport”) without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"), and reflect all adjustments which, in the opinion of management, are necessary for a fair presentation of the results for the interim periods, on a basis consistent with the annual audited consolidated financial statements. All such adjustments are of a normal recurring nature. Certain information, accounting policies, and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. These consolidated financial statements should be read in conjunction with the consolidated financial statements and the summary of significant accounting policies and notes thereto included in the Company's most recent annual report on Form 10-K. Results for the three month period ended March 31, 2015 are not necessarily indicative of the results expected for the full year.

1. ACQUISITIONS

In February 2014, the Company entered into a definitive agreement with Rhino Exploration LLC ("Rhino") to acquire additional oil and natural gas properties consisting of approximately 8,000 net acres in the Utica Shale, as well as Rhino's interest in all of the producing wells on this acreage (the "Rhino Acquisition"). The Company purchased approximately $182.0 million ($179.5 million net of purchase price adjustments) of these assets in 2014.

The Rhino Acquisition qualified as a business combination for accounting purposes and, as such, the Company estimated the fair value of the acquired properties as of the March 20, 2014 acquisition date. The fair value of the assets and liabilities acquired was estimated using assumptions that represent Level 3 inputs. See Note 10 - "Fair Value Measurements" for additional discussion of the measurement inputs.

The Company estimated that the consideration paid in the Rhino Acquisition for these properties approximated the fair value that would be paid by a typical market participant. As a result, no goodwill or bargain purchase gain was recognized in conjunction with the purchase.

The following table summarizes the consideration paid in the Rhino Acquisition to acquire the properties and the fair value amount of the assets acquired as of March 20, 2014.

	(In thousands)
Consideration paid
Cash, net of purchase price adjustments	$	179,527
Fair value of identifiable assets acquired
Oil and natural gas properties
Proved	$	31,961
Unproved	6,263
Unevaluated	141,303
Fair value of net identifiable assets acquired	$	179,527

2. PROPERTY AND EQUIPMENT

The major categories of property and equipment and related accumulated depletion, depreciation, amortization and impairment as of March 31, 2015 and December 31, 2014 are as follows:

7

	March 31, 2015			December 31, 2014
	(In thousands)
Oil and natural gas properties	$	4,177,962		$	3,923,154
Office furniture and fixtures	11,133			10,752
Building	5,724			5,398
Land	2,194			2,194
Total property and equipment	4,197,013			3,941,498
Accumulated depletion, depreciation, amortization and impairment	(1,140,168		)	(1,050,879		)
Property and equipment, net	$	3,056,845		$	2,890,619

Included in oil and natural gas properties at March 31, 2015 is the cumulative capitalization of $79.9 million in general and administrative costs incurred and capitalized to the full cost pool. General and administrative costs capitalized to the full cost pool represent management’s estimate of costs incurred directly related to exploration and development activities such as geological and other administrative costs associated with overseeing the exploration and development activities. All general and administrative costs not directly associated with exploration and development activities were charged to expense as they were incurred. Capitalized general and administrative costs were approximately $7.2 million and $6.3 million for the three months ended March 31, 2015 and 2014, respectively.

The following table summarizes the Company’s non-producing properties excluded from amortization by area at March 31, 2015:

	March 31, 2015
	(In thousands)
Colorado	$	5,088
Bakken	96
Southern Louisiana	283
Ohio	1,541,292
Other	45
	$	1,546,804

At December 31, 2014, approximately $1.5 billion of non-producing leasehold costs was not subject to amortization.

The Company evaluates the costs excluded from its amortization calculation at least annually. Subject to industry conditions and the level of the Company’s activities, the inclusion of most of the above referenced costs into the Company’s amortization calculation is expected to occur within three to five years.

8

A reconciliation of the Company's asset retirement obligation for the three months ended March 31, 2015 and 2014 is as follows:

	March 31, 2015			March 31, 2014
	(In thousands)
Asset retirement obligation, beginning of period	$	17,938		$	15,083
Liabilities incurred	1,584			1,869
Liabilities settled	(981		)	(1,695		)
Accretion expense	190			188
Asset retirement obligation as of end of period	18,731			15,445
Less current portion	75			795
Asset retirement obligation, long-term	$	18,656		$	14,650

On May 7, 2012, the Company entered into a contribution agreement with Diamondback Energy Inc. ("Diamondback"). Under the terms of the contribution agreement, the Company agreed to contribute to Diamondback, prior to the closing of the Diamondback initial public offering (“Diamondback IPO”), all its oil and natural gas interests in the Permian Basin (the "Contribution"). The Contribution was completed on October 11, 2012. At the closing of the Contribution, Diamondback issued to the Company (i) 7,914,036 shares of Diamondback common stock and (ii) a promissory note for $63.6 million, which was repaid to the Company at the closing of the Diamondback IPO on October 17, 2012. This aggregate consideration was subject to a post-closing cash adjustment based on changes in the working capital, long-term debt and certain other items of Diamondback O&G LLC, formerly Windsor Permian LLC ("Diamondback O&G"), as of the date of the Contribution. In January 2013, the Company received an additional payment from Diamondback of approximately $18.6 million as a result of this post-closing adjustment. Diamondback O&G is a wholly-owned subsidiary of Diamondback. Under the contribution agreement, the Company is generally responsible for all liabilities and obligations with respect to the contributed properties arising prior to the Contribution and Diamondback is responsible for such liabilities and obligations with respect to the contributed properties arising after the Contribution.

Immediately upon completion of the Contribution, the Company owned a 35% equity interest in Diamondback, rather than leasehold interests in the Company’s Permian Basin acreage. Upon completion of the Diamondback IPO in October 2012, Gulfport owned approximately 21.4% of Diamondback's outstanding common stock. Following the Contribution, the Company has accounted for its interest in Diamondback as an equity investment. In November 2014, the Company sold all of the remaining shares of Diamondback common stock that it received in the Contribution and, as of March 31, 2015, Gulfport did not own any shares of Diamondback's common stock. See Note 3, "Equity Investments - Diamondback Energy, Inc."

9

3. EQUITY INVESTMENTS

Investments accounted for by the equity method consist of the following as of March 31, 2015 and December 31, 2014:

			Carrying Value				(Income) loss from equity method investments
	Approximate Ownership %		March 31, 2015		December 31, 2014		Three months ended March 31,
							2015			2014
			(In thousands)
Investment in Tatex Thailand II, LLC	23.5	%	$	—	$	—	$	—		$	—
Investment in Tatex Thailand III, LLC	17.9	%	—		—		—			49
Investment in Grizzly Oil Sands ULC	24.9999	%	167,186		180,218		4,142			2,001
Investment in Bison Drilling and Field Services LLC	—	%	—		—		—			1,933
Investment in Muskie Proppant LLC	—	%	—		—		—			534
Investment in Timber Wolf Terminals LLC	50.0	%	1,007		1,013		6			—
Investment in Windsor Midstream LLC	22.5	%	32,292		13,505		(18,787		)	(168		)
Investment in Stingray Pressure Pumping LLC	—	%	—		—		—			513
Investment in Stingray Cementing LLC	50.0	%	2,254		2,647		67			95
Investment in Blackhawk Midstream LLC	48.5	%	—		—		(7,217		)	(84,787		)
Investment in Stingray Logistics LLC	—	%	—		—		—			81
Investment in Diamondback Energy, Inc.	—	%	—		—		—			(48,767		)
Investment in Stingray Energy Services LLC	50.0	%	6,167		5,718		10			41
Investment in Sturgeon Acquisitions LLC	25.0	%	22,258		22,507		(568		)	—
Investment in Mammoth Energy Partners LP	30.5	%	143,807		143,973		2,372			—
			$	374,971	$	369,581	$	(19,975	)	$	(128,475	)

The tables below summarize financial information for the Company's equity investments as of March 31, 2015 and December 31, 2014.

Summarized balance sheet information:

	March 31, 2015		December 31, 2014
	(In thousands)
Current assets	$	151,752	$	181,060
Noncurrent assets	$	1,419,656	$	1,306,891
Current liabilities	$	55,369	$	114,506
Noncurrent liabilities	$	213,050	$	230,062

Summarized results of operations:    

	Three months ended March 31,
	2015		2014
	(In thousands)
Gross revenue	$	133,556	$	158,281
Net income	$	90,668	$	181,505

Tatex Thailand II, LLC

10

The Company has an indirect ownership interest in Tatex Thailand II, LLC (“Tatex”). Tatex holds 85,122 of the 1,000,000 outstanding shares of APICO, LLC (“APICO”), an international oil and gas exploration company. APICO has a reserve base located in Southeast Asia through its ownership of concessions covering approximately 243,000 acres which includes the Phu Horm Field.

Tatex Thailand III, LLC

The Company has an ownership interest in Tatex Thailand III, LLC ("Tatex III"). Tatex III previously owned a concession covering approximately 245,000 acres in Southeast Asia. As of December 31, 2014, the Company reviewed its investment in Tatex III and made the decision to allow the concession to expire in 2015. As such, the Company fully impaired the asset as of December 31, 2014. The concession expired in January 2015.

Grizzly Oil Sands ULC

The Company, through its wholly owned subsidiary Grizzly Holdings Inc. ("Grizzly Holdings"), owns an interest in Grizzly Oil Sands ULC ("Grizzly"), a Canadian unlimited liability company. The remaining interest in Grizzly is owned by Grizzly Oil Sands Inc. ("Oil Sands"). As of March 31, 2015, Grizzly had approximately 830,000 acres under lease in the Athabasca and Peace River oil sands regions of Alberta, Canada. Initiation of steam injection at its first project, Algar Lake Phase 1, commenced in January 2014 and first bitumen production was achieved during the second quarter of 2014. In April 2015, Grizzly determined to cease bitumen production at its Algar Lake facility due to the current level of commodity prices. Grizzly intends to monitor market conditions as it assesses future plans for the facility. The Company reviewed its investment in Grizzly at March 31, 2015 and determined no impairment was needed. During the three months ended March 31, 2015, Gulfport paid $6.1 million in cash calls. Grizzly’s functional currency is the Canadian dollar. The Company's investment in Grizzly was decreased by $15.0 million and $7.3 million as a result of a foreign currency translation loss for the three months ended March 31, 2015 and 2014, respectively.

Bison Drilling and Field Services LLC

During 2011, the Company invested in Bison Drilling and Field Services LLC (“Bison”). Bison owns and operates drilling rigs. The Company contributed its investment in Bison to Mammoth Energy Partners LP ("Mammoth") during the fourth quarter of 2014. See below under "-Mammoth Energy Partners LP" for a discussion of the contribution.

Muskie Proppant LLC

During 2011, the Company invested in Muskie Proppant LLC (“Muskie”). Muskie processes and sells sand for use in hydraulic fracturing by the oil and natural gas industry and holds certain rights in a lease covering land in Wisconsin for mining oil and natural gas fracture grade sand. The income from equity method investments presented in the table above reflects any intercompany profit eliminations. The Company contributed its investment in Muskie to Mammoth during the fourth quarter of 2014. See below under "-Mammoth Energy Partners LP" for a discussion of the contribution.

Timber Wolf Terminals LLC

During 2012, the Company invested in Timber Wolf Terminals LLC (“Timber Wolf”). Timber Wolf will operate a crude/condensate terminal and a sand transloading facility in Ohio. During the three months ended March 31, 2015, Gulfport did not pay any cash calls related to Timber Wolf.

Windsor Midstream LLC

During 2012, the Company purchased an ownership interest in Windsor Midstream LLC (“Midstream”). Midstream owned a 28.4% interest in Coronado Midstream LLC ("Coronado"), a gas processing plant in West Texas. During the three months ended March 31, 2015, Gulfport did not pay any cash calls to Midstream.

In March 2015, Coronado was sold to Enlink Midstream Partners, LP ("EnLink") for proceeds of approximately $600 million, consisting of cash and units representing a limited partnership interest in Enlink. Based on preliminary information available at the time of the sale, Midstream recorded an approximately $85.5 million gain on the sale of its investment in Coronado, which amount is subject to change.

Stingray Pressure Pumping LLC

11

During 2012, the Company invested in Stingray Pressure Pumping LLC ("Stingray Pressure"). Stingray Pressure provides well completion services. The income from equity method investments presented in the table above reflects any intercompany profit eliminations. The Company contributed its investment in Stingray Pressure to Mammoth during the fourth quarter of 2014. See below under "-Mammoth Energy Partners LP" for a discussion of the contribution.

Stingray Cementing LLC

During 2012, the Company invested in Stingray Cementing LLC ("Stingray Cementing"). Stingray Cementing provides well cementing services. During the three months ended March 31, 2015, the Company did not pay any cash calls related to Stingray Cementing. The income from equity method investments presented in the table above reflects any intercompany profit eliminations.

Blackhawk Midstream LLC

During 2012, the Company invested in Blackhawk Midstream LLC ("Blackhawk"). Blackhawk coordinates gathering, compression, processing and marketing activities for the Company in connection with the development of its Utica Shale acreage. On January 28, 2014, Blackhawk closed on the sale of its equity interests in Ohio Gathering Company, LLC and Ohio Condensate Company, LLC for a purchase price of $190.0 million, of which $14.3 million was placed in escrow. Gulfport received $84.8 million in net proceeds from this transaction in the first quarter of 2014, which is included in income from equity method investments in the consolidated statements of operations. During the first quarter of 2015, the Company received net proceeds of approximately $7.2 million from the release of escrow from the Blackhawk sale, which is included in income from equity method investments in the consolidated statements of operations.

Stingray Logistics LLC

During 2012, the Company invested in Stingray Logistics LLC ("Stingray Logistics"). Stingray Logistics provides well services. The Company contributed its investment in Stingray Logistics to Mammoth during the fourth quarter of 2014. See below under "-Mammoth Energy Partners LP" for a discussion of the contribution.

Diamondback Energy, Inc.

As noted above in Note 2, on October 11, 2012, following the closing of the Diamondback IPO, the Company owned 7,914,036 shares of Diamondback's outstanding common stock for an initial investment in Diamondback valued at $138.5 million. In 2013, the Company sold an aggregate of 4,534,536 shares of its Diamondback common stock and received aggregate net proceeds of approximately $192.7 million. In June and September of 2014, the Company sold 1,000,000 and 1,437,500 shares of its Diamondback common stock, respectively, and received aggregate net proceeds of approximately $197.6 million. On November 12, 2014, the Company sold its remaining 942,000 shares of Diamondback common stock for net proceeds of approximately $60.8 million. As of March 31, 2015, the Company did not own any shares of Diamondback common stock.

The Company accounted for its interest in Diamondback as an equity method investment and had elected the fair value option of accounting for this investment. While the Company's ownership interest in Diamondback was below 20% prior to the Company's sale of its remaining Diamondback common stock in November 2014, the Company had appointed a member of Diamondback's Board. The individual appointed by the Company continues to serve on Diamondback's Board and the Company had influence through this board seat. The Company recognized an aggregate gain of approximately $48.8 million on its investment in Diamondback for three months ended March 31, 2014, which is included in income from equity method investments in the consolidated statements of operations.

Stingray Energy Services LLC

During 2013, the Company invested in Stingray Energy Services LLC ("Stingray Energy"). Stingray Energy provides rental tools for land-based oil and natural gas drilling, completion and workover activities as well as the transfer of fresh water to wellsites. During the three months ended March 31, 2015, the Company did not pay any cash calls to Stingray Energy. The income from equity method investments presented in the table above reflects any intercompany profit eliminations.

Sturgeon Acquisitions LLC

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During 2014, the Company invested $20.7 million and received an ownership interest of 25% in Sturgeon Acquisitions LLC ("Sturgeon"). Sturgeon owns and operates sand mines that produce hydraulic fracturing grade sand. During the three months ended March 31, 2015, Gulfport received $0.8 million in distributions from Sturgeon.

Mammoth Energy Partners LP

In the fourth quarter of 2014, the Company contributed its investments in Stingray Pressure, Stingray Logistics, Bison and Muskie to Mammoth for a 30.5% interest in this newly formed limited partnership. Mammoth has filed a registration statement on Form S-1 with the SEC in connection with its proposed initial public offering. Mammoth intends to pursue this offering in 2015 subject to market conditions.

The Company accounted for the contribution as a sale of financial assets under ASC 860. The Company estimated the fair market value of its investment in Mammoth as of the contribution date using an average of the market approach and the income approach, based on an independently prepared valuation of the contributed assets. The fair market value was reduced by a discount factor for lack of marketability due to the Company's minority interest, resulting in a fair value of $143.5 million for the Company's 30.5% interest. The fair value of the assets and liabilities acquired was estimated using assumptions that represent Level 3 inputs. See "Note 10 - Fair Value Measurements" for additional discussion of the measurement inputs.

4. OTHER ASSETS

Prepaid expenses and other current assets consist of the following at March 31, 2015: prepaid taxes of $12.1 million, prepaid insurance of $2.3 million and prepaid other expense of $1.4 million.

Other assets consist of the following as of March 31, 2015 and December 31, 2014:

	March 31, 2015		December 31, 2014
	(In thousands)
Plugging and abandonment escrow account on the WCBB properties (Note 8)	$	3,089	$	3,097
Certificates of Deposit securing letter of credit	275		275
Prepaid drilling costs	269		483
Loan commitment fees	14,771		15,390
Deposits	34		34
Other	128		117
	$	18,566	$	19,396

5. LONG-TERM DEBT

Long-term debt consisted of the following items as of March 31, 2015 and December 31, 2014:

	March 31, 2015			December 31, 2014
	(In thousands)
Revolving credit agreement (1)	$	165,000		$	100,000
Building loans (2)	1,781			1,826
7.75% senior unsecured notes due 2020 (3)	600,000			600,000
Unamortized original issue (discount) premium, net (4)	14,130			14,658
Less: current maturities of long term debt	(1,781		)	(168		)
Debt reflected as long term (5)	$	779,130		$	716,316

The Company capitalized approximately $3.7 million and $2.3 million in interest expense to oil and natural gas properties during the three months ended March 31, 2015 and 2014, respectively.

(1) On December 27, 2013, the Company entered into an Amended and Restated Credit Agreement with The Bank of Nova Scotia, as administrative agent, sole lead arranger and sole bookrunner, Amegy Bank National Association, as syndication

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agent, KeyBank National Association, as documentation agent, and other lenders (The "Amended and Restated Credit Agreement") that provides for a maximum facility amount of $1.5 billion. The Amended and Restated Credit Agreement matures on June 6, 2018. The Company’s wholly-owned subsidiaries have guaranteed the obligations of the Company under the Amended and Restated Credit Agreement.

On April 23, 2014, the Company entered into a first amendment to the Amended and Restated Credit Agreement. The first amendment increased the letter of credit sublimit from $20.0 million to $70.0 million and provided for an increase in the borrowing base availability from $150.0 million to $275.0 million. The first amendment also made certain changes to the lenders and their respective lending commitments thereunder.

On November 26, 2014, the Company entered into a second amendment to the Amended and Restated Credit Agreement. The second amendment changed the definition of EBITDAX to exclude proceeds from the disposition of equity method investments and changed the ratio of funded debt to EBITDAX to be the ratio of net funded debt to EBITDAX. Net funded debt is funded debt less the amount of cash and short-term investments the Company has at the end of the relevant fiscal quarter. The second amendment increases the ratio from 2.00 to 1.00 to 3.50 to 1.00 for the period December 31, 2014 through June 30, 2015 and then decreases the ratio to 3.25 to 1.00 for the periods thereafter. Further, the second amendment increased the letter of credit sublimit from $70.0 million to $125.0 million and provided for an increase in the borrowing base availability from $275.0 million to $450.0 million. As of March 31, 2015, $165.0 million was outstanding under the Amended and Restated Credit Agreement. At March 31, 2015, the total availability for future borrowings under the Amended and Restated Credit Agreement, after giving effect to an aggregate of $68.2 million of letters of credit, was $216.8 million.

On April 10, 2015, the Company entered into a third amendment to the Amended and Restated Credit Agreement. The third amendment increased the borrowing base from $450.0 million to $575.0 million and increased the Company's basket for unsecured debt issuances to $1.2 billion. The third amendment also made certain changes to the lenders and their respective lending commitments thereunder.

Advances under the Amended and Restated Credit Agreement may be in the form of either base rate loans or eurodollar loans. The interest rate for base rate loans is equal to (1) the applicable rate, which ranges from 0.50% to 1.50%, plus (2) the highest of: (a) the federal funds rate plus 0.50%, (b) the rate of interest in effect for such day as publicly announced from time to time by agent as its “prime rate,” and (c) the eurodollar rate for an interest period of one month plus 1.00%. The interest rate for eurodollar loans is equal to (1) the applicable rate, which ranges from 1.50% to 2.50%, plus (2) the London interbank offered rate that appears on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate for deposits in U.S. dollars, or, if such rate is not available, the rate as administered by ICE Benchmark Administration (or any other person that takes over administration of such rate) per annum equal to the offered rate on such other page or service that displays on average London interbank offered rate as determined by ICE Benchmark Administration (or any other person that takes over administration of such rate) for deposits in U.S. dollars, or, if such rate is not available, the average quotations for three major New York money center banks of whom the agent shall inquire as the “London Interbank Offered Rate” for deposits in U.S. dollars. At March 31, 2015, amounts borrowed under the Amended and Restated Credit Agreement bore interest at the Eurodollar rate (2.18%).

The Amended and Restated Credit Agreement contains customary negative covenants including, but not limited to, restrictions on the Company’s and its subsidiaries’ ability to:

•incur indebtedness;

•grant liens;

•pay dividends and make other restricted payments;

•make investments;

•make fundamental changes;

•enter into swap contracts and forward sales contracts;

•dispose of assets;

•change the nature of their business; and

•enter into transactions with affiliates.

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The negative covenants are subject to certain exceptions as specified in the Amended and Restated Credit Agreement. The Amended and Restated Credit Agreement also contains certain affirmative covenants, including, but not limited to the following financial covenants:

(i) the ratio of net funded debt to EBITDAX (net income, excluding (i) any non-cash revenue or expense associated with swap contracts resulting from ASC 815 and (ii) any cash or noncash revenue or expense attributable to minority investments plus without duplication and, in the case of expenses, to the extent deducted from revenues in determining net income, the sum of (a) the aggregate amount of consolidated interest expense for such period, (b) the aggregate amount of income, franchise, capital or similar tax expense (other than ad valorem taxes) for such period, (c) all amounts attributable to depletion, depreciation, amortization and asset or goodwill impairment or writedown for such period, (d) all other non-cash charges, (e) exploration costs deducted in determining net income under successful efforts accounting, (f) actual cash distributions received from minority investments, (g) to the extent actually reimbursed by insurance, expenses with respect to liability on casualty events or business interruption, and (h) all reasonable transaction expenses related to dispositions and acquisitions of assets, investments and debt and equity offerings (provided that expenses related to any unsuccessful disposition will be limited to $3.0 million in the aggregate) for a twelve-month period may not be greater than 3.50 to 1.00; for the period December 31, 2014 through June 30, 2015 and 3.25 to 1.00 for the twelve-month period ending September 30, 2015 and periods thereafter; and

(ii) the ratio of EBITDAX to interest expense for a twelve-month period may not be less than 3.00 to 1.00.

The Company was in compliance with all covenants at March 31, 2015.

(2) In March 2011, the Company entered into a new building loan agreement for the office building it occupies in Oklahoma City, Oklahoma. The new loan agreement refinanced the $2.4 million outstanding under the previous building loan agreement. The new agreement matures in February 2016 and bears interest at the rate of 5.82% per annum. The new building loan requires monthly interest and principal payments of approximately $22,000 and is collateralized by the Oklahoma City office building and associated land.

(3) On October 17, 2012, the Company issued $250.0 million in aggregate principal amount of senior unsecured notes due 2020 (the "October Notes") to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in accordance with Regulation S under the Securities Act (the "October Notes Offering") under an indenture among the Company, its subsidiary guarantors and Wells Fargo Bank, National Association, as the trustee (the "senior note indenture"). On December 21, 2012, the Company issued an additional $50.0 million in aggregate principal amount of senior unsecured notes due 2020 (the "December Notes") to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in accordance with Regulation S under the Securities Act ("the December Notes Offering"). The December Notes were issued as additional securities under the senior note indenture. The Company used a portion of the net proceeds from the October Notes Offering to repay all amounts outstanding at such time under its revolving credit facility. The Company used the remaining net proceeds of the October Notes Offering and the net proceeds of the December Notes Offering for general corporate purposes, which included funding a portion of its 2013 capital development plan. The October Notes and the December Notes were exchanged for substantially identical notes in the same aggregate principal amount that were registered under the Securities Act in October 2013 (the "Exchange Notes").

On August 18, 2014, the Company issued an additional $300.0 million in aggregate principal amount of senior unsecured notes due 2020 (the "August Notes") to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in accordance with Regulation S under the Securities Act ("the August Notes Offering"). The August Notes were issued as additional securities under the senior note indenture. The Company used a portion of the net proceeds from the August Notes Offering to repay all amounts outstanding at such time under its revolving credit facility. The Company intends to use the remaining net proceeds of the August Notes Offering for general corporate purposes, including funding a portion of its 2014 and 2015 capital development plans. The October Notes Offering, December Notes Offering and the August Notes Offering are collectively referred to as the "Notes Offerings" and the Exchange Notes, and the August Notes are collectively referred to as the "Old Notes".

In connection with the issuance of the August Notes, the Company and the subsidiary guarantors entered into a registration rights agreement with the initial purchasers on August 18, 2014, pursuant to which the Company and the subsidiary guarantors have agreed to file a registration statement with respect to an offer to exchange the August Notes for a new issue of substantially identical debt securities registered under the Securities Act. The registration statement relating to the exchange offer for the August Notes was filed on November 6, 2014, as amended on February 3, 2015, and declared effective by the SEC on February 4, 2015. The exchange offer for the August Notes was completed in March 2015.

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Under the senior note indenture relating to the Old Notes, interest on the Old Notes accrues at a rate of 7.75% per annum on the outstanding principal amount from October 17, 2012, payable semi-annually on May 1 and November 1 of each year, commencing on May 1, 2013. The Old Notes are the Company's senior unsecured obligations and rank equally in the right of payment with all of the Company's other senior indebtedness and senior in right of payment to any future subordinated indebtedness. All of the Company's existing and future restricted subsidiaries that guarantee the Company's secured revolving credit facility or certain other debt guarantee the Old Notes; provided, however, that the Old Notes are not guaranteed by Grizzly Holdings, Inc. and will not be guaranteed by any of the Company's future unrestricted subsidiaries. The Company may redeem some or all of the Old Notes at any time on or after November 1, 2016, at the redemption prices listed in the senior note indenture. Prior to November 1, 2016, the Company may redeem the Old Notes at a price equal to 100% of the principal amount plus a “make-whole” premium. In addition, prior to November 1, 2015, the Company may redeem up to 35% of the aggregate principal amount of the Old Notes with the net proceeds of certain equity offerings, provided that at least 65% of the aggregate principal amount of the Old Notes initially issued remains outstanding immediately after such redemption.

(4) The October Notes were issued at a price of 98.534% resulting in a gross discount of $3.7 million and an effective rate of 8.000%. The December Notes were issued at a price of 101.000% resulting in a gross premium of $0.5 million and an effective rate of 7.531%. The August Notes were issued at a price of 106.000% resulting in a gross premium of $18.0 million and an effective rate of 6.561%. The premium and discount are being amortized using the effective interest method.

(5) Does not reflect the Company's issuance of $350.0 million in aggregate principal amount of 6.625% Senior Notes due 2023 on April 21, 2015. See Note 14 - "Subsequent Events" below.

6. STOCK-BASED COMPENSATION

During the three months ended March 31, 2015 and 2014, the Company’s stock-based compensation cost was $3.5 million and $4.3 million, respectively, of which the Company capitalized $1.4 million and $1.7 million, respectively, relating to its exploration and development efforts.

The fair value of each option award is estimated on the date of grant using the Black-Scholes option valuation model. Expected volatilities are based on the historical volatility of the market price of Gulfport’s common stock over a period of time ending on the grant date. Based upon the historical experience of the Company, the expected term of options granted is equal to the vesting period plus one year. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. The 2013 Restated Stock Incentive Plan (which amended and restated the 2005 Plan) provides that all options must have an exercise price not less than the fair value of the Company’s common stock on the date of the grant.

No stock options were issued during the three months ended March 31, 2015 and 2014.

The Company has not declared dividends and does not intend to do so in the foreseeable future, and thus did not use a dividend yield. In each case, the actual value that will be realized, if any, depends on the future performance of the common stock and overall stock market conditions. There is no assurance that the value an optionee actually realizes will be at or near the value estimated using the Black-Scholes model.

A summary of the status of stock options and related activity for the three months ended March 31, 2015 is presented below:

	Shares	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value (In thousands)
Options outstanding at December 31, 2014	5,000	$	9.07	0.69	$	163
Granted	—	—
Exercised	—	—			—
Forfeited/expired	—	—
Options outstanding at March 31, 2015	5,000	$	9.07	0.44	$	184
Options exercisable at March 31, 2015	5,000	$	9.07	0.44	$	184

The following table summarizes information about the stock options outstanding at March 31, 2015:

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Exercise Price		Number Outstanding	Weighted Average Remaining Life (in years)	Number Exercisable
$	9.07	5,000	0.44	5,000
		5,000		5,000

The following table summarizes restricted stock activity for the three months endedMarch 31, 2015:

	Number of Unvested Restricted Shares		Weighted Average Grant Date Fair Value
Unvested shares as of December 31, 2014	387,245		$	55.87
Granted	100,226		44.04
Vested	(60,381	)	52.94
Forfeited	—		—
Unvested shares as of March 31, 2015	427,090		$	53.51

Unrecognized compensation expense as of March 31, 2015 related to outstanding stock options and restricted shares was $18.9 million. The expense is expected to be recognized over a weighted average period of 1.55 years.

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7. EARNINGS PER SHARE

Reconciliations of the components of basic and diluted net income per common share are presented in the tables below:

	Three months ended March 31,
	2015					2014
	Income		Shares	Per Share		Income		Shares	Per Share
	(In thousands, except share data)
Basic:
Net income	$	25,519	85,679,606	$	0.30	$	82,558	85,259,407	$	0.97
Effect of dilutive securities:
Stock options and awards	—		440,424			—		479,219
Diluted:
Net income	$	25,519	86,120,030	$	0.30	$	82,558	85,738,626	$	0.96

There were no potential shares of common stock that were considered anti-dilutive for the three months ended March 31, 2015 and 2014.

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8. COMMITMENTS AND CONTINGENCIES

Plugging and Abandonment Funds

In connection with the Company's acquisition in 1997 of the remaining 50% interest in its WCBB properties, the Company assumed the seller’s (Chevron) obligation to contribute approximately $18,000 per month through March 2004 to a plugging and abandonment trust and the obligation to plug a minimum of 20 wells per year for 20 years commencing March 11, 1997. Chevron retained a security interest in production from these properties until the Company's abandonment obligations to Chevron have been fulfilled. Beginning in 2009, the Company could access the trust for use in plugging and abandonment charges associated with the property, although it has not yet done so. As of March 31, 2015, the plugging and abandonment trust totaled approximately $3.1 million. At March 31, 2015, the Company had plugged 463 wells at WCBB since it began its plugging program in 1997, which management believes fulfills its current minimum plugging obligation.

Employment Agreements

Effective November 1, 2012, the Company entered into an employment agreement with Messrs. James Palm, Mike Liddell and Michael G. Moore, each with an initial three-year term expiring on November 1, 2015 subject to automatic one-year extensions unless terminated by either party to the agreement at least 90 days prior to the end of the then current term. These agreements provided for minimum salary and bonus levels, subject to review and potential increase by the Compensation Committee and/or the Board of Directors, as well as participation in the Company's incentive plans and other employee benefits.

Effective February 15, 2014, Gulfport's former Chief Executive Officer, James D. Palm, retired and his employment agreement with the company terminated. The Company entered into a separation agreement with Mr. Palm, under which agreement certain benefits are provided to, and obligations imposed on, Mr. Palm. As of March 31, 2015, the minimum commitment under Mr. Palm's separation agreement was approximately $0.4 million.

Mr. Liddell resigned as the Company's Chairman effective June 2013 at which date his employment agreement with Gulfport terminated. At that same time, the Company entered into a consulting agreement with Mr. Liddell. Mr. Liddell terminated his consulting agreement with the Company effective January 1, 2015.

On April 22, 2014, the Board of Directors appointed Michael G. Moore as Chief Executive Officer of the Company. The Company and Mr. Moore entered into an amended and restated employment agreement. The agreement has a three-year term commencing effective April 22, 2014. This agreement provides, among other things, for a minimum salary level, subject to review and potential increase by the Compensation Committee and/or the Board of Directors, as well as participation in the Company's incentive plans and other employee benefits.

On March 13, 2015, the Company entered into an employment agreement with Ross Kirtley, the Company's Chief Operating Officer. The agreement has a two-year term commencing effective April 22, 2014. This agreement provides, among other things, for a minimum salary level, subject to review and potential increase by the Compensation Committee and/or the Board of Directors, as well as participation in the Company's incentive plans and other employee benefits.

On March 13, 2015, the Company entered into an employment agreement with Aaron Gaydosik, the Company's Chief Financial Officer. The agreement has a three-year term commencing effective August 11, 2014. This agreement provides, among other things, for a minimum salary level, subject to review and potential increase by the Compensation Committee and/or the Board of Directors, as well as participation in the Company's incentive plans and other employee benefits.

The aggregate minimum commitment for future salary at March 31, 2015 under the above listed employment agreements was approximately $2.0 million.

Effective as of April 29, 2015, the Company amended and restated its existing employment agreement with Mr. Moore. For a description of the amendments to Mr. Moore’s employment agreement, see Note 14 - “Subsequent Events.”

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Operating Leases

The Company leases office facilities under non-cancellable operating leases exceeding one year. Future minimum lease commitments under these leases at March 31, 2015 were as follows:

	(In thousands)
Remaining 2015	$	450
2016	524
2017	451
2018	20
2019	—
Total	$	1,445

Other Commitments

Effective October 1, 2014, the Company entered into a Sand Supply Agreement with Muskie that expires on September 30, 2018. Pursuant to this agreement, the Company has agreed to purchase annual and monthly amounts of proppant sand subject to exceptions specified in the agreement at a fixed price per ton, subject to certain adjustments, plus agreed costs and expenses. Failure by either Muskie or the Company to deliver or accept the minimum monthly amount results in damages calculated per ton based on the difference between the monthly obligation amount and the amount actually delivered or accepted, as applicable. The Company did not incurred any expenses related to non-utilization fees during the three months ended March 31, 2015.

Effective October 1, 2014, the Company entered into an Amended and Restated Master Services Agreement for pressure pumping services with Stingray Pressure that expires on September 30, 2018. Pursuant to this agreement, Stingray Pressure has agreed to provide hydraulic fracturing, stimulation and related completion and rework services to the Company and the Company has agreed to pay Stingray Pressure a monthly service fee plus the associated costs of the services provided.

Future minimum commitments under these agreements at March 31, 2015 are as follows:

	(In thousands)
Remaining 2015	$	39,330
2016	52,440
2017	52,440
2018	39,330
Total	$	183,540

Litigation

Due to the nature of the Company's business, it is, from time to time, involved in routine litigation or subject to disputes or claims related to its business activities, including workers' compensation claims and employment related disputes. In the opinion of the Company's management, none of the pending litigation, disputes or claims against the Company, if decided adversely, will have a material adverse effect on its financial condition, cash flows or results of operations.

9. HEDGING ACTIVITIES

Oil Price Hedging Activities

The Company seeks to reduce its exposure to unfavorable changes in oil and natural gas prices, which are subject to significant and often volatile fluctuation, by entering into fixed price swaps and basis swaps. These contracts allow the Company to predict with greater certainty the effective oil and natural gas prices to be received for hedged production and benefit operating cash flows and earnings when market prices are less than the fixed prices provided in the contracts. However, the Company will not benefit from market prices that are higher than the fixed prices in the contracts for hedged production.

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The Company accounts for its oil and natural gas derivative instruments as cash flow hedges for accounting purposes under FASB ASC 815 and related pronouncements. All derivative contracts are marked to market each quarter end and are included in the accompanying consolidated balance sheets as derivative assets and liabilities.

During 2014 and 2015, the Company entered into fixed price swap contracts for 2014 through 2018 with four financial institutions. The Company’s fixed price swap contracts are tied to the commodity prices on Argus and NYMEX. The Company will receive the fixed price amount stated in the contract and pay to its counterparty the current market price as listed on Argus for Louisiana Light Sweet Crude for oil and on the NYMEX Henry Hub for natural gas. At March 31, 2015, the Company had the following fixed price swaps in place:

	Daily Volume (Bbls/day)	Weighted Average Price
April 2015 - June 2016	1,000	$	62.25

	Daily Volume (MMBtu/day)	Weighted Average Price
April 2015	191,250	$	4.05
May 2015 - June 2015	201,250	$	4.05
July 2015 - August 2015	216,875	$	4.04
September 2015	246,875	$	3.97
October 2015 - December 2015	262,500	$	3.96
January 2016 - March 2016	252,500	$	3.82
April 2016	242,500	$	3.81
May 2016 - December 2016	172,500	$	3.73
January 2017 - June 2017	142,500	$	3.67
July 2017 - December 2017	80,000	$	3.45
January 2018 - December 2018	30,000	$	3.40

In addition, the Company has entered into natural gas basis swap positions, which settle on the pricing index to basis differential of MichCon to the NYMEX Henry Hub natural gas price. As of March 31, 2015, the Company's natural gas basis swap positions were as follows:

	Daily Volume (MMBtu/day)	Hedged Differential
April 2015 - December 2016	30,000	$	0.02
April 2015 - December 2016	10,000	$	0.01

At March 31, 2015 the fair value of derivative assets and liabilities related to the fixed price swaps and basis swaps was as follows:

	(In thousands)
Short-term derivative instruments - asset	$	93,030
Long-term derivative instruments - asset	$	41,956
Short-term derivative instruments - liability	$	823

All fixed price swaps and basis swaps have been executed in connection with the Company’s oil and natural gas price hedging program. For fixed price swaps and basis swaps qualifying as cash flow hedges pursuant to FASB ASC 815, the realized contract price is included in oil and gas sales in the period for which the underlying production was hedged.

For derivatives designated as cash flow hedges and meeting the effectiveness guidelines of FASB ASC 815, changes in fair value are recognized in accumulated other comprehensive income (loss) until the hedged item is recognized in earnings.

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The Company had no cash flow hedges in place for the three months ending March 31, 2015 and 2014, as all fixed price swaps and basis swaps were deemed ineffective at their inception.

At March 31, 2015, no amounts related to fixed price swaps or basis swaps remain in accumulated other comprehensive loss.

Hedge effectiveness is measured at least quarterly based on the relative changes in fair value between the derivative contract and the hedged item over time. Any change in fair value resulting from ineffectiveness is recognized immediately in earnings. The Company recognized a gain of $31.3 million related to hedge ineffectiveness for the three months ended March 31, 2015 which is included in oil and condensate and gas sales in the consolidated statements of operations. The Company recognized a loss of $8.7 million related to hedge ineffectiveness for the three months ended March 31, 2014 which is included in oil and condensate and gas sales in the consolidated statements of operations.

10. FAIR VALUE MEASUREMENTS

The Company records certain financial and non-financial assets and liabilities on the balance sheet at fair value in accordance with FASB ASC 820. FASB ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date. The statement establishes market or observable inputs as the preferred sources of values, followed by assumptions based on hypothetical transactions in the absence of market inputs. The statement requires fair value measurements be classified and disclosed in one of the following categories:

Level 1 – Quoted prices in active markets for identical assets and liabilities.

Level 2 – Quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

Level 3 – Significant inputs to the valuation model are unobservable.

Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement.

The following tables summarize the Company’s financial and non-financial liabilities by FASB ASC 820 valuation level as of March 31, 2015:

	March 31, 2015
	Level 1		Level 2		Level 3
	(In thousands)
Assets:
Fixed price swaps	$	134,986	$	—	$	—
Liabilities:
Fixed price swaps	$	823	$	—	$	—

The estimated fair value of the Company’s fixed price and basis swap contracts were based upon forward commodity prices based on quoted market prices, adjusted for differentials. See Note 9 for further discussion of the Company's hedging activities.

The estimated fair values of proved oil and gas properties assumed in business combinations are based on a discounted cash flow model and market assumptions as to future commodity prices, projections of estimated quantities of oil and natural gas reserves, expectations for timing and amount of future development and operating costs, projections of future rates of production, expected recovery rates, and risk-adjusted discount rates. The estimated fair values of unevaluated oil and gas properties was based on geological studies, historical well performance, location and applicable mineral lease terms. Based on the unobservable nature of certain of the inputs the estimated fair value of the oil and gas properties assumed is deemed to use Level 3 inputs. See Note 1 for further discussion of the Company's acquisitions.

The Company estimates asset retirement obligations pursuant to the provisions of FASB ASC Topic 410, “Asset Retirement and Environmental Obligations” (“FASB ASC 410”). The initial measurement of asset retirement obligations at fair value is calculated using discounted cash flow techniques and based on internal estimates of future retirement costs associated

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with oil and gas properties. Given the unobservable nature of the inputs, including plugging costs and reserve lives, the initial measurement of the asset retirement obligation liability is deemed to use Level 3 inputs. See Note 2 for further discussion of the Company’s asset retirement obligations. Asset retirement obligations incurred during the three months ended March 31, 2015 were approximately $1.6 million.

Due to the unobservable nature of the inputs, the fair value of the Company's initial investment in Mammoth was estimated using assumptions that represent level 3 inputs. The Company estimated the fair value of the investment as of the November 24, 2014 contribution date. See Note 3 for further discussion of the Company's contribution to Mammoth. The estimated fair value of the Company's investment in Mammoth was $143.5 million at December 31, 2014.

11. FAIR VALUE OF FINANCIAL INSTRUMENTS

The carrying amounts on the accompanying consolidated balance sheet for cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, and current debt are carried at cost, which approximates market value due to their short-term nature. Long-term debt related to the building loan is carried at cost, which approximates market value based on the borrowing rates currently available to the Company with similar terms and maturities.

At March 31, 2015, the carrying value of the outstanding debt represented by the Notes was $614.1 million, including the remaining unamortized discount of approximately $2.8 million related to the October Notes and the remaining unamortized premium of approximately $0.4 million related to the December Notes and $16.5 million related to the August Notes. Based on the quoted market price, the fair value of the Notes was determined to be approximately $615.8 million at March 31, 2015.

The fair value of the derivative instruments is computed based on the difference between the prices provided by the fixed-price contracts and forward market prices as of the specified date, as adjusted for basis differentials, and for the Company's swaptions, market implied volatilities of the underlying commodity are also evaluated. Forward market prices for oil and natural gas are dependent upon supply and demand factors in such forward market and are subject to significant volatility.

12. CONDENSED CONSOLIDATING FINANCIAL INFORMATION

On October 17, 2012, December 21, 2012, and August 18, 2014, the Company issued an aggregate of $600.0 million principal amount of its 7.75% Senior Notes. The October Notes and the December Notes were exchanged for substantially identical notes in the same aggregate principal amount that were registered under the Securities Act. The Exchange Notes and the August Notes are collectively referred to as the "Notes". The Notes are guaranteed on a senior unsecured basis by all existing consolidated subsidiaries that guarantee the Company's secured revolving credit facility or certain other debt (the "Guarantors"). The Notes are not guaranteed by Grizzly Holdings, Inc. (the "Non-Guarantor"). The Guarantors are 100% owned by Gulfport (the "Parent"), and the guarantees are full, unconditional, joint and several. There are no significant restrictions on the ability of the Parent or the Guarantors to obtain funds from each other in the form of a dividend or loan.

In connection with the issuance of the August Notes, the Company and the subsidiary guarantors entered into a registration rights agreement with the initial purchasers on August 18, 2014, pursuant to which the Company and the subsidiary guarantors have agreed to file a registration statement with respect to an offer to exchange the August Notes for a new issue of substantially identical debt securities registered under the Securities Act. The registration statement relating to the exchange offer for the August Notes was filed on November 6, 2014, as amended on February 3, 2015, and declared effective by the SEC on February 4, 2015. The exchange offer for the August Notes was completed in March 2015.

The following condensed consolidating balance sheets, statements of operations, statements of comprehensive income (loss) and statements of cash flows are provided for the Parent, the Guarantors and the Non-Guarantor and include the consolidating adjustments and eliminations necessary to arrive at the information for the Company on a condensed consolidated basis. The information has been presented using the equity method of accounting for the Parent's ownership of the Guarantors and the Non-Guarantor.

23

CONDENSED CONSOLIDATING BALANCE SHEETS

(Amounts in thousands)

	March 31, 2015
	Parent			Guarantors			Non-Guarantor			Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	73,667		$	1,072		$	1		$	—		$	74,740
Accounts receivable - oil and gas	79,621			59			—			—			79,680
Accounts receivable - related parties	33			—			—			—			33
Accounts receivable - intercompany	48,154			26			—			(48,180		)	—
Prepaid expenses and other current assets	15,777			—			—			—			15,777
Short-term derivative instruments	93,030			—			—			—			93,030
Total current assets	310,282			1,157			1			(48,180		)	263,260
Property and equipment:
Oil and natural gas properties, full-cost accounting	4,139,903			38,769			—			(710		)	4,177,962
Other property and equipment	19,008			43			—			—			19,051
Accumulated depletion, depreciation, amortization and impairment	(1,140,142		)	(26		)	—			—			(1,140,168		)
Property and equipment, net	3,018,769			38,786			—			(710		)	3,056,845
Other assets:
Equity investments and investments in subsidiaries	365,840			—			167,186			(158,055		)	374,971
Derivative instruments	41,956			—			—			—			41,956
Other assets	18,566			—			—			—			18,566
Total other assets	426,362			—			167,186			(158,055		)	435,493
Total assets	$	3,755,413		$	39,943		$	167,187		$	(206,945	)	$	3,755,598
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued liabilities	$	399,912		$	184		$	—		$	—		$	400,096
Accounts payable - intercompany	—			48,072			108			(48,180		)	—
Asset retirement obligation - current	75			—			—			—			75
Short-term derivative instruments	823			—			—			—			823
Deferred tax liability - current	29,622			—			—			—			29,622
Current maturities of long-term debt	1,781			—			—			—			1,781
Total current liabilities	432,213			48,256			108			(48,180		)	432,397
Long-term derivative instrument	—			—			—			—			—
Asset retirement obligation - long-term	18,656			—			—			—			18,656
Deferred tax liability	215,122			—			—			—			215,122
Long-term debt, net of current maturities	779,130			—			—			—			779,130
Total liabilities	1,445,121			48,256			108			(48,180		)	1,445,305
Stockholders' equity:
Common stock	857			—			—			—			857
Paid-in capital	1,832,062			321			233,174			(233,494		)	1,832,063
Accumulated other comprehensive income (loss)	(41,659		)	—			(41,659		)	41,659			(41,659		)
Retained earnings (accumulated deficit)	519,032			(8,634		)	(24,436		)	33,070			519,032
Total stockholders' equity	2,310,292			(8,313		)	167,079			(158,765		)	2,310,293
Total liabilities and stockholders' equity	$	3,755,413		$	39,943		$	167,187		$	(206,945	)	$	3,755,598

24

CONDENSED CONSOLIDATING BALANCE SHEETS

(Amounts in thousands)

	December 31, 2014
	Parent			Guarantors			Non-Guarantor			Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	141,535		$	804		$	1		$	—		$	142,340
Accounts receivable - oil and gas	103,762			96			—			—			103,858
Accounts receivable - related parties	46			—			—			—			46
Accounts receivable - intercompany	45,222			27			—			(45,249		)	—
Prepaid expenses and other current assets	3,714			—			—			—			3,714
Short-term derivative instruments	78,391			—			—			—			78,391
Total current assets	372,670			927			1			(45,249		)	328,349
Property and equipment:
Oil and natural gas properties, full-cost accounting,	3,887,874			35,990			—			(710		)	3,923,154
Other property and equipment	18,301			43			—			—			18,344
Accumulated depletion, depreciation, amortization and impairment	(1,050,855		)	(24		)	—			—			(1,050,879		)
Property and equipment, net	2,855,320			36,009			—			(710		)	2,890,619
Other assets:
Equity investments and investments in subsidiaries	360,238			—			180,217			(170,874		)	369,581
Derivative instruments	24,448			—			—			—			24,448
Other assets	19,396			—			—			—			19,396
Total other assets	404,082			—			180,217			(170,874		)	413,425
Total assets	$	3,632,072		$	36,936		$	180,218		$	(216,833	)	$	3,632,393
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued liabilities	$	371,089		$	321		$	—		$	—		$	371,410
Accounts payable - intercompany	—			45,143			106			(45,249		)	—
Asset retirement obligation - current	75			—			—			—			75
Deferred tax liability	27,070			—			—			—			27,070
Current maturities of long-term debt	168			—			—			—			168
Total current liabilities	398,402			45,464			106			(45,249		)	398,723
Asset retirement obligation - long-term	17,863			—			—			—			17,863
Deferred tax liability	203,195			—			—			—			203,195
Long-term debt, net of current maturities	716,316			—			—			—			716,316
Total liabilities	1,335,776			45,464			106			(45,249		)	1,336,097
Stockholders' equity:
Common stock	856			—			—			—			856
Paid-in capital	1,828,602			322			227,079			(227,401		)	1,828,602
Accumulated other comprehensive income (loss)	(26,675		)	—			(26,675		)	26,675			(26,675		)
Retained earnings (accumulated deficit)	493,513			(8,850		)	(20,292		)	29,142			493,513
Total stockholders' equity	2,296,296			(8,528		)	180,112			(171,584		)	2,296,296
Total liabilities and stockholders' equity	$	3,632,072		$	36,936		$	180,218		$	(216,833	)	$	3,632,393

25

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Amounts in thousands)

	Three months ended March 31, 2015
	Parent			Guarantors		Non-Guarantor			Eliminations			Consolidated
Total revenues	$	175,832		$	485	$	—		$	—		$	176,317
Costs and expenses:
Lease operating expenses	16,787			193		—			—			16,980
Production taxes	4,253			32		—			—			4,285
Midstream gathering and processing	25,374			7		—			—			25,381
Depreciation, depletion, and amortization	89,908			1		—			—			89,909
General and administrative	10,761			36		2			—			10,799
Accretion expense	190			—		—			—			190
	147,273			269		2			—			147,544
INCOME FROM OPERATIONS	28,559			216		(2		)	—			28,773
OTHER (INCOME) EXPENSE:
Interest expense	8,759			—		—			—			8,759
Interest income	(9		)	—		—			—			(9		)
(Income) loss from equity method investments and investments in subsidiaries	(20,189		)	—		4,142			(3,928		)	(19,975		)
	(11,439		)	—		4,142			(3,928		)	(11,225		)
INCOME (LOSS) BEFORE INCOME TAXES	39,998			216		(4,144		)	3,928			39,998
INCOME TAX EXPENSE	14,479			—		—			—			14,479
NET INCOME (LOSS)	$	25,519		$	216	$	(4,144	)	$	3,928		$	25,519

26

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Amounts in thousands)

	Three months ended March 31, 2014
	Parent			Guarantors			Non-Guarantor			Eliminations			Consolidated
Total revenues	$	117,850		$	179		$	—		$	—		$	118,029
Costs and expenses:
Lease operating expenses	11,381			248			—			—			11,629
Production taxes	6,937			20			—			—			6,957
Midstream gathering and processing	7,757			12			—			—			7,769
Depreciation, depletion, and amortization	56,877			—			—			—			56,877
General and administrative	9,488			27			(4		)	—			9,511
Accretion expense	188			—			—			—			188
Gain on sale of assets	(11		)	—			—			—			(11		)
	92,617			307			(4		)	—			92,920
INCOME (LOSS) FROM OPERATIONS	25,233			(128		)	4			—			25,109
OTHER (INCOME) EXPENSE:
Interest expense	3,885			—			—			—			3,885
Interest income	(106		)	—			—			—			(106		)
Litigation settlement	18,000			—			—			—			18,000
(Income) loss from equity method investments and investments in subsidiaries	(128,351		)	—			2,001			(2,125		)	(128,475		)
	(106,572		)	—			2,001			(2,125		)	(106,696		)
INCOME (LOSS) BEFORE INCOME TAXES	131,805			(128		)	(1,997		)	2,125			131,805
INCOME TAX EXPENSE	49,247			—			—			—			49,247
NET INCOME (LOSS)	$	82,558		$	(128	)	$	(1,997	)	$	2,125		$	82,558

27

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Amounts in thousands)

	Three months ended March 31, 2015
	Parent			Guarantors		Non-Guarantor			Eliminations		Consolidated
Net income (loss)	$	25,519		$	216	$	(4,144	)	$	3,928	$	25,519
Foreign currency translation adjustment	(14,984		)	—		(14,984		)	14,984		(14,984		)
Other comprehensive income (loss)	(14,984		)	—		(14,984		)	14,984		(14,984		)
Comprehensive income (loss)	$	10,535		$	216	$	(19,128	)	$	18,912	$	10,535

	Three months ended March 31, 2014
	Parent			Guarantors			Non-Guarantor			Eliminations		Consolidated
Net income (loss)	$	82,558		$	(128	)	$	(1,997	)	$	2,125	$	82,558
Foreign currency translation adjustment	(7,278		)	—			(7,278		)	7,278		(7,278		)
Other comprehensive income (loss)	(7,278		)	—			(7,278		)	7,278		(7,278		)
Comprehensive income (loss)	$	75,280		$	(128	)	$	(9,275	)	$	9,403	$	75,280

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(Amounts in thousands)

	Three months ended March 31, 2015
	Parent			Guarantors			Non-Guarantor			Eliminations			Consolidated
Net cash provided by operating activities	$	95,879		$	3,158		$	—		$	—		$	99,037
Net cash provided by (used in) investing activities	(228,601		)	(2,890		)	(6,093		)	6,093			(231,491		)
Net cash provided by (used in) financing activities	64,854			—			6,093			(6,093		)	64,854
Net (decrease) increase in cash and cash equivalents	(67,868		)	268			—			—			(67,600		)
Cash and cash equivalents at beginning of period	141,535			804			1			—			142,340
Cash and cash equivalents at end of period	$	73,667		$	1,072		$	1		$	—		$	74,740

	Three months ended March 31, 2014
	Parent			Guarantors			Non-Guarantor			Eliminations			Consolidated
Net cash provided by (used in) operating activities	$	159,736		$	(3,585	)	$	(1	)	$	—		$	156,150
Net cash provided by (used in) investing activities	(443,079		)	(2,034		)	(8,069		)	8,070			(445,112		)
Net cash provided by (used in) financing activities	388			—			8,070			(8,070		)	388
Net decrease in cash and cash equivalents	(282,955		)	(5,619		)	—			—			(288,574		)
Cash and cash equivalents at beginning of period	451,431			7,525			—			—			458,956
Cash and cash equivalents at end of period	$	168,476		$	1,906		$	—		$	—		$	170,382

28

13. RECENT ACCOUNTING PRONOUNCEMENTS

In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08: Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360) - Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU 2014-08 changes the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other material disposal transactions that do not meet the revised definition of a discontinued operation. Under the updated standard, a disposal of a component or group of components of an entity is required to be reported as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the component or group of components of the entity (1) has been disposed of by a sale, (2) has been disposed of other than by sale or (3) is classified as held for sale. The ASU is effective for annual and interim periods beginning after December 15, 2014, however, early adoption is permitted. The Company early adopted this ASU on a prospective basis beginning with the second quarter of 2014. The adoption did not have a material impact on the Company’s consolidated financial statements.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. The core principle of the new standard is for the recognition of revenue to depict the transfer of goods or services to customers in amounts that reflect the payment to which the company expects to be entitled in exchange for those goods or services. The new standard will also result in enhanced revenue disclosures, provide guidance for transactions that were not previously addressed comprehensively and improve guidance for multiple-element arrangements. The ASU is effective for annual periods beginning after December 15, 2016, and interim periods within those years, using either a full or a modified retrospective application approach. The Company is in the process of evaluating the impact on its consolidated financial statements.

In August 2014, the FASB issued ASU No. 2014-15, "Presentation of Financial Statements - Going Concern (Subtopic 205-40)." The new guidance addresses management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and in certain circumstances to provide related footnote disclosures. The standard is effective for the annual period ending after December 15, 2016 and for annual and interim periods thereafter. Early adoption is permitted. The Company does not believe that the adoption of this guidance will have a material impact on its consolidated financial statements.

In April 2015, the FASB issued ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs (ASU 2015-03)." To simplify presentation of debt issuance costs, ASU 2015-03 requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts. ASU 2015-03 is effective for public entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company is in the process of assessing the effects of adoption of this new guidance.

14. SUBSEQUENT EVENTS

Pending Acquisition

On April 15, 2015, the Company entered into an agreement to acquire Paloma Partners III, LLC ("Paloma") for a total purchase price of approximately $301.3 million, subject to closing adjustments. Paloma holds approximately 24,000 net nonproducing acres in the Utica Shale of Ohio. This transaction is expected to close during the third quarter of 2015, subject to the satisfaction of certain closing conditions.

Equity Offering

On April 21, 2015, the Company issued 10,925,000 shares of its common stock in an underwritten public offering (which included the 1,425,000 shares sold pursuant to the option to purchase additional shares of the Company's common stock granted by the Company to, and exercised in full by, the underwriters). The net proceeds from the equity offering (including the net proceeds from the sale of the shares of common stock to the underwriters pursuant to their option to purchase additional shares) was approximately $501.9 million after underwriter discounts and commissions and estimated offering expenses. The Company used a portion of these net proceeds, together with a portion of the net proceeds from its concurrent senior notes offering, to repay all amounts outstanding at that time under its revolving credit facility and intends to use the remaining net proceeds from these offerings to fund the pending acquisition of Paloma and for general corporate purposes, including the funding of a portion of its 2015 capital development plans.

Senior Notes due 2023

29

On April 21, 2015, the Company issued $350.0 million in aggregate principal amount of 6.625% Senior Notes due 2023 (the “April Notes”) to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in accordance with Regulation S under the Securities Act (the “April Notes Offering”). The Company received net proceeds of approximately $343.6 million after initial purchaser discounts and commissions and estimated offering expenses.

The April Notes were issued under an indenture, dated as of April 21, 2015, among the Company, the subsidiary guarantors party thereto and Wells Fargo Bank, N.A., as trustee. Pursuant to the indenture relating to the April Notes, interest on the April Notes will accrue at a rate of 6.625% per annum on the outstanding principal amount thereof from April 21, 2015, payable semi-annually on May 1 and November 1 of each year, commencing on November 1, 2015. The April Notes will mature on May 1, 2023.

The April Notes are the Company’s senior unsecured obligations and rank equally in right of payment with all of the Company’s other senior indebtedness, including the Old Notes, and senior in right of payment to any of the Company’s future subordinated indebtedness. All of the Company’s existing and future restricted subsidiaries that guarantee its secured revolving credit facility or certain other debt guarantee the April Notes, provided, however, that the April Notes are not guaranteed by Grizzly Holdings, Inc. and will not be guaranteed by any of the Company’s future unrestricted subsidiaries.

In connection with the April Notes Offering, the Company and its subsidiary guarantors entered into a registration rights agreement, dated as of April 21, 2015, pursuant to which the Company agreed to file a registration statement with respect to an offer to exchange the April Notes for a new issue of substantially identical debt securities registered under the Securities Act. The Company may be required to file a shelf registration statement to cover resales of the April Notes under certain circumstances. If the Company fails to satisfy certain obligations under the registration rights agreement, it agreed to pay additional interest to the holders of the April Notes as specified in the registration rights agreement.

New Fixed Price Swaps

In April 2015, the Company entered into fixed price swaps for 1,500 barrels of oil per day at a weighted average price of $62.47 per barrel for the period from June 2015 through June 2016. For the period from October 2015 through December 2015, the Company entered into fixed price swaps for 20,000 MMBtu of natural gas per day at a weighted average price of $3.26 per MMBtu. For the period from January 2016 through December 2016, the Company entered into fixed price swaps for 40,000 MMBtu of natural gas per day at a weighted average price of $3.32 per MMBtu. For the period from January 2017 through December 2018, the Company entered into fixed price swaps for 20,000 MMBtu of natural gas per day at a weighted average price of $3.26 per MMBtu. For the period from January 2016 through December 2016, the Company entered into a swaption contract for 20,000 MMBtu of natural gas per day at a weighted average price of $3.38 per MMBtu. The Company's fixed price swap contracts are tied to the commodity prices on NYMEX and ARGUS. The Company will receive the fixed price amount stated in the contract and pay to its counterparty the current market price as listed on NYMEX or ARGUS for oil.

Amended and Restated Employment Agreement

Effective as of April 29, 2015, the Company amended and restated its existing employment agreement with Michael G. Moore, the Company’s Chief Executive Officer. The employment agreement, as amended and restated as of April 29, 2015, reflects the decision of the compensation committee of the Company’s board of directors to increase Mr. Moore’s annual base salary to $460,000 for 2015 and the determination by the compensation committee to continue to increase Mr. Moore’s annual base salary during 2016 and 2017 so as to achieve alignment between the 25th and 50th percentile of the Company’s peer group disclosed in the Company’s annual proxy statement. The amended and restated employment agreement also eliminated Mr. Moore’s right to receive a fixed annual grant of 40,000 shares of restricted stock. Instead, consistent with the recommendation of the Company’s compensation consultant and approved by the compensation committee, the amended and restated employment agreement provided that Mr. Moore is entitled to receive an award of restricted stock equal to 500% of his annual base salary on the same vesting schedule as previously provided in his employment agreement with respect to his equity awards.

30

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis should be read in conjunction with the "Management's Discussion and Analysis of Financial Condition and Results of Operations" section and audited consolidated financial statements and related notes included in our Annual Report on Form 10-K and with the unaudited consolidated financial statements and related notes thereto presented in this Quarterly Report on Form 10-Q.

Disclosure Regarding Forward-Looking Statements

This report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. All statements other than statements of historical facts included in this report that address activities, events or developments that we expect or anticipate will or may occur in the future, including such things as estimated future net revenues from oil and natural gas reserves and the present value thereof, future capital expenditures (including the amount and nature thereof), business strategy and measures to implement strategy, competitive strength, goals, expansion and growth of our 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 us in light of our experience and our perception of historical trends, current conditions and expected future developments as well as other factors we believe are appropriate in the circumstances. However, whether actual results and developments will conform with our 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 us; competitive actions by other oil and natural gas companies; changes in laws or regulations; adverse weather conditions and natural disasters such as hurricanes and other factors, including those listed in the “Risk Factors” section of our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q or any other filings we make with the SEC, many of which are beyond our control. Consequently, all of the forward-looking statements made in this report are qualified by these cautionary statements, and we cannot assure you that the actual results or developments anticipated by us will be realized or, even if realized, that they will have the expected consequences to or effects on us, our 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.

Overview

We are an independent oil and natural gas exploration and production company focused on the exploration, exploitation, acquisition and production of crude oil, natural gas liquids and natural gas in the United States. Our corporate strategy is to internally identify prospects, acquire lands encompassing those prospects and evaluate those prospects using subsurface geology and geophysical data and exploratory drilling. Using this strategy, we have developed an oil and natural gas portfolio of proved reserves, as well as development and exploratory drilling opportunities on high potential conventional and unconventional oil and natural gas prospects. Our principal properties are located in the Utica Shale in Eastern Ohio and along the Louisiana Gulf Coast in the West Cote Blanche Bay, or WCBB, and Hackberry fields. In addition, we have producing properties in the Niobrara Formation of Northwestern Colorado and the Bakken Formation. We also hold a significant acreage position in the Alberta oil sands in Canada through our interest in Grizzly Oil Sands ULC, or Grizzly, and interests in entities that operate in Southeast Asia, including the Phu Horm gas field in Thailand. Until November 2014, we held an equity interest in Diamondback Energy, Inc., or Diamondback, a NASDAQ Global Select Market listed company to which we contributed our Permian Basin oil and natural gas interests in October 2012 immediately prior to Diamondback's initial public offering, or the Diamondback IPO. At March 31, 2015, we did not own any shares of Diamondback. We seek to achieve reserve growth and increase our cash flow through our annual drilling programs.

2015 Operational Highlights

• Oil and natural gas revenues increased 49% to $176.1 million for the three months ended March 31, 2015 from $117.9 million for the three months ended March 31, 2014.

• Production increased 161% to 38,198 net million cubic feet of natural gas equivalent, or MMcfe, for the three months ended March 31, 2015 from 14,627 MMcfe for the three months ended March 31, 2014.

• During the three months ended March 31, 2015, we spud 12 gross (9.7 net) wells, participated in an additional sixgross (1.1 net) wells that were drilled by other operators on our Utica Shale acreage and recompleted 23 gross and net wells. Of our 12 new wells spud at March 31, 2015, nine were in various stages of completion and three were being drilled.

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• On April 15, 2015, we entered into an agreement to acquire Paloma Partners III, LLC, or Paloma, for a total purchase price of approximately $301.3 million, subject to closing adjustments. Paloma holds approximately 24,000 net nonproducing acres in the Utica Shale of Ohio. This transaction is expected to close during the third quarter of 2015, subject to the satisfaction of certain closing conditions.

• On April 21, 2015, we issued 10,925,000 shares of our common stock in an underwritten public offering (which included 1,425,000 shares sold pursuant to an option to purchase additional shares of our common stock granted to and exercised by the underwriters in full. The net proceeds from the equity offering (including the net proceeds from the sale of the shares of common stock to the underwriters under their option to purchase additional shares) were approximately $501.9 million. We used a portion of these net proceeds, together with a portion of the net proceeds from our concurrent senior notes offering described below, to repay all borrowings outstanding at that time under our senior secured revolving credit facility and intend to use the remaining net proceeds from these offerings to fund the pending acquisition of Paloma and for general corporate purposes, including the funding of a portion of our 2015 capital development plans.

• On April 21 2015, we issued $350.0 million in aggregate principal amount of our 6.625% senior unsecured notes due 2023, resulting in net proceeds to us of $343.6 million.

• We continue to see improvement in our service costs and expect that our operational efficiencies, combined with our service costs reductions, will lower our overall well costs by approximately 15% during 2015 as compared to peak 2014 pricing.

2015 Production and Drilling Activity

During the three months ended March 31, 2015, our total net production was 765,575 barrels of oil, 25,965,064 thousand cubic feet, or Mcf, of natural gas, and 53,478,118 gallons of natural gas liquids, or NGLs, for a total of 38,198 MMcfe, as compared to 726,720 barrels of oil, 7,661,819 Mcf of natural gas and 18,234,754 gallons of NGLs, or 14,627 MMcfe, for the three months ended March 31, 2014. Our total net production averaged approximately 424.4 MMcfe per day during the three months ended March 31, 2015 as compared to 162.5 MMcfe per day during the same period in 2014. The 161% increase in production is largely the result of the development of our Utica Shale acreage.

Utica Shale. As of May 1, 2015, we had acquired leasehold interests in approximately 188,000 gross (184,000 net) acres in the Utica Shale, excluding the acreage associated with our pending acquisition of Paloma. From January 1, 2015 through May 1, 2015, we spud 16 gross (12.7 net) wells, of which 13 were in various stages of completion and three were still being drilled at May 1, 2015. In addition, six gross (1.1 net) wells were drilled by other operators on our Utica Shale acreage during the three months ended March 31, 2015.

As of May 1, 2015, we had three rigs under contract on our Utica Shale acreage. We currently intend to spud 50 to 56 gross (32 to 36 net) wells on our Utica Shale acreage in 2015.

Aggregate net production from our Utica Shale acreage during the three months ended March 31, 2015 was approximately 35,639 net MMcfe, or 396.0 MMcfe per day, 73% of which was from natural gas and 27% of which was from oil and NGLs. During April 2015, our average daily net production from the Utica Shale was approximately 417.0 MMcfe, 74% of which was from natural gas and 26% of which was from oil and NGLs. The increase in April 2015 production was a result of our drilling activity on our Utica Shale acreage.

WCBB. From January 1, 2015 through May 1, 2015, we recompleted eight wells and spud no new wells.

Aggregate net production from the WCBB field during the three months ended March 31, 2015 was approximately 1,541 MMcfe, or an average of 17.1 MMcfe per day, 98% of which was from oil. During April 2015, our average net daily production at WCBB was approximately 13.0 MMcfe, 100% of which was from oil. The decrease in April 2015 production was a result of our limited 2015 drilling and recompletion activity in our WCBB field.

East Hackberry Field. From January 1, 2015 through May 1, 2015, we recompleted 15 wells and spud no new wells.

Aggregate net production from the East Hackberry field during the three months ended March 31, 2015 was approximately 866 MMcfe, or an average of 9.6 MMcfe per day, 93% of which was from oil and 7% of which was from natural gas. During April 2015, our average net daily production at East Hackberry was approximately 5.9 MMcfe, 94% of which was from oil and

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6% of which was from natural gas. The decrease in April 2015 production is primarily the result of natural production declines and limited activity in 2015.

West Hackberry Field. From January 1, 2015 through May 1, 2015, we did not spud any wells in our West Hackberry field.

Aggregate net production from the West Hackberry field was approximately 47 MMcfe, or an average of 527.3 Mcfe per day, 100% of which was from oil. During April 2015, our average net daily production at West Hackberry was approximately 247 Mcfe, 100% of which was from oil.

Niobrara Formation. Effective as of April 1, 2010, we acquired leasehold interests in the Niobrara Formation in Northwestern Colorado and, as of March 31, 2015, we held leases for approximately 5,700 net acres. From January 1, 2015 through May 1, 2015, there were no wells spud on our Niobrara Formation acreage. Aggregate net production from our Niobrara Formation acreage during the three months ended March 31, 2015 was approximately 29 MMcfe, or an average of 325.7 Mcfe per day, 100% of which was from oil. During April 2015, our average net daily production from our Niobrara Formation acreage was approximately 297.2 Mcfe, 100% of which was from oil. During 2015, we currently do not anticipate drilling any wells in the Niobrara Formation.

Bakken. As of March 31, 2015, we held approximately 864 net acres in the Bakken Formation of Western North Dakota and Eastern Montana with interests in 18 wells and overriding royalty interests in certain existing and future wells. Aggregate net production from this acreage during the three months ended March 31, 2015 was approximately 75 MMcfe, or an average of 831.4 Mcfe per day, of which 90% was from oil, 9% was from natural gas and 1% was from NGLs. During April 2015, our average daily net production from our Bakken Formation acreage was approximately 567.0 Mcfe, of which 86% was from oil and 14% was from natural gas.

2015 Updates Regarding Our Equity Investments

Grizzly Oil Sands. We, through our wholly-owned subsidiary Grizzly Holdings Inc., own a 24.9% interest in Grizzly. As of March 31, 2015, Grizzly had approximately 830,000 net acres under lease in the Athabasca, Peace River and Cold Lake oil sands regions of Alberta, Canada. Grizzly has three oil sands projects in various stages of development. Grizzly commenced commercial production from its Algar Lake Phase 1 steam-assisted gravity drainage, or SAGD, oil sand project during the second quarter of 2014 and has received regulatory approval for up to 11,300 barrels per day of bitumen production. Grizzly produced approximately 900 barrels of bitumen per day at its Algar Lake SAGD project during the first quarter of 2015. Due to the current level of commodity prices, in April 2015 Grizzly determined to cease bitumen production at its Algar Lake facility. Grizzly intends to monitor market conditions as it assesses future plans for the facility. In the first quarter of 2012, Grizzly acquired the May River property comprising approximately 47,000 acres. An initial 12,000 barrel per day development application was filed with the regulatory authorities in the fourth quarter of 2013, covering the eastern portion of the May River lease. The development application continues to move through the regulatory process and is expected to be approved by mid-2015. In the first quarter of 2014, a 2-D seismic program covering approximately 83 kilometers was completed to more fully define the resource over the remaining lease beyond the development application area. At the Thickwood thermal project, a development application for a 12,000 barrel per day oil sands project was filed in the fourth quarter of 2012. Since then, the Alberta Energy Regulator, or AER, announced it is implementing a policy for future regulatory requirements for reservoir containment in shallow SAGD areas, which impacts the Thickwood application. Additional work to advance the Thickwood application will be required and is expected to be addressed once the May River development approval is received. Grizzly has also developed delineation drilling, seismic and regulatory work plans at its Cadotte, Peace River property. Grizzly has pursued a rail marketing strategy to ensure consistent and flexible access to premium markets for its production, including its Windell truck to rail terminal located near Conklin, Alberta, which commenced transloading blended bitumen production from Algar Lake on to rail cars for delivery to the US Gulf Coast markets in the second quarter of 2014.

Thailand. We own a 23.5% ownership interest in Tatex Thailand II, LLC, or Tatex II. Tatex II, a privately held entity, holds an 8.5% interest in APICO, an international oil and gas exploration company. APICO has a reserve base located in Southeast Asia through its ownership of concessions covering approximately 243,000 acres which includes the Phu Horm Field. Our investment is accounted for on the equity method. Tatex II accounts for its investment in APICO using the cost method. Hess Corporation, or Hess, operates the field with a 35% interest. Other interest owners include APICO (35% interest), PTT Exploration and Production Public Company Limited (20% interest) and ExxonMobil (10% interest). Our gross working interest (through Tatex II as a member of APICO) in the Phu Horm field is 0.7%. Since our ownership in the Phu Horm field is indirect and Tatex II's investment in APICO is accounted for by the cost method, these reserves are not included in our year-end reserve information.

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We own a 17.9% ownership interest in Tatex Thailand III, LLC, or Tatex III. Tatex III previously owned a concession covering approximately 245,000 acres in Southeast Asia. In 2009, Tatex III completed a 3-D seismic survey on this concession. Between 2010 and 2013, three wells were drilled on this concession. Each of the wells lacked sufficient permeability to produce in commercial quantities. Tatex III allowed the concession to expire in January 2015.

Other Investments. In an effort to facilitate the development of our Utica Shale and other domestic acreage, we have invested in entities that can provide services that are required to support our operations. In 2013, we participated in the formation of Stingray Energy Services LLC, or Stingray Energy, with an initial ownership interest of 50%. Stingray Energy provides rental tools for land-based oil and natural gas drilling, completion and workover activities as well as the transfer of fresh water to wellsites. In 2012, we participated in the formation of Stingray Pressure Pumping LLC, or Stingray Pressure, Stingray Cementing LLC, or Stingray Cementing, and Stingray Logistics LLC, or Stingray Logistics, with an initial ownership interest in each entity of 50%. These entities provide well completion and other well services. In 2012, we also participated in the formation of Blackhawk Midstream LLC, or Blackhawk, and Timber Wolf Terminals LLC, or Timber Wolf, with an initial ownership interest of 50% in each entity. Blackhawk coordinates gathering, compression, processing and marketing activities in connection with the development of our Utica Shale acreage and Timber Wolf will operate a crude/condensate terminal and a sand transloading facility in Ohio. Also in 2012, we acquired a 22.5% equity interest in Windsor Midstream LLC, or Midstream, which owned a 28.4% equity interest in Coronado Midstream LLC, or Coronado, an entity that owns gas processing facilities in West Texas. Midstream sold its interest in Coronado in March 2015. In 2011 and 2012, we acquired an aggregate 40% equity interest in Bison Drilling and Field Services LLC, or Bison, which owns and operates drilling rigs and related equipment. Also in 2011, we acquired a 25% interest in Muskie Proppant LLC, or Muskie, which is engaged in the processing and sale of hydraulic fracturing grade sand. We are currently evaluating strategic alternatives with respect to some of these oil field service entities. In 2014, we acquired a 25% equity interest in Sturgeon Acquisitions LLC, or Sturgeon. Sturgeon owns and operates sand mines that produce hydraulic fracturing grade sand. In the fourth quarter of 2014, we contributed our investments in Stingray Pressure, Stingray Logistics, Bison and Muskie to Mammoth Energy Partners LP, or Mammoth, in exchange for a 30.5% limited partner interest in this newly formed limited partnership. Mammoth has filed a registration statement on Form S-1 with the SEC in connection with a contemplated initial public offering which it intends to pursue in 2015 subject to market conditions. See Note 3 to our consolidated financial statements included elsewhere in this report for additional information regarding these other investments.

Critical Accounting Policies and Estimates

Our discussion and analysis of our financial condition and results of operations are based upon consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP. The preparation of these consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. We have identified certain of these policies as being of particular importance to the portrayal of our financial position and results of operations and which require the application of significant judgment by our management. We analyze our estimates including those related to oil and natural gas properties, revenue recognition, income taxes and commitments and contingencies, and base our estimates on historical experience and various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions. We believe the following critical accounting policies affect our more significant judgments and estimates used in the preparation of our consolidated financial statements:

Oil and Natural Gas Properties. We use the full cost method of accounting for oil and natural gas operations. Accordingly, all costs, including non-productive costs and certain general and administrative costs directly associated with acquisition, exploration and development of oil and natural gas properties, are capitalized. Companies that use the full cost method of accounting for oil and gas properties are required to perform a ceiling test each quarter. The test determines a limit, or ceiling, on the book value of the oil and gas properties. Net capitalized costs are limited to the lower of unamortized cost net of deferred income taxes or the cost center ceiling. The cost center ceiling is defined as the sum of (a) estimated future net revenues, discounted at 10% per annum, from proved reserves, based on the 12-month unweighted average of the first-day-of-the-monthprice for the prior twelve months, adjusted for any contract provisions or financial derivatives, if any, that hedge our oil and natural gas revenue, and excluding the estimated abandonment costs for properties with asset retirement obligations recorded on the balance sheet, (b) the cost of properties not being amortized, if any, and (c) the lower of cost or market value of unproved properties included in the cost being amortized, including related deferred taxes for differences between the book and tax basis of the oil and natural gas properties. If the net book value, including related deferred taxes, exceeds the ceiling, an impairment or noncash writedown is required. Such capitalized costs, including the estimated future development costs and site remediation costs of proved undeveloped properties are depleted by an equivalent units-of-production method, converting gas to barrels at the ratio of six Mcf of gas to one barrel of oil. No gain or loss is recognized upon the disposal of oil and natural gas properties, unless such dispositions significantly alter the relationship between capitalized costs and proven oil and natural gas reserves.

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Oil and natural gas properties not subject to amortization consist of the cost of undeveloped leaseholds and totaled approximately $1.5 billion at March 31, 2015 and approximately $1.5 billion at December 31, 2014. These costs are reviewed quarterly by management for impairment, with the impairment provision included in the cost of oil and natural gas properties subject to amortization. Factors considered by management in its impairment assessment include our drilling results and those of other operators, the terms of oil and natural gas leases not held by production and available funds for exploration and development.

Ceiling Test. Companies that use the full cost method of accounting for oil and gas properties are required to perform a ceiling test each quarter. The test determines a limit, or ceiling, on the book value of the oil and gas properties. Net capitalized costs are limited to the lower of unamortized cost net of deferred income taxes or the cost center ceiling. The cost center ceiling is defined as the sum of (a) estimated future net revenues, discounted at 10% per annum, from proved reserves, based on the 12-month unweighted average of the first-day-of-the-month price for the prior twelve months of the applicable year beginning with 2009, adjusted for any contract provisions or financial derivatives, if any, that hedge our oil and natural gas revenue, and excluding the estimated abandonment costs for properties with asset retirement obligations recorded on the balance sheet,(b) the cost of properties not being amortized, if any, and (c) the lower of cost or market value of unproved properties included in the cost being amortized, including related deferred taxes for differences between the book and tax basis of the oil and natural gas properties. If the net book value, including related deferred taxes, exceeds the ceiling, an impairment or noncash writedown is required. Ceiling test impairment can give us a significant loss for a particular period; however, future depletion expense would be reduced. A decline in oil and gas prices may result in an impairment of oil and gas properties. For instance, as a result of the drop in commodity prices on December 31, 2008 and subsequent reduction in our proved reserves, we recognized a ceiling test impairment of $272.7 million for the year ended December 31, 2008. If prices of oil, natural gas and natural gas liquids continue to decline, we may be required to further write down the value of our oil and gas properties, which could negatively affect our results of operations. No ceiling test impairment was required for the quarter ended March 31, 2015.

Asset Retirement Obligations. We have obligations to remove equipment and restore land at the end of oil and gas production operations. Our removal and restoration obligations are primarily associated with plugging and abandoning wells and associated production facilities.

We account for abandonment and restoration liabilities under FASB ASC 410 which requires us to record a liability equal to the fair value of the estimated cost to retire an asset. The asset retirement liability is recorded in the period in which the obligation meets the definition of a liability, which is generally when the asset is placed into service. When the liability is initially recorded, we increase the carrying amount of the related long-lived asset by an amount equal to the original liability. The liability is accreted to its present value each period, and the capitalized cost is depreciated over the useful life of the related long-lived asset. Upon settlement of the liability or the sale of the well, the liability is reversed. These liability amounts may change because of changes in asset lives, estimated costs of abandonment or legal or statutory remediation requirements.

The fair value of the liability associated with these retirement obligations is determined using significant assumptions, including current estimates of the plugging and abandonment or retirement, annual inflations of these costs, the productive life of the asset and our risk adjusted cost to settle such obligations discounted using our credit adjustment risk free interest rate. Changes in any of these assumptions can result in significant revisions to the estimated asset retirement obligation. Revisions to the asset retirement obligation are recorded with an offsetting change to the carrying amount of the related long-lived asset, resulting in prospective changes to depreciation, depletion and amortization expense and accretion of discount. Because of the subjectivity of assumptions and the relatively long life of most of our oil and natural gas assets, the costs to ultimately retire these assets may vary significantly from previous estimates.

Oil and Gas Reserve Quantities. Our estimate of proved reserves is based on the quantities of oil and natural gas that engineering and geological analysis demonstrate, with reasonable certainty, to be recoverable from established reservoirs in the future under current operating and economic parameters. Ryder Scott Company, L.P., Netherland, Sewell & Associates, Inc. and to a lesser extent our personnel have prepared reserve reports of our reserve estimates at December 31, 2014 on a well-by-well basis for our properties.

Reserves and their relation to estimated future net cash flows impact our depletion and impairment calculations. As a result, adjustments to depletion and impairment are made concurrently with changes to reserve estimates. Our reserve estimates and the projected cash flows derived from these reserve estimates have been prepared in accordance with the guidelines of the Securities and Exchange Commission, or SEC. The accuracy of our reserve estimates is a function of many factors including the following:

• the quality and quantity of available data;

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• the interpretation of that data;

• the accuracy of various mandated economic assumptions; and

• the judgments of the individuals preparing the estimates.

Our proved reserve estimates are a function of many assumptions, all of which could deviate significantly from actual results. Therefore, reserve estimates may materially vary from the ultimate quantities of oil and natural gas eventually recovered.

Income Taxes. We use the asset and liability method of accounting for income taxes, under which deferred tax assets and liabilities are recognized for the future tax consequences of (1) temporary differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities and (2) operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are based on enacted tax rates applicable to the future period when those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income during the period the rate change is enacted. Deferred tax assets are recognized in the year in which realization becomes determinable. Periodically, management performs a forecast of its taxable income to determine whether it is more likely than not that a valuation allowance is needed, looking at both positive and negative factors. A valuation allowance for our deferred tax assets is established, if in management's opinion, it is more likely than not that some portion will not be realized. At March 31, 2015, a valuation allowance of $3.1 million had been provided for state net operating loss and federal foreign tax credit deferred tax assets based on the uncertainty these assets may be realized.

Revenue Recognition. We derive almost all of our revenue from the sale of crude oil and natural gas produced from our oil and gas properties. Revenue is recorded in the month the product is delivered to the purchaser. We receive payment on substantially all of these sales from one to three months after delivery. At the end of each month, we estimate the amount of production delivered to purchasers that month and the price we will receive. Variances between our estimated revenue and actual payment received for all prior months are recorded at the end of the quarter after payment is received. Historically, our actual payments have not significantly deviated from our accruals.

Investments—Equity Method. Investments in entities greater than 20% and less than 50% and/or investments in which we have significant influence are accounted for under the equity method. Under the equity method, our share of investees’ earnings or loss is recognized in the statement of operations. In accordance with FASB ASC 825, "Financial Instruments," we had elected the fair value option of accounting for our equity method investment in Diamondback's stock. At the end of each reporting period, the quoted closing market price of Diamondback's stock is multiplied by the total shares owned by us and the resulting gain or loss is recognized in income from equity method investments in the consolidated statements of operations. As of March 31, 2015, the Company did not own any shares of Diamondback's common stock.

We review our investments to determine if a loss in value which is other than a temporary decline has occurred. If such loss has occurred, we recognize an impairment provision. There was no impairment of equity method investments at March 31, 2015. During the year ended December 31, 2014, we recognized an impairment of $12.1 million related to our investment in Tatex Thailand III, LLC.

Commitments and Contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation or other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. We are involved in certain litigation for which the outcome is uncertain. Changes in the certainty and the ability to reasonably estimate a loss amount, if any, may result in the recognition and subsequent payment of legal liabilities.

Derivative Instruments and Hedging Activities. We seek to reduce our exposure to unfavorable changes in oil and natural gas prices by utilizing energy swaps and collars, or fixed-price contracts. We follow the provisions of FASB ASC 815, “Derivatives and Hedging,” as amended. It requires that all derivative instruments be recognized as assets or liabilities in the balance sheet, measured at fair value. We estimate the fair value of all derivative instruments using established index prices and other sources. These values are based upon, among other things, futures prices, correlation between index prices and our realized prices, time to maturity and credit risk. The values reported in the financial statements change as these estimates are revised to reflect actual results, changes in market conditions or other factors.

The accounting for changes in the fair value of a derivative depends on the intended use of the derivative and the resulting designation. Designation is established at the inception of a derivative, but re-designation is permitted. For derivatives designated as cash flow hedges and meeting the effectiveness guidelines of FASB ASC 815, changes in fair value are recognized in accumulated other comprehensive income until the hedged item is recognized in earnings. Hedge effectiveness is measured at least quarterly based on the relative changes in fair value between the derivative contract and the hedged item over

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time. We recognize any change in fair value resulting from ineffectiveness immediately in earnings. There were no hedges designated as cash flow hedges during the three months ended March 31, 2015 as all of our current hedges were deemed ineffective at inception.

RESULTS OF OPERATIONS

Comparison of the Three Months Ended March 31, 2015 and 2014

We reported net income of $25.5 million for the three months ended March 31, 2015 as compared to $82.6 million for the three months ended March 31, 2014. This 69% decrease in period-to-period net income was due primarily to a 43% decrease in realized Mcfe prices to $4.61 from $8.06, a $5.4 million increase in lease operating expenses, a $17.6 million increase in midstream gathering and processing expenses and a $1.3 million increase in general and administrative expenses, partially offset by a 161% increase in net production to 38,198 MMcfe from 14,627 MMcfe and a $34.8 million decrease in income tax expense for the three months ended March 31, 2015 as compared to the three months ended March 31, 2014. In addition, our net income from the three months ended March 31, 2014 included a $48.8 million gain from our former equity method investment in Diamondback and $84.8 million of income from our equity method investment in Blackhawk.

Oil and Gas Revenues. For the three months ended March 31, 2015, we reported oil and natural gas revenues of $176.1 million as compared to oil and natural gas revenues of $117.9 million during the same period in 2014. This $58.2 million, or 49%, increase in revenues was primarily attributable to a 161% increase in net production to 38,198 MMcfe from 14,627 MMcfe, partially offset by a 43% decrease in realized Mcfe prices to $4.61 from $8.06 due to a shift in our production mix toward natural gas and NGLs for the three months ended March 31, 2015 as compared to the three months ended March 31, 2014.

The following table summarizes our oil and natural gas production and related pricing for the three months ended March 31, 2015, as compared to such data for the three months ended March 31, 2014:

	Three months ended March 31,
	2015		2014
Oil production volumes (MBbls)	766		727
Gas production volumes (MMcf)	25,965		7,662
Natural gas liquids production volumes (MGal)	53,478		18,235
Gas equivalents (MMcfe)	38,198		14,627
Average oil price (per Bbl)	$	46.37	$	100.97
Average gas price (per Mcf)	$	4.57	$	2.39
Average natural gas liquids (per Gal)	$	0.41	$	1.43
Gas equivalents (per Mcfe)	$	4.61	$	8.06

Lease Operating Expenses. Lease operating expenses, or LOE, not including production taxes increased to $17.0 million for the three months ended March 31, 2015 from $11.6 million for the three months ended March 31, 2014. This increase was mainly the result of an increase in expenses related to contract labor and field supervision, ad valorem taxes, location repairs, field telemetry and repairs and maintenance due to our increased production in the Utica Shale.

Production Taxes. Production taxes decreased $2.7 million to $4.3 million for the three months ended March 31, 2015 from $7.0 million for the three months ended March 31, 2014. This decrease was related to changes in our product mix and production location.

Midstream Gathering and Processing Expenses. Midstream gathering and processing expenses increased by $17.6 million to $25.4 million for the three months ended March 31, 2015 from $7.8 million for the same period in 2014. This increase was primarily attributable to midstream expenses related to our increased production volumes in the Utica Shale resulting from our 2013 and 2014 drilling activities.

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Depreciation, Depletion and Amortization. Depreciation, depletion and amortization, or DD&A, expense increased to $89.9 million for the three months ended March 31, 2015, and consisted of $89.3 million in depletion of oil and natural gas properties and $0.6 million in depreciation of other property and equipment, as compared to total DD&A expense of $56.9 million for the three months ended March 31, 2014. This increase was due to an increase in our full cost pool as a result of our capital activities as well as an increase in our production, partially offset by an increase in our total proved reserves volume used to calculate our total DD&A expense.

General and Administrative Expenses. Net general and administrative expenses increased to $10.8 million for the three months ended March 31, 2015 from $9.5 million for the three months ended March 31, 2014. This $1.3 million increase was due to an increase in salaries and benefits resulting from an increased number of employees, increases in franchise taxes, travel expense and bank fees, partially offset by a decrease in stock compensation expense and an increase in general and administrative costs related to exploration and development activity capitalized to the full cost pool.

Accretion Expense. Accretion expense remained relatively flat at $0.2 million for the three months ended March 31, 2015 and 2014.

Interest Expense. Interest expense increased to $8.8 million for the three months ended March 31, 2015 from $3.9 million for the three months ended March 31, 2014 due primarily to the issuance of $300.0 million in additional 7.75% Senior Notes due 2020 and increased borrowings under our revolving credit facility. On August 18, 2014, we issued $300.0 million aggregate principal amount of our 7.75% Senior Notes due 2020, a portion of the net proceeds from which was used to repay all outstanding borrowings under our revolving credit facility. Total weighted debt outstanding under our revolving credit facility was $136.5 million for the three months ended March 31, 2015 as compared to no borrowings outstanding under such facility for the same period in 2014. As of March 31, 2015, $165.0 million was outstanding under this credit facility. No balance was outstanding under our revolving credit facility as of March 31, 2014. Additionally, we capitalized approximately $3.7 million and $2.3 million in interest expense to undeveloped oil and natural gas properties during the three months ended March 31, 2015 and March 31, 2014, respectively. This increase in capitalized interest in the 2015 period was the result of an increase in our undeveloped oil and natural gas properties.

Income Taxes. As of March 31, 2015, we had a federal net operating loss carry forward of approximately $3.1 million, in addition to numerous temporary differences, which gave rise to a net deferred tax liability. Periodically, management performs a forecast of our taxable income to determine whether it is more likely than not that a valuation allowance is needed, looking at both positive and negative factors. A valuation allowance for our deferred tax assets is established if, in management's opinion, it is more likely than not that some portion will not be realized. At March 31, 2015, a valuation allowance of $3.1 million had been provided for certain state net operating losses and federal foreign tax credit deferred tax assets based on the uncertainty these assets may be realized. We recognized an income tax expense of $14.5 million for the three months ended March 31, 2015.

Liquidity and Capital Resources

Overview. Historically, our primary sources of funds have been cash flow from our producing oil and natural gas properties, borrowings under our credit facility and the issuances of equity and debt securities. Our ability to access any of these sources of funds can be significantly impacted by decreases in oil and natural gas prices or oil and natural gas production. During 2014, we received net proceeds of $312.0 million from the sale of our 7.75% Senior Notes due 2020, aggregate net proceeds of $258.4 million from the sale of shares of our Diamondback common stock in 2014 and also received net proceeds of $84.8 million from the sale of Blackhawk's equity interest in Ohio Gathering Company, LLC and Ohio Condensate Company, LLC.

On April 21, 2015, we issued 10,925,000 shares of our common stock in an underwritten public offering (which included the 1,425,000 shares of our common stock sold pursuant to the option to purchase additional shares of our common stock granted by us to, and exercised in full by, the underwriters). The aggregate net proceeds from this equity offering were approximately $501.9 million (after deducting underwriting discounts and commissions and estimated offering expenses). We intend to use a portion of the net proceeds from this equity offering to fund our pending acquisition of Paloma, with the remaining net proceeds to be used for general corporate purposes, including the funding of a portion of our 2015 capital development plans.

On April 21, 2015, we also completed an offering of $350.0 million in aggregate principal amount of our new 6.625% senior notes due 2023 to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in accordance with Regulation S under the Securities Act. This offering is discussed in more detail below.

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Net cash flow provided by operating activities was $99.0 million for the three months ended March 31, 2015 as compared to net cash flow provided by operating activities of $156.2 million for the same period in 2014. This decrease was primarily the result of an increase in cash receipts from our oil and natural gas purchasers due to a 161% increase in our net MMcfe production partially offset by a 43% decrease in net realized Mcfe prices. In addition, in January 2014, we recognized proceeds of $84.8 million from the sale of Blackhawk's equity interest in Ohio Gathering Company, LLC and Ohio Condensate Company, LLC and, in the first quarter of 2015, we received net proceeds of $7.2 million from the release of escrow from the Blackhawk sale.

Net cash used in investing activities for the three months ended March 31, 2015 was $231.5 million as compared to $445.1 million for the same period in 2014. During the three months ended March 31, 2015, we spent $226.9 million in additions to oil and natural gas properties, of which $5.9 million was spent on our 2015 drilling and recompletion programs, $179.4 million was spent on expenses attributable to the wells drilled and recompleted during 2014, $1.9 million was spent on compressors and other facility enhancements, $2.0 million was spent on plugging costs, $19.5 million was spent on lease related costs, primarily the acquisition of leases in the Utica Shale with the remainder attributable mainly to capitalized general and administrative expenses. In addition, $6.1 million was invested in Grizzly during the three months ended March 31, 2015. We did not make any investments in our other equity investments during the three months ended March 31, 2015.

Net cash provided by financing activities for the three months ended March 31, 2015 was $64.9 million as compared to net cash provided by financing activities of $0.4 million for the same period in 2014. The 2015 amount provided by financing activities is primarily attributable to net borrowings under our revolving credit facility.

Credit Facility. On December 27, 2013, we entered into an Amended and Restated Credit Agreement with The Bank of Nova Scotia, as administrative agent, sole lead arranger and sole bookrunner, Amegy Bank National Association, as syndication agent, KeyBank National Association, as documentation agent, and the other lenders, which we refer to as the amended and restated credit agreement. The amended and restated credit agreement provides for a maximum facility amount of $1.5 billion and matures on June 6, 2018.

On April 23, 2014, we entered into a first amendment to the amended and restated credit agreement. The first amendment increased the letter of credit sublimit from $20.0 million to $70.0 million and provided for an increase in the borrowing base availability from $150.0 million to $275.0 million. The first amendment also made certain changes to the lenders and their respective lending commitments thereunder.

On November 26, 2014, we entered into a second amendment to the amended and restated credit agreement. The second amendment changed the definition of EBITDAX to exclude proceeds from the disposition of equity method investments and changed the ratio of funded debt to EBITDAX to be the ratio of net funded debt to EBITDAX. Net funded debt is funded debt less the amount of cash and short-term investments at the end of the relevant fiscal quarter. The second amendment requires the ratio of net funded debt to EBITDAX to be less than 3.50 to 1.00 for the period December 31, 2014 through June 30, 2015 and then less than 3.25 to 1.00 for the periods thereafter. Further, the second amendment increased the letter of credit sublimit from $70.0 million to $125.0 million and provided for an increase in the borrowing base availability from $275.0 million to $450.0 million.

As of April 10, 2015, we entered into a third amendment to the Amended and Restated Credit Agreement. The third amendment increased the borrowing base from $450.0 million to $575.0 million and increased our basket for unsecured debt issuances to $1.2 billion. The third amendment also made certain changes to the lenders and their respective lending commitments thereunder.

As of March 31, 2015, $165.0 million was outstanding under our revolving credit facility and total funds available for borrowing, after giving effect to an aggregate of $68.2 million of letters of credit, was $216.8 million. This facility is secured by substantially all of our assets. Our wholly-owned subsidiaries guarantee our obligations under our revolving credit facility.

Advances under our revolving credit agreement may be in the form of either base rate loans or eurodollar loans. The interest rate for base rate loans is equal to (1) the applicable rate, which ranges from 0.50% to 1.50%, plus (2) the highest of: (a) the federal funds rate plus 0.50%, (b) the rate of interest in effect for such day as publicly announced from time to time by agent as its “prime rate,” and (c) the eurodollar rate for an interest period of one month plus 1.00%. The interest rate for eurodollar loans is equal to (1) the applicable rate, which ranges from 1.50% to 2.50%, plus (2) the London interbank offered rate that appears on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate for deposits in U.S. dollars, or, if such rate is not available, the rate as administered by ICE Benchmark Administration (or any other person that takes over administration of such rate) per annum equal to the offered rate on such other page or other service that displays an average

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London interbank offered rate as administered by ICE Benchmark Administration (or any other person that takes over the administration of such rate) for deposits in U.S. dollars, or, if such rate is not available, the average quotations for three major New York money center banks of whom the agent shall inquire as the “London Interbank Offered Rate” for deposits in U.S. dollars. At March 31, 2015, amounts borrowed under the revolving credit facility bore interest at the eurodollar rate (2.18%).

Our revolving credit facility contains customary negative covenants including, but not limited to, restrictions on our and our subsidiaries' ability to: incur indebtedness; grant liens; pay dividends and make other restricted payments; make investments; make fundamental changes; enter into swap contracts and forward sales contracts; dispose of assets; change the nature of their business; and enter into transactions with their affiliates. The negative covenants are subject to certain exceptions as specified in our revolving credit facility. Our revolving credit facility also contains certain affirmative covenants, including, but not limited to the following financial covenants: (1) the ratio of net funded debt to EBITDAX (net income, excluding (i) any non-cash revenue or expense associated with swap contracts resulting from ASC 815 and (ii) any cash or non-cash revenue or expense attributable to minority investment plus without duplication and, in the case of expenses, to the extent deducted from revenues in determining net income, the sum of (a) the aggregate amount of consolidated interest expense for such period, (b) the aggregate amount of income, franchise, capital or similar tax expense (other than ad valorem taxes) for such period, (c) all amounts attributable to depletion, depreciation, amortization and asset or goodwill impairment or writedown for such period, (d) all other non-cash charges,(e) exploration costs deducted in determining net income under successful efforts accounting, (f) actual cash distributions received from minority investments, (g) to the extent actually reimbursed by insurance, expenses with respect to liability on casualty events or business interruption, and (h) all reasonable transaction expenses related to dispositions and acquisitions of assets, investments and debt and equity offerings (provided that expenses related to any unsuccessful dispositions will be limited to $3.0 million in the aggregate) for a twelve-month period may not be greater than 3.50 to 1.00 for the period December 31, 2014 through June 30, 2015 and 3.25 to 1.00 for the twleve-month period ending September 30, 2015 and periods thereafter; and (2) the ratio of EBITDAX to interest expense for a twelve-month period may not be less than 3.00 to 1.00. We were in compliance with these financial covenants at March 31, 2015.

Senior Notes. In October 2012, December 2012 and August 2014, we issued an aggregate of $600.0 million in principal amount of our 7.75% senior notes due 2020 under an indenture among us, our subsidiary guarantors and Wells Fargo Bank, National Association, as the trustee. These senior notes are treated as a single class of debt securities under the senior note indenture and are referred to collectively as the Old Notes. Interest on the Old Notes accrues at a rate of 7.75% per annum on the outstanding principal amount from October 17, 2012, payable semi-annually on May 1 and November 1 of each year, commencing on May 1, 2013. The Old Notes are senior unsecured obligations and rank equally in the right of payment with all of our other senior indebtedness and senior in right of payment to any of our future subordinated indebtedness. We may redeem some or all of the Old Notes at any time on or after November 1, 2016, at the redemption prices listed in the senior note indenture. Prior to November 1, 2016, we may redeem the Old Notes at a price equal to 100% of the principal amount plus a “make-whole” premium. In addition, prior to November 1, 2015, we may redeem up to 35% of the aggregate principal amount of the Notes with the net proceeds of certain equity offerings, provided that at least 65% of the aggregate principal amount of the Notes initially issued remains outstanding immediately after such redemption.

In April 2015, we issued $350.0 million in aggregate principal amount of our 6.625% senior unsecured notes due 2023, which we refer to as the April Notes and, together with the Old Notes, the Notes, to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in accordance with Regulation S under the Securities Act, or the April Notes Offering. We used a portion of the net proceeds from the April Notes Offering, together with the net proceeds from our concurrent equity offering, to repay all amounts outstanding at such time under our revolving credit facility and intend to use the remaining net proceeds from these offerings to fund our pending acquisition of Paloma, and for general corporate purposes, including the funding of a portion of our 2015 capital development plans.

The April Notes were issued under a new indenture, dated as of April 21, 2015, among us, our subsidiary guarantors and Wells Fargo Bank, N.A., as trustee. Interest on the April Notes accrues at a rate of 6.625% per annum on the outstanding principal amount thereof from April 21, 2015, payable semi-annually on May 1 and November 1 of each year, commencing on November 1, 2015. The April Notes will mature on May 1, 2023. The April Notes are our senior unsecured obligations and rank equally in right of payment with all of our other senior indebtedness, including the Old Notes, and senior in right of payment to any of our future subordinated indebtedness. We may redeem some or all of the April Notes at any time on or after May 1, 2018, at the redemption prices listed in the indenture relating to the April Notes. Prior to May 1, 2018, we may redeem all or a portion of the April Notes at a price equal to 100% of the principal amount of the April Notes plus a “make-whole” premium and accrued and unpaid interest to the redemption date. In addition, any time prior to May 1, 2018, we may redeem the April Notes in an aggregate principal amount not to exceed 35% of the aggregate principal amount of the April Notes issued prior to such date at a redemption price of 106.625%, plus accrued and unpaid interest to the redemption date, with an amount equal to the net cash proceeds from certain equity offerings.

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All of our existing and future restricted subsidiaries that guarantee our secured revolving credit facility or certain other debt guarantee the Notes, provided, however, that the Notes are not guaranteed by Grizzly Holdings, Inc. and will not be guaranteed by any of our future unrestricted subsidiaries. The guarantees rank equally in the right of payment with all of the senior indebtedness of the subsidiary guarantors and senior in the right of payment to any future subordinated indebtedness of the subsidiary guarantors. The Notes and the guarantees are effectively subordinated to all of our and the subsidiary guarantors' secured indebtedness (including all borrowings and other obligations under our amended and restated credit agreement) to the extent of the value of the collateral securing such indebtedness, and structurally subordinated to all indebtedness and other liabilities of any of our subsidiaries that do not guarantee the Notes.

If we experience a change of control (as defined in the senior note indentures relating to the Old Notes and the April Notes), we will be required to make an offer to repurchase the Notes at a price equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of repurchase. If we sell certain assets and fail to use the proceeds in a manner specified in our senior note indentures, we will be required to use the remaining proceeds to make an offer to repurchase the Notes at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of repurchase. The senior note indentures relating to the Old Notes and the April Notes contain certain covenants that, subject to certain exceptions and qualifications, among other things, limit our ability and the ability of our restricted subsidiaries to incur or guarantee additional indebtedness, make certain investments, declare or pay dividends or make distributions on capital stock, prepay subordinated indebtedness, sell assets including capital stock of restricted subsidiaries, agree to payment restrictions affecting our restricted subsidiaries, consolidate, merge, sell or otherwise dispose of all or substantially all of our assets, enter into transactions with affiliates, incur liens, engage in business other than the oil and gas business and designate certain of our subsidiaries as unrestricted subsidiaries. Under the indenture relating to the April Notes, certain of these covenants are subject to termination upon the occurrence of certain events, including in the event the April Notes are ranked as "investment grade".

In connection with the April Notes Offering, we and our subsidiary guarantors entered into a registration rights agreement with the representatives of the initial purchasers, dated as of April 21, 2015, pursuant to which we agreed to file a registration statement with respect to an offer to exchange the April Notes for a new issue of substantially identical debt securities registered under the Securities Act. Under the registration rights agreement, we also agreed to use our commercially reasonable efforts to have the registration statement declared effective by the SEC on or prior to the 330th day after the issue date of the April Notes and to keep the exchange offer open for not less than 30 days (or longer if required by applicable law). We may be required to file a shelf registration statement to cover resales of the April Notes under certain circumstances. If we fail to satisfy these obligations under the registration rights agreement, we agreed to pay additional interest to the holders of the April Notes as specified in the registration rights agreement.

Capital Expenditures. Our recent capital commitments have been primarily for the execution of our drilling programs, for acquisitions (primarily in the Utica Shale), to fund Grizzly's delineation drilling program and initial preparation of the Algar Lake facility and for investments in entities that may provide services to facilitate the development of our acreage. Our strategy is to continue to (1) increase cash flow generated from our operations by undertaking new drilling, workover, sidetrack and recompletion projects to exploit our existing properties, subject to economic and industry conditions, (2) pursue acquisition and disposition opportunities and (3) pursue business integration opportunities.

Of our net reserves at December 31, 2014, 51.4% were categorized as proved undeveloped. Our proved reserves will generally decline as reserves are depleted, except to the extent that we conduct successful exploration or development activities or acquire properties containing proved developed reserves, or both. To realize reserves and increase production, we must continue our exploratory drilling, undertake other replacement activities or use third parties to accomplish those activities.

From January 1, 2015 through May 1, 2015, we spud 16 gross (12.7 net) wells in the Utica Shale. We currently expect our 2015 capital expenditures to be $416.0 million to $446.0 million to spud 50 to 56 gross (32 to 36 net) wells on our Utica Shale acreage. In addition, we currently expect to spend $85.0 million to $95.0 million in 2015 to acquire additional acreage in the Utica Shale.

From January 1, 2015 through May 1, 2015, we recompleted eight existing wells and spud no new wells at our WCBB field. In our Hackberry fields, from January 1, 2015 through May 1, 2015, we recompleted 15 existing wells and spud no new wells. We currently expect our 2015 capital expenditures to be $20.0 million to $25.0 million for maintenance capital expenditures and recompletions in Southern Louisiana.

From January 1, 2015 through May 1, 2015, no new wells were spud on our Niobrara Formation acreage. We do not currently anticipate any capital expenditures in the Niobrara Formation in 2015.

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As of March 31, 2015, our net investment in Grizzly was approximately $167.2 million. We do not currently anticipate any material capital expenditures in 2015 related to Grizzly's activities.

We had no capital expenditures during the three months ended March 31, 2015 related to our interests in Thailand. We do not currently anticipate any additional capital expenditures in Thailand in 2015.

In an effort to facilitate the development of our Utica Shale and other domestic acreage, we have invested in entities that can provide services that are required to support our operations. See "-2015 Updates Regarding Our Equity Investments-Other Investments" and Note 3 to our consolidated financial statements included elsewhere in this report for additional information regarding these other investments. In the year ended December 31, 2014, we invested approximately $43.6 million in these entities. In the three months ended March 31, 2015, we did not make any additional investments in these entities, and we do not currently anticipate any capital expenditures related to these entities in 2015.

Our total capital expenditures for 2015 are currently estimated to be in the range of $561.0 million to $611.0 million. In addition, we currently expect to spend $85.0 million to $95.0 million in 2015 to acquire additional Utica Shale acreage. Our total capital expenditures spent during the three months ended March 31, 2015 were approximately $221.1 million, including leasehold acquisitions. Approximately 96% of our 2015 estimated capital expenditures are currently expected to be spent in the Utica Shale. This range is down from the $872.9 million spent in 2014, excluding Utica leasehold acquisitions and the Rhino acquisition, primarily due to current commodity prices and a desire to maintain a strong liquidity position. During 2015, we have continued to focus on operational efficiencies in an effort to reduce our overall well costs. Further, due in large part to the significant decline in commodity prices, we have been able to negotiate reductions in service costs with our vendors. We continue to see improvement in our service costs and expect that our operational efficiencies, combined with our service costs reductions, will lower our overall well costs by approximately 15% during 2015 as compared to peak 2014 pricing. We intend to continue to monitor pricing and cost developments and make adjustments to our future capital expenditure programs as warranted.

We believe that our cash flow from operations, cash on hand (including proceeds from our recent debt and equity offerings) and borrowings under our revolving credit facility will be sufficient to meet our normal recurring operating needs and capital requirements for the next twelve months. In the event we elect to further expand or accelerate our drilling program or pursue additional acquisitions, or Grizzly's oil sands projects require additional investments, we may be required to obtain additional funds which we would seek to do through traditional borrowings, offerings of debt or equity securities or other means, including the sale of assets. We regularly evaluate new acquisition opportunities. Needed capital may not be available to us on acceptable terms or at all. If we are unable to obtain funds when needed or on acceptable terms, we may be required to delay or curtail implementation of our business plan or not be able to complete acquisitions that may be favorable to us.

Commodity Price Risk

The volatility of the energy markets makes it extremely difficult to predict future oil and natural gas price movements with any certainty. For example, during the past six years, the West Texas Intermediate posted price for crude oil has ranged from a low of $34.03 per barrel in February 2009 to a high of $113.39 per barrel in April 2011. The Henry Hub spot market price of natural gas has ranged from a low of $1.82 per million British thermal units, or MMBtu, in April 2012 to a high of $7.51 per MMBtu in January 2010. On May 1, 2015, the West Texas Intermediate posted price for crude oil was $59.15 per barrel and the Henry Hub spot market price of natural gas was $2.78 per MMBtu. Any substantial decline in the price of oil and natural gas will likely have a material adverse effect on our operations, financial condition and level of expenditures for the development of our oil and natural gas reserves, and may result in write downs of oil and natural gas properties due to ceiling test limitations. To mitigate the effects of commodity price fluctuations on our oil and natural gas production, we have entered into certain fixed price swaps and basis swaps. See Item 3. Quantitative and Qualitative Disclosures about Market Risk for information regarding our open fixed price swaps and basis swaps at March 31, 2015.

Commitments

In connection with our acquisition in 1997 of the remaining 50% interest in the WCBB properties, we assumed the seller's (Chevron) obligation to contribute approximately $18,000 per month through March 2004, to a plugging and abandonment trust and the obligation to plug a minimum of 20 wells per year for 20 years commencing March 11, 1997. Chevron retained a security interest in production from these properties until our abandonment obligations to Chevron have been fulfilled. Beginning in 2009, we could access the trust for use in plugging and abandonment charges associated with the property, but have not yet done so. As of March 31, 2015, the plugging and abandonment trust totaled approximately $3.1 million. At

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March 31, 2015, we have plugged 463 wells at WCBB since we began our plugging program in 1997, which management believes fulfills our current minimum plugging obligation.

Contractual and Commercial Obligations

We have various contractual obligations in the normal course of our operations and financing activities. There have been no material changes to our contractual obligations from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2014.    

Off-balance Sheet Arrangements

We had no off-balance sheet arrangements as of March 31, 2015.

New Accounting Pronouncements

In April 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2014-08: Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360) - Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU 2014-08 changes the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other material disposal transactions that do not meet the revised definition of a discontinued operation. Under the updated standard, a disposal of a component or group of components of an entity is required to be reported as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the component or group of components of the entity (1) has been disposed of by a sale, (2) has been disposed of other than by sale or (3) is classified as held for sale. The ASU is effective for annual and interim periods beginning after December 15, 2014, however, early adoption is permitted. We early adopted this ASU on a prospective basis beginning with the second quarter of 2014. The adoption did not have a material impact on our consolidated financial statements.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. The core principle of the new standard is for the recognition of revenue to depict the transfer of goods or services to customers in amounts that reflect the payment to which the company expects to be entitled in exchange for those goods or services. The new standard will also result in enhanced revenue disclosures, provide guidance for transactions that were not previously addressed comprehensively and improve guidance for multiple-element arrangements. The ASU is effective for annual periods beginning after December 15, 2016, and interim periods within those years, using either a full or a modified retrospective application approach. We are in the process of evaluating the impact on our consolidated financial statements.

In August 2014, the FASB issued ASU No. 2014-15, "Presentation of Financial Statements - Going Concern (Subtopic 205-40)." The new guidance addresses management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and in certain circumstances to provide related footnote disclosures. The standard is effective for the annual period ending after December 15, 2016 and for annual and interim periods thereafter. Early adoption is permitted. We do not believe that the adoption of this guidance will have a material impact on our consolidated financial statements.

In April 2015, the FASB issued ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs (ASU 2015-03)." To simplify presentation of debt issuance costs, ASU 2015-03 requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts. ASU 2015-03 is effective for public entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. We are in the process of assessing the effects of adoption of this new guidance.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Our revenues, operating results, profitability, future rate of growth and the carrying value of our oil and natural gas properties depend primarily upon the prevailing prices for oil and natural gas. Historically, oil and natural gas prices have been volatile and are subject to fluctuations in response to changes in supply and demand, market uncertainty and a variety of additional factors, including: worldwide and domestic supplies of oil and natural gas; the level of prices, and expectations about future prices, of oil and natural gas; the cost of exploring for, developing, producing and delivering oil and natural gas; the

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expected rates of declining current production; weather conditions, including hurricanes, that can affect oil and natural gas operations over a wide area; the level of consumer demand; the price and availability of alternative fuels; technical advances affecting energy consumption; risks associated with operating drilling rigs; the availability of pipeline capacity; the price and level of foreign imports; domestic and foreign governmental regulations and taxes; the ability of the members of the Organization of Petroleum Exporting Countries to agree to and maintain oil price and production controls; political instability or armed conflict in oil and natural gas producing regions; and the overall economic environment.

These factors and the volatility of the energy markets make it extremely difficult to predict future oil and natural gas price movements with any certainty. For example, during the past six years, the West Texas Intermediate posted price for crude oil has ranged from a low of $34.03 per barrel, or Bbl, in February 2009 to a high of $113.39 per Bbl in April 2011. The Henry Hub spot market price of natural gas has ranged from a low of $1.82 per MMBtu in April 2012 to a high of $7.51 per MMBtu in January 2010. On May 1, 2015, the West Texas Intermediate posted price for crude oil was $59.15 per barrel and the Henry Hub spot market price of natural gas was $2.78 per MMBtu. Any substantial decline in the price of oil and natural gas will likely have a material adverse effect on our operations, financial condition and level of expenditures for the development of our oil and natural gas reserves, and may result in write downs of oil and natural gas properties due to ceiling test limitations.

To mitigate the effects of commodity price fluctuations on our oil and natural gas production, we had the following open fixed price swaps and basis swaps at March 31, 2015:

	Daily Volume (Bbls/day)	Weighted Average Price
Fixed Price Swaps:
April 2015 - June 2016	1,000	$	62.25

	Daily Volume (MMBtu/day)	Weighted Average Price
Fixed Price Swaps:
April 2015	191,250	$	4.05
May 2015 - June 2015	201,250	$	4.05
July 2015 - August 2015	216,875	$	4.04
September 2015	246,875	$	3.97
October 2015 - December 2015	262,500	$	3.96
January 2016 - March 2016	252,500	$	3.82
April 2016	242,500	$	3.81
May 2016 - December 2016	172,500	$	3.73
January 2017 - June 2017	142,500	$	3.67
July 2017 - December 2017	80,000	$	3.45
January 2018 - December 2018	30,000	$	3.40

	Daily Volume (MMBtu/day)	Hedged Differential
Basis Swaps:
April 2015 - December 2016	30,000	$	0.02
April 2015 - December 2016	10,000	$	0.01

Under our 2015 contracts, we have hedged approximately 54% to 60% of our estimated 2015 production. Such arrangements may expose us to risk of financial loss in certain circumstances, including instances where production is less than expected or oil prices increase. These fixed price swaps are recorded at fair value pursuant to FASB ASC 815 and related pronouncements. At March 31, 2015, we had a net asset derivative position of $134.2 million as compared to a net liability derivative position of $31.5 million as of March 31, 2014, related to our fixed price swaps. Utilizing actual derivative contractual volumes, a 10% increase in underlying commodity prices would have reduced the fair value of these instruments by approximately $59.8 million, while a 10% decrease in underlying commodity prices would have increased the fair value of

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these instruments by approximately $59.8 million. However, any realized derivative gain or loss would be substantially offset by a decrease or increase, respectively, in the actual sales value of production covered by the derivative instrument.

Our revolving amended and restated credit agreement is structured under floating rate terms, as advances under this facility may be in the form of either base rate loans or eurodollar loans. As such, our interest expense is sensitive to fluctuations in the prime rates in the U.S. or, if the eurodollar rates are elected, the eurodollar rates. At March 31, 2015, amounts borrowed under our revolving credit facility bore interest at the Eurodollar rate of 2.18%. A 1% increase in interest rates would increase interest expense by approximately $1.7 million per year, based on $165.0 million outstanding under our revolving credit facility as of March 31, 2015. As of March 31, 2015, we did not have any interest rate swaps to hedge our interest risks.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Control and Procedures. Under the direction of our Chief Executive Officer and President and our Chief Financial Officer, we have established disclosure controls and procedures that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. The disclosure controls and procedures are also intended to ensure that such information is accumulated and communicated to management, including our Chief Executive Officer and President and our Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosures.

As of March 31, 2015, an evaluation was performed under the supervision and with the participation of management, including our Chief Executive Officer and President and our Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rule 13a-15(b) under the Exchange Act. Based upon our evaluation, our Chief Executive Officer and President and our Chief Financial Officer have concluded that, as of March 31, 2015, our disclosure controls and procedures are effective.

Changes in Internal Control over Financial Reporting. There have not been any changes in our internal control over financial reporting that occurred during our last fiscal quarter that have materially affected, or are reasonably likely to materially affect, internal controls over financial reporting.

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PART II

ITEM 1. LEGAL PROCEEDINGS

Due to the nature of our business, we are, from time to time, involved in routine litigation or subject to disputes or claims related to our business activities, including workers' compensation claims and employment related disputes. In the opinion of our management, none of the pending litigation, disputes or claims against us, if decided adversely, will have a material adverse effect on our financial condition, cash flows or results of operations.

ITEM 1A. RISK FACTORS

See risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2014.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

(a) None.

(b) Not Applicable.

(c) We do not have a share repurchase program, and during the three months ended March 31, 2015, we did not purchase any shares of our common stock.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

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ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

Exhibit Number	Description
2.1	Contribution Agreement, dated May 7, 2012, by and between the Company and Diamondback Energy, Inc. (incorporated by reference to Exhibit 10.1 to the Form 8-K, File No. 000-19514, filed by the Company with the SEC on May 8, 2012).
2.2	Purchase and Sale Agreement, dated December 17, 2012, by and between Windsor Ohio LLC, as seller, and Gulfport Energy Corporation, as purchaser (incorporated by reference to Exhibit 2.1 to the Form 8-K, File No. 000-19514, filed by the Company with the SEC on December 18, 2012).
2.3	Amendment, dated December 19, 2012, to the Purchase and Sale Agreement, dated December 17, 2012, by and between Windsor Ohio LLC, as seller, and Gulfport Energy Corporation, as purchaser (incorporated by reference to Exhibit 2.1 to the Form 8-K, File No. 000-19514, filed by the Company with the SEC on December 20, 2012).
2.4	Purchase and Sale Agreement, dated February 11, 2013, by and between Windsor Ohio, LLC, as seller, and Gulfport Energy Corporation, as purchaser (incorporated by reference to Exhibit 2.1 to the Form 8-K, File No. 000-19514, filed by the Company with the SEC on February 15, 2013).
3.1	Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to the Form 8-K, File No. 000-19514, filed by the Company with the SEC on April 26, 2006).
3.2	Certificate of Amendment No. 1 to Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.2 to Form 10-Q, File No. 000-19514, filed by the Company with the SEC on November 6, 2009).
3.3	Certificate of Amendment No. 2 to Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to the Form 8-K, File No. 000-19514, filed by the Company with the SEC on July 23, 2013).
3.4	Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to the Form 8-K, File No. 000-19514, filed by the Company with the SEC on July 12, 2006).
3.5	First Amendment to the Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to the Form 8-K, File No. 000-19514, filed by the Company with the SEC on July 23, 2013).
3.6	Second Amendment to the Amended and Restated Bylaws (incorporated by reference to Exhibit 3.1 to the Form 8-K, File No. 000-19514, filed by the Company on May 2, 2014).
4.1	Form of Common Stock certificate (incorporated by reference to Exhibit 4.1 to Amendment No. 2 to the Registration Statement on Form SB-2, File No. 333-115396, filed by the Company with the SEC on July 22, 2004).
4.2	Indenture, dated as of October 17, 2012, among Gulfport Energy Corporation, subsidiary guarantors party thereto and Wells Fargo Bank, National Association, as trustee (including the form of Gulfport Energy Corporation's 7.750% Senior Note Due November 1, 2020) (incorporated by reference to Exhibit 4.1 to the Form 8-K, File No. 000-19514, filed by the Company with the SEC on October 23, 2012).
4.3	First Supplemental Indenture, dated December 21, 2012, among Gulfport Energy Corporation, subsidiary guarantors party thereto and Wells Fargo Bank, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Form 8-K, File No. 000-19514, filed by the Company with the SEC on December 26, 2012).
4.4	Second Supplemental Indenture, dated as of August 18, 2014, among Gulfport Energy Corporation, subsidiary guarantors party thereto and Wells Fargo Bank, National Association, as trustee (incorporated by reference to Exhibit 4.3 to the Form 8-K, File No. 000-19514, filed by the Company with the SEC on August 19, 2014).
4.5	Indenture, dated as of April 21, 2015, among the Company, the subsidiary guarantors party thereto and Wells Fargo Bank, N.A., as trustee (including the form of the Company’s 6.625% Senior Notes due 2023) (incorporated by reference to Exhibit 4.1 to the Form 8-K, File No. 000-19514, filed by the Company with the SEC on April 21, 2015).

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4.6	Registration Rights Agreement, dated as of April 21, 2015, among the Company, the subsidiary guarantors party thereto and Credit Suisse Securities (USA) LLC and Scotia Capital (USA) Inc., as representatives of the several initial purchasers (incorporated by reference to Exhibit 4.2 to the Form 8-K, File No. 000-19514, filed by the Company with the SEC on April 21, 2015).
10.1	Third Amendment to Amended and Restated Credit Agreement, dated as of April 10, 2015, among the Company, as borrower, The Bank of Nova Scotia, as administrative agent, and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Form 8-K, File No. 000-19514, filed by the Company with the SEC on April 15, 2015).
10.1+	Employment Agreement, effective as of August 11, 2014, by and between the Company and Aaron Gaydosik (incorporated by reference to Exhibit 10.1 to the Form 8-K, File No. 000-19514, filed by the Company with the SEC on March 19, 2015).
10.2+	Employment Agreement, effective as of April 22, 2014, by and between the Company and Ross Kirtley (incorporated by reference to Exhibit 10.2 to the Form 8-K, File No. 000-19514, filed by the Company with the SEC on March 19, 2015).
10.3+*	Amended and Restated Employment Agreement, dated as of April 29, 2015, by and between the Company and Michael G. Moore.
10.4	Investor Rights Agreement, dated as of October 11, 2012, between Gulfport Energy Corporation and Diamondback Energy, Inc. (incorporated by reference to Exhibit 10.1 to the Form 8-K, File No. 000-19514, filed by the Company with the SEC on October 17, 2012).
31.1*	Certification of Chief Executive Officer of the Registrant pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934, as amended.
31.2*	Certification of Chief Financial Officer of the Registrant pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934, as amended.
32.1*	Certification of Chief Executive Officer of the Registrant pursuant to Rule 13a-14(b) promulgated under the Securities Exchange Act of 1934, as amended, and Section 1350 of Chapter 63 of Title 18 of the United States Code.
32.2*	Certification of Chief Financial Officer of the Registrant pursuant to Rule 13a-14(b) promulgated under the Securities Exchange Act of 1934, as amended, and Section 1350 of Chapter 63 of Title 18 of the United States Code.
101.INS*	XBRL Instance Document.
101.SCH*	XBRL Taxonomy Extension Schema Document.
101.CAL*	XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*	XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*	XBRL Taxonomy Extension Labels Linkbase Document.
101.PRE*	XBRL Taxonomy Extension Presentation Linkbase Document.

* Filed herewith.

+ Management contract, compensatory plan or arrangement.

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SIGNATURES

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: May 7, 2015

GULFPORT ENERGY CORPORATION
By:	/s/    Aaron Gaydosik
	Aaron Gaydosik Chief Financial Officer

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EX-10.3

EMPLOYMENT AGREEMENT

This Amended and Restated Employment Agreement (the “Agreement”) is made and entered into effective as of April 29, 2015, by and between Gulfport Energy Corporation, a Delaware corporation (the “Company”), and Michael G. Moore, an individual (“Executive”).

RECITALS

WHEREAS, the Company is engaged in the exploration and development of crude oil and natural gas fields and related activities.

WHEREAS, Executive is and has been for some time a principal officer of Company, and is experienced in the management and conduct of the Company’s business and, since April 22, 2014, has been the Chief Executive Officer and President of the Company.

WHEREAS, the Company and Executive entered into an Amended and Restated Employment Agreement dated April 30, 2014.

WHEREAS, the Company and Executive, intend to further amend and restate the April 30, 2014 employment agreement upon the terms and subject to the conditions set forth in this Agreement.

AGREEMENT

NOW, THEREFORE, in consideration of the foregoing recitals and the terms, covenants and conditions contained herein, the Company and Executive agree as follows:

1.EMPLOYMENT AND DUTIES.

1.1General. The Company hereby employs Executive, and Executive agrees to serve, as Chief Executive Officer and President of the Company, upon the terms and subject to the conditions set forth herein. In addition, Executive will continue to serve as Chief Financial Officer on an interim basis until a successor is appointed. Executive will report directly to the Board of Directors of the Company. Subject to the direction and control of the Board of Directors, Executive will have all the responsibilities and powers normally associated with such positions and Executive will perform such other duties and responsibilities as may be designated from time to time by the Board.

1.2Exclusive Services. Executive will devote his full business time, energy and efforts faithfully and diligently to promote the Company’s interests. Executive will render his services exclusively to the Company during the Employment Term. The terms of this Section 1 will not prevent Executive from investing or otherwise managing his assets in such form or manner as he chooses and spending such time, whether or not during business hours, as he deems necessary to manage his investments, so long as he is able to fulfill his duties pursuant to Section 1.1 above.

2.TERM.

Subject to the provisions for termination provided in Section 5, the term of Executive’s employment under this Agreement will continue as of April 22, 2014 (the “Effective Date”) and will terminate on the third anniversary of the Effective Date (the “Initial Period”); provided, however, that unless either party gives written notice to the other party of an election not to extend or renew Executive’s employment hereunder at least ninety (90) days prior to the end of the Initial Period, or any anniversary thereof, the term of this Agreement will automatically be extended by

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successive one-year periods (each an “Extension”). The term of this Agreement, including the Initial Period and any Extension, is hereinafter referred to as the “Employment Term.” Each 12 months period beginning on the Effective Date or any anniversary thereof and ending on the day prior to the anniversary thereof is hereinafter referred to as a “Contract Year.”

3.COMPENSATION.

3.1Base Salary. As compensation for services rendered under this Agreement, the Company will pay to Executive a base salary (the “Base Salary”) at an annualized rate of $460,000, effective as of January 1, 2015, payable in accordance with the normal payroll procedures of the Company. From time to time at the sole discretion of the Compensation Committee (the “Compensation Committee”) of the Board of Directors of the Company (the “Board of Directors”), Executive’s Base Salary will be reviewed by the Compensation Committee and/or the Board of Directors and may be increased, but not decreased, by the Compensation Committee or the Board of Directors in their sole discretion. The Compensation Committee has recommended and the Company hereby agrees to implement a two-year Base Salary adjustment plan for Executive to increase Executive’s annual Base Salary to achieve alignment between the 25th and 50th percentiles of the Company’s compensation peer group disclosed in the Company’s annual proxy (as it may be adjusted from time to time). Such adjustments shall be made annually in 2016 and 2017 not later than May 1 of each such year, effective as of January 1 of such year, and thereafter as necessary to at least maintain such alignment. The term “Base Salary” as used herein will mean and refer to the then current base salary, as adjusted from time to time in accordance with this Section 3.1. The Company will deduct from the Base Salary amounts sufficient to cover applicable federal, state and/or local income tax withholdings and any other amounts which the Company is required to withhold by applicable law.

3.2Bonus Compensation.

3.2.1Annual Cash Bonus. During the Term, Executive will be eligible to receive an annual bonus in accordance with the Gulfport Energy Corporation 2014 Executive Annual Incentive Compensation Plan as established by the Compensation Committee or the Board from time to time (the “Annual Bonus”). The Annual Bonus will be determined by the Compensation Committee or the Board based upon achievement of performance goals as determined by the Compensation Committee or the Board for each fiscal year of the Company. Executive will be eligible to receive a target Annual Bonus of 150% of Base Salary subject to achievement of such performance goals up to a maximum of 300% of Base Salary. The Compensation Committee or the Board may establish threshold performance goals and Annual Bonus amounts that are less than the target Annual Bonus amount, but no amount of Annual Bonus will be paid for performance results below the threshold performance goals. Performance goals may include a level of performance below which no payment will be made and levels of performance at which specified percentages of the target Annual Bonus award will be paid as well as a maximum level of performance above which no additional Annual Bonus will be paid. The Annual Bonus will be paid within fifteen (15) business days after the later of: (i) the written certification by the Compensation Committee of the achievement of the performance goals; and (ii) completion and release of the audited financial statements for the applicable fiscal year; provided, however, subject to, and except as provided in Section 6 of this Agreement, Executive must still be employed by the Company on the payment date to receive the Annual Bonus. The Company may satisfy the Annual Bonus under this Agreement, by means of an award under the Gulfport Energy Corporation 2014 Executive Annual Incentive Compensation Plan or any annual bonus or cash incentive compensation plan it maintains or may in the future adopt for its executives and any such award may be subject to

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additional terms and conditions under the terms of such plan. The Company will have the right to condition the payment of any Annual Bonus amounts on your execution of a document reasonably acceptable to the Company pursuant to which you confirm, ratify and agree that this Agreement and all of its provisions are valid and binding and are enforceable against you in accordance with their terms.

3.2.2Cancellation of Retention Bonus. The parties acknowledge that on April 1, 2014, in connection with Executive’s assumption of duties as Interim Chief Executive Officer the Compensation Committee determined to provide Executive a cash retention bonus equal to $400,000 that would vest and become payable in two equal annual installments, beginning on February 24, 2015, subject to Executive’s continuous service with the Company (the “2014 Retention Bonus Award”). Executive previously agreed to rescind and cancel the 2014 Retention Bonus Award in its entirety, effective as of April 1, 2014.

3.3Equity Awards.

3.3.1In addition to the Base Salary, Executive will be eligible, for each fiscal year of the Company ending during the Employment Term, to participate in the Gulfport Energy Corporation 2013 Restated Stock Incentive Plan or such other equity incentive plan or plans then in existence for the benefit of employees, and, subject to Section 3.3.2 below, may in the discretion of the Compensation Committee receive an equity award (an “Equity Award”), in accordance with the terms of such plan or plans. The timing of such Equity Awards, any target performance goals and the vesting terms of such awards will be determined by the Compensation Committee in its sole discretion. Except as expressly set forth herein, any Equity Awards are pursuant to and will incorporate all terms and conditions of the Company’s 2013 Restated Stock Incentive Plan or such other equity incentive plan or plans then in existence for the benefit of employees, as applicable, and the Company’s standard form of award agreement. If Executive’s employment with the Company terminates prior to any scheduled vesting date then, except as expressly provided herein, Executive will forfeit all rights and interests in and to such unvested Equity Awards.

3.3.2The parties acknowledge that, on February 24, 2014, the Compensation Committee awarded 24,868 shares of restricted stock to Executive under the Company’s 2013 Restated Stock Incentive Plan as a retention award in connection with his assumption of duties as Interim Chief Executive Officer (the “2014 Retention Equity Award”). Executive previously agreed to rescind and cancel the 2014 Retention Equity Award in its entirety, effective as of February 24, 2014.

For Contract Years beginning on and after 2015, Executive will be entitled to receive annual grants of restricted stock (or other form of Equity Award with an equivalent value) with a grant date value of 500% of Base Salary not later than April 30^th of such year that will vest in three substantially equal annual installments commencing on or before May 15^th in the years granted.

3.3.3Vacation. Executive will be entitled to take up to five weeks paid vacation for each calendar year during Executive’s employment; provided, however, that vacation will only be taken at such times as not to interfere with the necessary performance of Executive’s duties and obligations under this Agreement.

3.3.4Automobile. During the Employment Term, Executive will be entitled to use of a Company provided automobile, including Company payment of all insurance and maintenance costs. Such automobile will be of a type consistent with the class of vehicle previously

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provided to Executive by the Company and will be replaced on a basis consistent with the Company’s previous replacement schedule.

3.3.5Other Benefits; Insurance. During the term of Executive’s employment under this Agreement, if and to the extent eligible, Executive will be entitled to participate in all Company Group Health Plans, group life, disability and accidental death and dismemberment insurance or plan, then in effect, including, without limitation, any supplemental disability coverage available to similarly situated executive employees (“Company Welfare Benefit Plans”). For purposes of this Agreement, “Company Group Health Plans” means all operative medical, dental and vision plans. Coverage under the Company Welfare Benefit Plans will be provided on the same basis generally applicable to similarly situated employees of the Company; provided, however, that nothing contained in this Agreement will, in any manner whatsoever, directly or indirectly, require or otherwise prohibit the Company from amending, modifying, curtailing, discontinuing, or otherwise terminating any Company Welfare Benefit Plan at any time (whether before or after the date of Executive’s termination). Executive will be eligible to receive life insurance coverage providing a death benefit of not less than $500,000.

3.3.6Retirement Plans. During the term of Executive’s employment under this Agreement, if and to the extent eligible, Executive will be entitled to participate in all Company Retirement Plans then in effect. For purposes of this Agreement, “Company Retirement Plans” means the Company’s 401(k) Profit Sharing Plan and all operative employee pension benefit plans (tax-qualified and nonqualified plans) that may in the future be sponsored or maintained by the Company, all on the same basis generally applicable to similarly situated employees of the Company; provided, however, that nothing contained in this Agreement will, in any manner whatsoever, directly or indirectly, require or otherwise prohibit the Company from amending, modifying, curtailing, discontinuing, or otherwise terminating any Company Retirement Plan at any time (whether before or after the date of Executive’s termination).

3.3.7Reimbursement. Executive will be entitled to reimbursement from the Company for the reasonable costs and expenses incurred in connection with the performance of the duties and obligations provided for in this Agreement. Reimbursement will be paid upon prompt presentation of expense statements or vouchers and such other supporting information as the Company may from time to time require.

4.TRADE SECRETS, CONFIDENTIAL INFORMATION AND INVENTIONS.

4.1Trade Secrets. During the course of Executive’s employment, Executive will have access to various trade secrets, confidential information and inventions of Company as defined below.

4.1.3“Confidential Information” means all information and material which is proprietary to the Company, whether or not marked as “confidential” or “proprietary” and which is disclosed to or obtained from the Company by the Executive, which relates to the Company’s past, present or future research, development or business activities. Confidential Information is all information or materials prepared by or for the Company and includes, without limitation, all of the following: designs, drawings, specifications, techniques, models, data, source code, object code, documentation, diagrams, flow charts, research, development, processes, systems, methods, machinery, procedures, “know-how”, new product or new technology information, formulas, patents, patent applications, product prototypes, product copies, cost of production, manufacturing, developing or marketing techniques and materials, cost of production, development or marketing time tables, customer lists, strategies related to customers, suppliers or personnel, contract forms,

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pricing policies and financial information, volumes of sales, and other information of similar nature, whether or not reduced to writing or other tangible form, and any other Trade Secrets, as defined by Section 4.1.3, or non-public business information.

4.1.4“Inventions” means all discoveries, concepts and ideas, whether patentable or not, including but not limited to, processes, methods, formulas, compositions, techniques, articles and machines, as well as improvements thereof or “know-how” related thereto, relating at the time of conception or reduction to practice to the business engaged in by the Company, or any actual or anticipated research or development by the Company.

4.1.5“Trade Secrets” means any scientific or technical data, information, design, process, procedure, formula or improvement that is commercially available to the Company and is not generally known in the industry.

This Section includes not only information belonging to Company which existed before the date of this Agreement, but also information developed by Executive for Company or its employees during his employment and thereafter.

4.2Restriction on Use of Confidential Information. Executive agrees that his use of Trade Secrets and other Confidential Information is subject to the following restrictions during the term of the Agreement and for an indefinite period thereafter so long as the Trade Secrets and other Confidential Information have not become generally known to the public.

4.2.8Non-Disclosure. Except as required by the performance of the Executive’s services to the Company under the terms of this Agreement, Executive will not, directly or indirectly disclose, or permit others to disclose the Company’s Trade Secrets, Confidential Information and/or Inventions as defined above.

4.2.9Return of Company Information. Upon termination of Executive’s employment with Company for any reason, Executive will surrender and return to Company all documents and materials in his possession or control which contain Trade Secrets, Inventions and other Confidential Information. Executive will immediately return to the Company all lists, books, records, materials and documents, together with all copies thereof, and all other Company property in his possession or under his control, relating to or used in connection with the business of the Company. Executive acknowledges and agrees that all such lists, books, records, materials and documents, are the sole and exclusive property of the Company.

4.2.10Prohibition Against Unfair Competition. At any time after the termination of his employment with Company for any reason, Executive will not engage in competition with Company while making use of the Trade Secrets of Company.

4.3Patents and Inventions. Executive agrees that any Inventions made, conceived or completed by Executive during the term of Executive’s service, solely or jointly with others, which are made with the Company’s equipment, supplies, facilities or Confidential Information, or which relate at the time of conception or reduction to purpose of the Invention to the business of the Company or the Company’s actual or demonstrably anticipated research and development, or which result from any work performed by Executive for the Company, will be the sole and exclusive property of the Company, and all Trade Secrets, Confidential Information, copyrightable works, works of authorship, and all patents, registrations or applications related thereto, all other intellectual property or proprietary information and all similar or related information (whether or not patentable and copyrightable and whether or not reduced to tangible form or practice) which relate to the

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business, research and development, or existing or future products or services of the Company and/or its subsidiaries and which are conceived, developed or made by Executive during Executive’s employment with the Company (“Work Product”) will be deemed to be “work made for hire” (as defined in the Copyright Act, 17 U.S.C. §101 et seq., as amended) and owned exclusively by the Company. To the extent that any Work Product is not deemed to be a “work made for hire” under applicable law, and all right, title and interest in and to such Work Product have not automatically vested in the Company, Executive hereby (a) irrevocably assigns, transfers and conveys, and will assign transfer and convey, to the fullest extent permitted by applicable law, all right, title and interest in and to the Work Product on a worldwide basis to the Company (or such other person or entity as the Company may designate), without further consideration, and (b) waives all moral rights in or to all Work Product, and to the extent such rights may not be waived, agrees not to assert such rights against the Company or its respective licensees, successors, or assigns. In order to permit the Company to claim rights to which it may be entitled, Executive agrees to promptly disclose to the Company in confidence all Work Product which the Executive makes arising out of the Executive’s employment with the Company. Executive will assist the Company in obtaining patents on all Work Product patentable by the Company in the United States and in all foreign countries, and will execute all documents and do all things necessary to obtain letters patent, to vest the Company with full and extensive title thereto, and to protect the same against infringement by others.

5.TERMINATION OF EMPLOYMENT.

5.1Termination by Reason of Death or Disability. Executive’s employment hereunder will terminate immediately upon the death of Executive. The Company may terminate this Agreement upon written notice to Executive if Executive suffers any physical or mental impairment or incapacity that results in Executive being unable to perform Executive’s essential duties, responsibilities and the functions of Executive’s position with the Company for periods aggregating one-hundred twenty (120) days in any three hundred sixty (360) day period (“Disability”).

5.2Termination by Company for Cause. The employment of Executive hereunder will terminate immediately upon written notice delivered by the Company to the Executive of termination for “Cause”. “Cause” means (i) Executive’s conviction (including any plea of guilty or no contest) of (x) any felony involving the embezzlement, theft or misappropriation of monies or other property, of the Company or otherwise; or (y) any crime of moral turpitude; (ii) gross misconduct in the performance of Executive’s duties; or (iii) the repeated failure by Executive (except by reason of Disability) to render full and proper services as required by the terms of Executive’s employment after failure to cure such failure within 30 days after receiving written notice from the Company or the Board of Directors detailing the alleged failure.

5.3Termination by the Company without Cause. The employment of Executive hereunder will terminate immediately upon written notice delivered by the Company to the Executive of termination by the Company upon delivery to Executive of written notice of termination by the Company, which will be deemed to be “without cause” unless termination is expressly stated to be pursuant to Section 5.1 or Section 5.2.

5.4Termination by the Executive for Good Reason. The employment of Executive hereunder will terminate 30 days following the date on which Executive gives the Company notice of termination for Good Reason (as hereinafter defined), or such earlier date as may be determined by the Company, the Compensation Committee or the Board of Directors. For purposes of this Agreement, “Good Reason” means without Executive’s consent (i) a material diminution in the duties, authority or responsibilities of Executive or a material breach of this Agreement by the

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Company, or (ii) requiring Executive to relocate his principal place of employment to a location that is more than thirty-five (35) miles from the location of the Company’s principal office in the Oklahoma City area as of the Effective Date, provided that the Company fails to cure such material diminution, breach or relocation within 30 days of receipt of a written notice from Executive of such Good Reason event (which notice must be provided by Executive to the Company within 90 days following the initial occurrence of such event). Executive’s Termination Date as a result of any of the foregoing events must occur within two (2) years of the initial occurrence of any such event.

6.PAYMENTS UPON TERMINATION.

6.1Termination Other Than For Cause. If Executive’s employment with the Company is terminated (i) by the Company other than for “Cause” (as defined herein), including if the Company provides notice of nonrenewal within 90 days of the end of the Initial Period or any Extension, (ii) by the Executive for Good Reason, or (iii) as a result of Executive’s Death or Disability (as provided in Section 5.1 herein), then:

6.1.1the Company will provide Executive (or Executive’s estate, if applicable) (i) on the Termination Date (as such term is defined in Section 6.3), a lump sum payment equal to all accrued and unpaid salary and other compensation payable to Executive by the Company and all accrued and unpaid vacation and sick pay payable to Executive by the Company with respect to services rendered by Executive to the Company through the Termination Date; and (ii) subject to Section 6.1.6 and Section 10.10.5, a lump sum payment on the sixtieth (60^th) day following the Termination Date equal to 225% of the amount Executive would have earned as Base Salary during the two-year period following such date had Executive’s employment not been terminated; and

6.1.2subject to Section 6.1.6, (i) all restricted stock and restricted stock units that have been granted to Executive by the Company and that would have vested during the three-year period following the Termination Date solely as a result of Executive’s continued service to the Company will immediately vest on the Termination Date, and (ii) all stock options and stock appreciation rights that have been granted to Executive by the Company and that would have vested during the three-year period following the Termination Date solely as a result of Executive’s continued service to the Company will immediately vest and become exercisable on the Termination Date and will remain exercisable in accordance with the terms and conditions applicable to such equity award;

6.1.3in addition to the vesting provided in Section 6.1.2, the Company will immediately issue to Executive, on a fully vested basis, such number of shares of the Company’s common stock with a value equal to the Equity Awards that Executive would have been entitled to during the two-year period following the termination date had Executive’s employment not been terminated; and

6.1.4the Company will continue to provide Executive with the use of a Company provided automobile, as provided in Section 3.3.4, including payment of all insurance and maintenance costs, for a period that ends on the first to occur of 24 additional months or the Executive’s death;

6.1.5subject to Section 6.1.6, the Company will pay the cost for continuation coverage under the Company Group Health Plans (as defined herein, and to the extent permitted by applicable law and the terms of each Company Group Health Plan) under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) for Executive and his eligible family

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members covered under the Company Group Health Plan immediately prior to Termination Date. Such premiums will be paid by the Company during the 18 month period immediately following Executive’s Termination Date or until Executive becomes eligible for group health plan benefits from another employer, whichever occurs first, provided that Executive timely elects COBRA coverage (“COBRA Benefits”) and provided that Executive’s continued participation is possible under the general terms and provisions of such Company Group Health Plans. Executive agrees to promptly inform the Company in writing if Executive becomes eligible to receive group health coverage from another employer. The period of such COBRA Benefits will be considered part of Executive’s COBRA coverage entitlement period. At the conclusion of the maximum 18 month period for which the Company will pay the cost of COBRA Benefits, as provided above, Executive may, at Executive’s sole expense, continue to receive COBRA Benefits for the remainder of the COBRA coverage entitlement period, if any, provided under the terms of the Company Group Health Plans; and

6.1.6notwithstanding anything herein to the contrary, it will be a condition to Executive’s right to receive the amounts provided for in Section 6.1.1, Section 6.1.2, Section 6.1.3, Section 6.1.4 and Section 6.1.5, that Executive timely execute and deliver to the Company, a general release substantially in the form attached hereto as “Exhibit A” (the “General Release”) within twenty-one (21) days of its delivery to Executive (or such longer period as may be required under the Age Discrimination in Employment Act of 1967, as amended), without subsequent revocation of the General Release. Upon satisfaction of the General Release condition, the payment of the severance benefits will commence as provided in Section 6.1.1 and Section 10.10.5.

6.2Termination by the Company For Cause or by the Executive because of a Voluntary Termination. If Executive’s employment with the Company is terminated (i) by the Company for “Cause” (as defined herein), or (ii) by the Executive voluntarily other than for Good Reason, Executive will be entitled to receive on the Termination Date (as such term is defined in Section 6.3), a lump sum payment equal to all accrued and unpaid salary and other compensation payable to Executive by the Company and all accrued and unpaid vacation and sick pay payable to Executive by the Company with respect to services rendered by Executive to the Company through the Termination Date and, subject to the general release requirement in Section 6.1.6, the payment of an amount equal to the Base Salary amount in effect immediately preceding such termination prorated based on the number of days between the first day of the Contract Year and the Termination Date, divided by 365.

6.3Termination Date. For purposes of this Section 6, the term, “Termination Date” will mean the date of Executive’s “separation from service” as that term is defined in Section 10.10.4 and §1.409A-1(h) of the Treasury Regulations.

6.4Timing of Payment. Notwithstanding anything to the contrary in this Agreement, to the extent required to comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), if Executive is deemed by the Board of Directors (or its delegate), in its sole discretion, to be a “specified employee” for purposes of Section 409A(a)(2)(B) of the Code, Executive agrees that any non-qualified deferred compensation payments due to Executive under this Agreement in connection with a termination of Executive’s employment that would otherwise have been payable at any time during the six-month period immediately following such termination of employment will be paid in accordance with Section 10.10.6.

7.CHANGE IN CONTROL.

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7.1Notwithstanding the provisions of any other agreement to the contrary, if Executive’s employment with the Company or its successor is terminated on or before the second anniversary of the date of occurrence of a Change in Control (a) by the Company or its successor other than for Cause, (b) by the Executive for Good Reason, or (c) as a result of Executive’s death or disability, then, in addition to the benefits provided in Section 6.1 hereof, (i) all restricted stock and restricted stock units that have been granted to Executive by the Company and that would have vested at any time after the date of Executive’s termination solely as a result of Executive’s continued service to the Company will immediately vest on the date of termination; and (ii) all stock options and stock appreciation rights that have been granted to Executive by the Company and that would have vested at any time after the date of Executive’s termination solely as a result of Executive’s continued service to the Company will immediately vest and become exercisable on the date of termination.

Notwithstanding the provisions of Section 7.1, with respect to Equity Awards issued on or after the effective date of this Agreement, the terms of each Equity Award granted to Executive will provide that such Equity Award will become 100% vested upon the occurrence of a Change in Control and will conform to the vesting and acceleration provisions of this Agreement.

7.2For purposes of this Section 7, a “Change in Control” of the Company will be deemed to have occurred if: (a) there is consummated (i) any consolidation or merger of the Company into or with another person (as such term is used in Sections 13(d)(3) and 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) pursuant to which shares of the Company’s common stock would be converted into cash, securities or other property, other than any consolidation or merger of the Company in which the persons who were stockholders of the Company immediately prior to the consummation of such consolidation or merger are the beneficial owners (within the meaning of Rule 13d-3 under the Exchange Act), immediately following the consummation of such consolidation or merger, of more than 50% of the combined voting power of the then outstanding voting securities of the person surviving or resulting from such consolidation or merger, (ii) any sale, lease or other transfer (in one transaction or a series of related transactions) of all or substantially all of the assets of the Company; (iii) any sale, lease or other transfer (in one transaction or a series of related transactions) of all or substantially all of the assets of the Company (i.e., more than 50% of the gross fair market value of the assets of the Company, determined without regard to any liabilities associated with such assets); or (iv) the stockholders of the Company approve any plan or proposal for the liquidation or dissolution of the company.

8.INJUNCTIVE RELIEF.

Executive hereby recognizes, acknowledges and agrees that in the event of any breach by Executive of any of his covenants, agreements, duties or obligations hereunder, the Company would suffer great and irreparable harm, injury and damage, the Company would encounter extreme difficulty in attempting to prove the actual amount of damages suffered by the Company as a result of such breach, and the Company would not be reasonably or adequately compensated in damages in any action at law. Executive therefore agrees that, in addition to any other remedy the Company may have at law, in equity, by statute or otherwise, in the event of any breach by Executive of any of the covenants, agreements, duties or obligations hereunder, the Company or its subsidiaries will be entitled to seek and receive temporary, preliminary and permanent injunctive and other equitable relief from any court of competent jurisdiction to enforce any of the rights of the Company or its subsidiaries or any of the covenants, agreements, duties or obligations of Executive hereunder, or otherwise to prevent the violation of any of the terms or provisions hereof, all without the necessity of proving the amount of any actual damage to the Company or its subsidiaries thereof resulting therefrom; provided, however, that nothing contained in this Section 8 will be deemed or construed

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in any manner whatsoever as a waiver by the Company or its subsidiaries of any of the rights which any of them may have against Executive at law, in equity, by statute or otherwise arising out of, in connection with or resulting from the breach by Executive of any of his covenants, agreements, duties or obligations hereunder.

9.NON-SOLICITATION.

For so long as Executive is employed by the Company and continuing for twelve (12) months thereafter, Executive will not, without the prior written consent of the Company, directly or indirectly, as a sole proprietor, member of a partnership, stockholder, or investor, officer or director of a corporation, or as an employee, associate, consultant or agent of any person, partnership, corporation or other business organization or entity other than the Company: (i) (x) solicit or endeavor to entice away from the Company, or any of its subsidiaries or affiliates, any person or entity who is employed by, or serves as an agent or key consultant of, the Company, or any of its subsidiaries or affiliates, or (y) solicit any person or entity who during the then most recent twelve (12) month period, was employed by or served as an agent or key consultant of the Company or any of its subsidiaries or affiliates, or (ii) endeavor to entice away from the Company or any of its subsidiaries or affiliates or solicit with respect to services then being rendered or planned, proposed or contemplated to be rendered by the Company or any such subsidiary or affiliate, any persons or entity who is, or was within the then most recent twelve (12) month period, a customer or client (or reasonably anticipated, to the general knowledge of Executive or the public, to become a customer or client) of the Company or any of its subsidiaries or affiliates.

10.MISCELLANEOUS.

10.1Entire Agreement. This Agreement contains the entire agreement of the parties regarding the employment of Executive by the Company and supersedes any prior agreement, arrangement or understanding, whether oral or written, between the Company and Executive concerning Executive’s employment hereunder.

10.2Notices. All notices, requests and other communications (collectively, “Notices”) given pursuant to this Agreement will be in writing, and may be delivered by facsimile transmission with a copy delivered by personal service or by United States first class, registered or certified mail (return receipt requested), postage prepaid, addressed to the party at the address set forth below:

If to the Company:	Gulfport Energy Corporation 14313 North May Avenue, Suite 100 Oklahoma City, Oklahoma 73134 Attention: Board of Directors
If to Executive:	Michael G. Moore 14313 North May Avenue, Suite 100 Oklahoma City, Oklahoma 73134 or the Executive’s address in the Company’s personnel records

Any Notice will be deemed duly given when received by the addressee thereof, provided that any Notice sent by registered or certified mail will be deemed to have been duly given three days from date of deposit in the United States mails, unless sooner received. Either party may from time to time change its address for further Notices hereunder by giving notice to the other party in the manner prescribed in this Section 10.2.

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10.3Governing Law. This Agreement has been made and entered into in the state of Oklahoma and will be construed in accordance with the laws of the state of Oklahoma without regard to the conflict of laws principles thereof.

10.4Counterparts. This Agreement may be executed in any number of counterparts, each of which will be deemed to be an original, but all of which together will constitute one and the same instrument.

10.5Interpretation. The Compensation Committee or Board of Directors of the Company will make all determinations under this Agreement and will have the exclusive authority to interpret its terms and conditions. All determinations and interpretations made by the Compensation Committee or Board of Directors will be final for all purposes and binding on the parties.

10.6Severable Provisions. The provisions of this Agreement are severable, and if any one or more provisions are determined to be judicially unenforceable, in whole or in part, the remaining provisions will nevertheless be binding and enforceable.

10.7Successors and Assigns. This Agreement and all obligations and benefits of Executive and the Company hereunder will bind and inure to the benefit of Executive and the Company, their respective affiliates, and their respective successors and assigns.

10.8Amendments and Waivers. No amendment or waiver of any term or provision of this Agreement will be effective unless made in writing. Any written amendment or waiver will be effective only in the instance given and then only with respect to the specific term or provision (or portion thereof) of this Agreement to which it expressly relates, and will not be deemed or construed to constitute a waiver of any other term or provision (or portion thereof) waived in any other instance.

10.9Title and Headings. The titles and headings contained in this Agreement are included for convenience only and form no part of the agreement between the parties.

10.10Compliance with Tax Rules for Nonqualified Deferred Compensation Plans. This Agreement is intended to comply with, or otherwise be exempt from, Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and will be administered, interpreted, and construed in a manner that does not result in the imposition on Executive of any additional tax, penalty, or interest under Section 409A of the Code.

10.10.1For purposes of Section 409A of the Code, the right to a series of installment payments under this Agreement will be treated as a right to a series of separate payments.

10.10.2Payment dates provided for in this Agreement will be deemed to incorporate grace periods that are treated as made upon a designated payment date as provided by Treasury Regulation §1.409A-3(d).

10.10.3If the Company determines in good faith that any provision of this Agreement would cause Executive to incur an additional tax, penalty, or interest under Section 409A of the Code, the Company and Executive will use reasonable efforts to reform such provision, if possible, in a mutually agreeable fashion to maintain to the maximum extent practicable the original intent of the applicable provision without violating the provisions of Section 409A of the Code. The preceding provisions, however, will not be construed as a guarantee or warranty by the Company of any particular tax effect to Executive under this Agreement. The Company will not be liable to Executive for any payment made under this Agreement, at the direction or with the

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consent of Executive, that is determined to result in an additional tax, penalty, or interest under Section 409A of the Code, nor for reporting in good faith any payment made under this Agreement as an amount includible in gross income under Section 409A of the Code.

10.10.4“Termination of employment,” “Termination Date,” “date of termination” or words of similar import, as used in this Agreement mean, for purposes of any payments under this Agreement that are payments of deferred compensation subject to Section 409A of the Code, Executive’s “separation from service” as defined in Treasury Regulation §1.409A-1(h).

10.10.5Payments under Section 6 and elsewhere in this Agreement will be administered and interpreted to maximize the exceptions to Code Section 409A for short-term deferrals and for separation pay due to involuntary separation from service. Any payment under this Agreement that is payable during the short-term deferral period (as described in Treasury Regulations §1.409A-1(b)(4)) or that is paid within the involuntary separation pay safe harbor (as described in Treasury Regulations §1.409A-1(b)(9)(iii)) will be treated as not providing for a deferral of compensation and will not be aggregated with any nonqualified deferred compensation plans or payments. The Severance Payments under Section 6 will commence on the date provided in Section 6.1.1, subject to the General Release requirement. It is intended that the Severance Payments will in all events commence 60 days following Executive’s Separation from Service, regardless of which taxable year Executive actually delivers the executed General Release to the Company. However, if the Severance Payments are deferred compensation subject to Code Section 409A and if the period during which Executive has discretion to execute or revoke the General Release required in Section 6.1.6 exceeds 60 days from the date of termination, the payments will commence on the eighth day following receipt by the Company of Executive’s executed General Release. If the period during which Executive has discretion to execute or revoke the General Release required in Section 6.1.6 straddles two taxable years of Executive, then the Company will commence the Severance Payments in the second of such taxable years. Executive may not, directly or indirectly, designate the calendar year of the commencement of any payment hereunder. Notwithstanding the foregoing, amounts payable hereunder which are not nonqualified deferred compensation, or which may be accelerated pursuant to Section 409A, such as distributions for applicable tax payments, may be accelerated, but not deferred, at the sole discretion of the Company.

10.10.6Notwithstanding anything to the contrary in this Agreement, to the extent required to comply with Section 409A of the Code, if Executive is deemed by the Board (or its delegate), in its sole discretion, to be a “specified employee” for purposes of Section 409A(a)(2)(B) of the Code, Executive agrees that any non-qualified deferred compensation payments due to Executive under this Agreement in connection with a termination of Executive’s employment that would otherwise have been payable at any time during the period immediately following such termination of employment and ending on the date that is six months after the Termination Date (or if earlier, Executive’s date of death) will not be paid prior to, and will instead be payable in a lump sum on the first business day following the end of such non-payment period.

10.11Survival. Notwithstanding anything to the contrary contained herein, the provisions of Section 4, Section 8, Section 9, and Section 10 will survive the termination of this Agreement.

[Signatures on following page]

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IN WITNESS WHEREOF, each of the parties has signed this Agreement as of the date opposite their signature below.

Date: April 30, 2015	THE “COMPANY” GULFPORT ENERGY CORPORATION By: /s/ David L. Houston Name: David L. Houston, Chairman of the Board
Date: April 30, 2015	THE “EXECUTIVE” /s/ Michael G. Moore Michael G. Moore, in his individual capacity

Signature page to Employment Agreement

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EXHIBIT A

GENERAL RELEASE OF ALL CLAIMS

This general release (this “Agreement”) is entered into pursuant to the terms and conditions of the Amended and Restated Employment Agreement, effective as of April 29, 2015 (“Employment Agreement”), between Michael G. Moore (“Executive”) and Gulfport Energy Corporation (the “Company”). In exchange for and in consideration of the benefits described in the Employment Agreement (the “Severance Benefits”), Executive, on behalf of Executive and his agents, representatives, administrators, receivers, trustees, estates, heirs, devisees, assignees, legal representatives, and attorneys, past or present (as the case may be), hereby irrevocably and unconditionally releases, discharges, and acquits all the Released Parties (as defined below) from any and all claims, promises, demands, liabilities, contracts, debts, losses, damages, attorneys’ fees and causes of action of every kind and nature, known and unknown, asserted and unasserted, accrued or unaccrued, liquidated or contingent, direct or indirect up to the effective date of this Agreement, including but not limited to causes of action, claims or rights arising out of, or which might be considered to arise out of or to be connected in any way with (i) Executive’s employment with the Company or the termination thereof; (ii) Executive’s employment agreement, or offer letter or any other agreements between Executive and the Company or the termination thereof; (iii) any treatment of Executive by any of the Released Parties, which will include, without limitation, any treatment or decisions with respect to hiring, placement, promotion, discipline, work hours, demotion, transfer, termination, compensation, performance review, or training; (iv) any statements or alleged statements by the Company or any of the Released Parties regarding Executive, whether oral or in writing; (v) any damages or injury that Executive may have suffered, including without limitation, emotional or physical injury, compensatory damages, or lost wages; or (vi) employment discrimination, which will include, without limitation, any individual or class claims of discrimination on the basis of age, disability, sex, race, religion, national origin, citizenship status, marital status, sexual preference, or any other basis whatsoever.

Said release will be construed as broadly as possible and will also extend to release the Released Parties, without limitation, from any and all claims that Executive has alleged or could have alleged, whether known or unknown, accrued or unaccrued, against any Released Party for violation(s) of any of the following: the National Labor Relations Act, as amended; Title VII of the Civil Rights Act of 1964, as amended; the Age Discrimination in Employment Act; the Civil Rights Act of 1991; Sections 1981-1988 of Title 42 of the United States Code; the Equal Pay Act; the Employee Retirement Income Security Act of 1974, as amended; the Immigration Reform Control Act, as amended; the Americans with Disabilities Act of 1990, as amended; the Fair Labor Standards Act, as amended; the Occupational Safety and Health Act, as amended; any other federal, state, or local law or ordinance; any public policy, whistleblower, contract, tort, or common law; and any demand for costs or litigation expenses, except as otherwise provided in the Employment Agreement, including but not limited to attorneys’ fees.

The term “Released Parties” or “Released Party” as used herein will mean and include: the Company and its parents, subsidiaries, affiliates, investors and all of their predecessors and successors (collectively, the “Released Entities”), and with respect to each such Released Entity, all of its former, current, and future officers, directors, agents, representatives, employees, servants, owners, shareholders, partners, joint venturers, investors, attorneys, insurers, administrators, and fiduciaries, and any other persons acting by, through, under, or in concert with any of the persons or entities listed herein.

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Pursuant to the Older Workers Benefit Protection Act of 1990, Executive understands and acknowledges that by executing this Agreement and releasing all claims against any of the Released Parties, he has waived any and all rights or claims that he has or could have against any Released Party under the Age Discrimination in Employment Act, which includes any claim that any Released Party discriminated against Executive on account of his age. Executive also acknowledges the following:

(a)    The Company, by this written Agreement, has advised Executive to consult with an attorney prior to executing this Agreement;

(b)    Executive has had the opportunity to consult with his own attorney concerning this Agreement and Executive acknowledges that this Agreement is worded in an understandable way;

(c)    The rights and claims waived in this Agreement are in exchange for additional consideration over and above anything to which Executive was already undisputedly entitled;

(d)    This Agreement does not include claims arising after the Effective Date of this Agreement (as defined below), provided, however, that any claims arising after the Effective Date of this Agreement from the then-present effect of acts or conduct occurring before the Effective Date of this Agreement will be deemed released under this Agreement; and

(e)    The Company has provided Executive the opportunity to review and consider this Agreement for twenty-one (21) days from the date Executive receives this Agreement. At Executive’s option and sole discretion, Executive may waive the twenty-one (21) day review period and execute this Agreement before the expiration of twenty-one (21) days. In electing to waive the twenty-one (21) day review period, Executive acknowledges and admits that he was given a reasonable period of time within which to consider this Agreement and his waiver is made freely and voluntarily, without duress or any coercion by any other person.

Executive may revoke this Agreement within a period of seven (7) days after execution of this Agreement. Executive agrees that any such revocation is not effective unless it is made in writing and delivered to the Company by the end of the seventh (7th) calendar day. Under any such valid revocation, Executive will not be entitled to any severance pay or any other benefits under this Agreement. This Agreement becomes effective on the eighth (8th) calendar day after it is executed by both parties.

Executive confirms that no claim, charge, or complaint against any of the Released Parties, brought by him, exists before any federal, state, or local court or administrative agency. Executive hereby waives his right to accept any relief or recovery, including costs and attorney’s fees, from any charge or complaint before any federal, state, or local court or administrative agency against any of the Released Parties, except as such waiver is prohibited by law.

The existence, terms, and conditions of this Agreement are and will be deemed to be confidential and will not hereafter be disclosed by Executive to any other person or entity, except (i) as may be required by law, regulation or applicable securities exchange requirements; and (ii) to Executive’s attorneys, spouse, accountants and/or financial advisors, provided that the person to whom disclosure is made is made aware of the confidentiality provisions of this Agreement and such person/s agrees to keep the terms of this Agreement confidential. Executive further agrees not

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to solicit or initiate any demand by others not party to this Agreement for any disclosure of the existence, terms, and conditions of this Agreement.

Executive agrees that he will not, unless otherwise prohibited by law, at any time hereafter, participate in as a party, or permit to be filed by any other person on his behalf or as a member of any alleged class of person, any action or proceeding of any kind, against the Company, or its past, present, or future parents, subsidiaries, divisions, affiliates, employee benefit and/or pension plans or funds, successors and assigns and any of their past, present or future directors, officers, agents, trustees, administrators, attorneys, employees or assigns (whether acting as agents for the Company or in their individual capacities), with respect to any act, omission, transaction or occurrence up to and including the date of the execution of this Agreement. Executive further agrees that he will not seek or accept any award or settlement from any source or proceeding with respect to any claim or right covered by this paragraph and that this Agreement will act as a bar to recovery in any such proceedings.

Executive agrees that neither this Agreement nor the furnishing of the consideration set forth in this Agreement will be deemed or construed at any time for any purpose as an admission by the Released Parties of any liability or unlawful conduct of any kind. Executive further acknowledges and agrees that the consideration provided for herein is adequate consideration for Executive’s obligations under this Agreement.

This Agreement will be governed by and construed in accordance with the laws of the State of Oklahoma without regard to its conflicts of law provisions. If any provision of this Agreement other than the general release set forth above is declared legally or factually invalid or unenforceable by any court of competent jurisdiction and if such provision cannot be modified to be enforceable to any extent or in any application, then such provision immediately will become null and void, leaving the remainder of this Agreement in full force and affect. If any portion of the general release set forth in this Agreement is declared to be unenforceable by a court of competent jurisdiction in any action in which Executive participates or joins, Executive agrees that all consideration paid to him under the Employment Agreement will be offset against any monies that he may receive in connection with any such action.

This Agreement, together with the Employment Agreement, sets forth the entire agreement between Executive and the Released Parties and it supersedes any and all prior agreements or understandings, whether written or oral, between the parties, except as otherwise specified in this Agreement or the Employment Agreement. Executive acknowledges that he has not relied on any representations, promises, or agreements of any kind made to him in connection with his decision to sign this Agreement, except for those set forth in this Agreement.

This Agreement may not be amended except by a written agreement signed by both parties, which specifically refers to this Agreement.

EXECUTIVE ACKNOWLEDGES THAT HE CAREFULLY HAS READ THIS AGREEMENT; THAT HE HAS HAD THE OPPORTUNITY TO THOROUGHLY DISCUSS ITS TERMS WITH COUNSEL OF HIS CHOOSING; THAT HE FULLY UNDERSTANDS ITS TERMS AND ITS FINAL AND BINDING EFFECT; THAT THE ONLY PROMISES MADE TO SIGN THIS AGREEMENT ARE THOSE STATED AND CONTAINED IN THIS AGREEMENT; AND THAT HE IS SIGNING THIS AGREEMENT KNOWINGLY AND VOLUNTARILY.

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EXECUTIVE STATES THAT HE IS IN GOOD HEALTH AND IS FULLY COMPETENT TO MANAGE HIS BUSINESS AFFAIRS AND UNDERSTANDS THAT HE MAY BE WAIVING SIGNIFICANT LEGAL RIGHTS BY SIGNING THIS AGREEMENT.

IN WITNESS WHEREOF, Executive has executed this Agreement as of the date set forth below.

AGREED AND ACCEPTED

__________________________

__________________

Date: _____________________

Sworn to and subscribed before me

this ____ day of _________, 20__

________________________________________Notary Public

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RECEIPT OF AGREEMENT

I acknowledge that I received today a copy of Gulfport Energy Corporation’s General Release of all Claims (the “Agreement”). I have been advised of the following:

1)    That I have twenty-one (21) days to consider the Agreement.

2)    I have the opportunity to discuss with Gulfport Energy Corporation any questions or concerns I may have regarding the terms or language of the Agreement.

3)    I have been advised to see an attorney of my choosing to review the Agreement.

4)    I should not sign the Agreement unless I fully understand its terms and, if I sign the Agreement, I do so of my own free will.

5)    I have seven (7) days after signing the Agreement to revoke the Agreement, and the Agreement will not become effective, enforceable or binding until this revocation period has expired. Any revocation must be in writing and either postmarked and mailed to or hand-delivered to the Company within seven (7) days after I sign the Agreement.

6)    The Agreement does not waive any rights or claims that may arise after its execution.

7)    In consideration for signing the Agreement, I will be receiving Severance Benefits or benefits in addition to any monies I am already entitled to.

8)    No other promises have been made to me beyond the terms of the Employment Agreement and the Agreement.

Dated:    _____________            ________________________________

_____________

WITNESS:

Dated:_____________    ________________________________        Signature

________________________________    

Witness’ printed name and title

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WAIVER OF 21-DAY REVIEW PERIOD – OPTIONAL

I acknowledge that I was provided with a copy of Gulfport Energy Corporation’s General Release of all Claims (the “Agreement”) on ___________, I have had an opportunity to review the Agreement, have been afforded the opportunity to have it reviewed by an attorney of my choosing, and have made the voluntary decision to execute the Agreement prior to the expiration of the twenty-one (21) day review period. Therefore, I have executed the Agreement today, and I understand that I have seven (7) days from today to revoke the Agreement in writing. I further understand that the Agreement will not become effective, enforceable, or binding until this revocation period has expired.

Dated:    _____________            ________________________________

_____________

WITNESS:

Dated:_____________    ________________________________        Signature

________________________________    

Witness’ printed name and title

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EX-31.1

Exhibit 31.1

CERTIFICATION

I, Michael G. Moore, Chief Executive Officer of Gulfport Energy Corporation, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Gulfport Energy Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statement made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in the Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: May 7, 2015

/s/ Michael G. Moore

Michael G. Moore

Chief Executive Officer and President

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Aaron Gaydosik, Chief Financial Officer of Gulfport Energy Corporation, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Gulfport Energy Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statement made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in the Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: May 7, 2015

/s/ Aaron Gaydosik

Aaron Gaydosik

Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION OF PERIODIC REPORT

I, Michael G. Moore, Chief Executive Officer of Gulfport Energy Corporation (the “Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that, to the best of my knowledge:

(1) the Quarterly Report on Form10-Q of the Company for the quarterly period ended March 31, 2015 (the “Report”) fully complies with the requirements of Section 13 (a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: May 7, 2015

/s/ Michael G. Moore

Michael G. Moore

Chief Executive Officer and President

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

Exhibit 32.2

CERTIFICATION OF PERIODIC REPORT

I, Aaron Gaydosik, Chief Financial Officer of Gulfport Energy Corporation (the “Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that, to the best of my knowledge:

(1) the Quarterly Report on Form 10-Q of the Company for the quarterly period ended March 31, 2015 (the “Report”) fully complies with the requirements of Section 13 (a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: May 7, 2015

/s/ Aaron Gaydosik

Aaron Gaydosik

Chief Financial Officer

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Equity Investments (Investments Accounted For By The Equity Method) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Oct. 11, 2012
Schedule of Equity Method Investments [Line Items]
Equity investments and investments in subsidiaries	$ 374,971		$ 369,581
(Income) loss from equity method investments	(19,975)	(128,475)
Tatex Thailand II, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Approximate Ownership %	23.50%
(Income) loss from equity method investments	0	0
Tatex Thailand III, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Approximate Ownership %	17.90%
Equity investments and investments in subsidiaries	0
(Income) loss from equity method investments	0	49
Grizzly Oil Sands ULC [Member]
Schedule of Equity Method Investments [Line Items]
Approximate Ownership %	24.9999%
Equity investments and investments in subsidiaries	167,186		180,218
(Income) loss from equity method investments	4,142	2,001
Bison Drilling And Field Services LLC [Member]
Schedule of Equity Method Investments [Line Items]
Approximate Ownership %	0.00%
(Income) loss from equity method investments	0	1,933
Muskie Proppant LLC [Member]
Schedule of Equity Method Investments [Line Items]
Approximate Ownership %	0.00%
(Income) loss from equity method investments	0	534
Timber Wolf Terminals LLC [Member]
Schedule of Equity Method Investments [Line Items]
Approximate Ownership %	50.00%
Equity investments and investments in subsidiaries	1,007		1,013
(Income) loss from equity method investments	6	0
Windsor Midstream LLC [Member]
Schedule of Equity Method Investments [Line Items]
Approximate Ownership %	22.50%
Equity investments and investments in subsidiaries	32,292		13,505
(Income) loss from equity method investments	(18,787)	(168)
Stingray Pressure Pumping LLC [Member]
Schedule of Equity Method Investments [Line Items]
Approximate Ownership %	0.00%
(Income) loss from equity method investments	0	513
Stingray Cementing LLC [Member]
Schedule of Equity Method Investments [Line Items]
Approximate Ownership %	50.00%
Equity investments and investments in subsidiaries	2,254		2,647
(Income) loss from equity method investments	67	95
Blackhawk Midstream LLC [Member]
Schedule of Equity Method Investments [Line Items]
Approximate Ownership %	48.50%
Equity investments and investments in subsidiaries	0		0
(Income) loss from equity method investments	(7,217)	(84,787)
Stingray Logistics LLC [Member]
Schedule of Equity Method Investments [Line Items]
Approximate Ownership %	0.00%
Equity investments and investments in subsidiaries	0		0
(Income) loss from equity method investments	0	81
Diamondback Energy, Inc [Member]
Schedule of Equity Method Investments [Line Items]
Approximate Ownership %	0.00%
Equity investments and investments in subsidiaries	0		0	138,500
(Income) loss from equity method investments	0	(48,767)
Stingray Energy Services LLC [Member]
Schedule of Equity Method Investments [Line Items]
Approximate Ownership %	50.00%
Equity investments and investments in subsidiaries	6,167		5,718
(Income) loss from equity method investments	10	41
Sturgeon Acquisitions LLC [Member]
Schedule of Equity Method Investments [Line Items]
Approximate Ownership %	25.00%		25.00%
Equity investments and investments in subsidiaries	22,258		22,507
(Income) loss from equity method investments	(568)	0
Mammoth Energy Partners LP [Member]
Schedule of Equity Method Investments [Line Items]
Approximate Ownership %	30.50%		30.50%
Equity investments and investments in subsidiaries	143,807		143,973
(Income) loss from equity method investments	$ 2,372	$ 0

XML

Hedging Activities (Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		12 Months Ended
	Mar. 31, 2015 financial_institution	Mar. 31, 2014	Dec. 31, 2014 financial_institution
General Discussion of Derivative Instruments and Hedging Activities [Abstract]
Number of financial institutions	4		4
Gain on fair value hedge ineffectiveness, net	$ 31.3	$ (8.7)

XML

Stock-Based Compensation (Summary Of Stock Option Plans By Exercise Price) (Details) (USD $)	3 Months Ended
	Mar. 31, 2015
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number Outstanding (shares)	5,000
Number Exercisable (shares)	5,000
Exercise Price $9.07 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price (usd per share)	$ 9.07
Number Outstanding (shares)	5,000
Weighted Average Remaining Life (in years)	0 years 5 months 8 days
Number Exercisable (shares)	5,000

XML

Hedging Activities (Schedule Of Derivative Instruments) (Details)	Mar. 31, 2015
Fixed Price Swap, April 2015 through June 2016 [Member]
Derivative [Line Items]
Daily Volume	1,000
Weighted Average Price	62.25
Fixed Price Swap, April 2015 [Member]
Derivative [Line Items]
Daily Volume	191,250
Weighted Average Price	4.05
Fixed Price Swap, May through June 2015 [Member]
Derivative [Line Items]
Daily Volume	201,250
Weighted Average Price	4.05
Fixed Price Swap, July through August 2015 [Member]
Derivative [Line Items]
Daily Volume	216,875
Weighted Average Price	4.04
Fixed Price Swap, September 2015 [Member]
Derivative [Line Items]
Daily Volume	246,875
Weighted Average Price	3.97
Fixed Price Swap, October through December 2015 [Member]
Derivative [Line Items]
Daily Volume	262,500
Weighted Average Price	3.96
Fixed Price Swap, January through March 2016 [Member]
Derivative [Line Items]
Daily Volume	252,500
Weighted Average Price	3.82
Fixed Price Swap, April 2016 [Member]
Derivative [Line Items]
Daily Volume	242,500
Weighted Average Price	3.81
Fixed Price Swap, May through December 2016 [Member]
Derivative [Line Items]
Daily Volume	172,500
Weighted Average Price	3.73
Fixed Price Swap, January through June 2017 [Member]
Derivative [Line Items]
Daily Volume	142,500
Weighted Average Price	3.67
Fixed Price Swap, July through December 2017 [Member]
Derivative [Line Items]
Daily Volume	80,000
Weighted Average Price	3.45
Fixed Price Swap, January through December 2018 [Member]
Derivative [Line Items]
Daily Volume	30,000
Weighted Average Price	3.40
Fixed Price Swap, April 2015 through December 2016, Option One [Member]
Derivative [Line Items]
Daily Volume	30,000
Weighted Average Price	0.02
Fixed Price Swap, April 2015 through December 2016, Option Two [Member]
Derivative [Line Items]
Daily Volume	10,000
Weighted Average Price	0.01

XML

Stock-Based Compensation (Narrative) (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Share-based Compensation [Abstract]
Stock-based compensation expense	$ 3,500,000	$ 4,300,000
Capitalized stock-based compensation	1,385,000	1,723,000
Unrecognized compensation expense	$ 18,900,000
Weighted average period	1 year 6 months 18 days

XML

Condensed Consolidating Financial Information (Tables)

3 Months Ended

Mar. 31, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS

(Amounts in thousands)

	March 31, 2015
	Parent			Guarantors			Non-Guarantor			Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	73,667		$	1,072		$	1		$	—		$	74,740
Accounts receivable - oil and gas	79,621			59			—			—			79,680
Accounts receivable - related parties	33			—			—			—			33
Accounts receivable - intercompany	48,154			26			—			(48,180		)	—
Prepaid expenses and other current assets	15,777			—			—			—			15,777
Short-term derivative instruments	93,030			—			—			—			93,030
Total current assets	310,282			1,157			1			(48,180		)	263,260
Property and equipment:
Oil and natural gas properties, full-cost accounting	4,139,903			38,769			—			(710		)	4,177,962
Other property and equipment	19,008			43			—			—			19,051
Accumulated depletion, depreciation, amortization and impairment	(1,140,142		)	(26		)	—			—			(1,140,168		)
Property and equipment, net	3,018,769			38,786			—			(710		)	3,056,845
Other assets:
Equity investments and investments in subsidiaries	365,840			—			167,186			(158,055		)	374,971
Derivative instruments	41,956			—			—			—			41,956
Other assets	18,566			—			—			—			18,566
Total other assets	426,362			—			167,186			(158,055		)	435,493
Total assets	$	3,755,413		$	39,943		$	167,187		$	(206,945	)	$	3,755,598
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued liabilities	$	399,912		$	184		$	—		$	—		$	400,096
Accounts payable - intercompany	—			48,072			108			(48,180		)	—
Asset retirement obligation - current	75			—			—			—			75
Short-term derivative instruments	823			—			—			—			823
Deferred tax liability - current	29,622			—			—			—			29,622
Current maturities of long-term debt	1,781			—			—			—			1,781
Total current liabilities	432,213			48,256			108			(48,180		)	432,397
Long-term derivative instrument	—			—			—			—			—
Asset retirement obligation - long-term	18,656			—			—			—			18,656
Deferred tax liability	215,122			—			—			—			215,122
Long-term debt, net of current maturities	779,130			—			—			—			779,130
Total liabilities	1,445,121			48,256			108			(48,180		)	1,445,305
Stockholders' equity:
Common stock	857			—			—			—			857
Paid-in capital	1,832,062			321			233,174			(233,494		)	1,832,063
Accumulated other comprehensive income (loss)	(41,659		)	—			(41,659		)	41,659			(41,659		)
Retained earnings (accumulated deficit)	519,032			(8,634		)	(24,436		)	33,070			519,032
Total stockholders' equity	2,310,292			(8,313		)	167,079			(158,765		)	2,310,293
Total liabilities and stockholders' equity	$	3,755,413		$	39,943		$	167,187		$	(206,945	)	$	3,755,598

CONDENSED CONSOLIDATING BALANCE SHEETS

(Amounts in thousands)

	December 31, 2014
	Parent			Guarantors			Non-Guarantor			Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	141,535		$	804		$	1		$	—		$	142,340
Accounts receivable - oil and gas	103,762			96			—			—			103,858
Accounts receivable - related parties	46			—			—			—			46
Accounts receivable - intercompany	45,222			27			—			(45,249		)	—
Prepaid expenses and other current assets	3,714			—			—			—			3,714
Short-term derivative instruments	78,391			—			—			—			78,391
Total current assets	372,670			927			1			(45,249		)	328,349
Property and equipment:
Oil and natural gas properties, full-cost accounting,	3,887,874			35,990			—			(710		)	3,923,154
Other property and equipment	18,301			43			—			—			18,344
Accumulated depletion, depreciation, amortization and impairment	(1,050,855		)	(24		)	—			—			(1,050,879		)
Property and equipment, net	2,855,320			36,009			—			(710		)	2,890,619
Other assets:
Equity investments and investments in subsidiaries	360,238			—			180,217			(170,874		)	369,581
Derivative instruments	24,448			—			—			—			24,448
Other assets	19,396			—			—			—			19,396
Total other assets	404,082			—			180,217			(170,874		)	413,425
Total assets	$	3,632,072		$	36,936		$	180,218		$	(216,833	)	$	3,632,393
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued liabilities	$	371,089		$	321		$	—		$	—		$	371,410
Accounts payable - intercompany	—			45,143			106			(45,249		)	—
Asset retirement obligation - current	75			—			—			—			75
Deferred tax liability	27,070			—			—			—			27,070
Current maturities of long-term debt	168			—			—			—			168
Total current liabilities	398,402			45,464			106			(45,249		)	398,723
Asset retirement obligation - long-term	17,863			—			—			—			17,863
Deferred tax liability	203,195			—			—			—			203,195
Long-term debt, net of current maturities	716,316			—			—			—			716,316
Total liabilities	1,335,776			45,464			106			(45,249		)	1,336,097
Stockholders' equity:
Common stock	856			—			—			—			856
Paid-in capital	1,828,602			322			227,079			(227,401		)	1,828,602
Accumulated other comprehensive income (loss)	(26,675		)	—			(26,675		)	26,675			(26,675		)
Retained earnings (accumulated deficit)	493,513			(8,850		)	(20,292		)	29,142			493,513
Total stockholders' equity	2,296,296			(8,528		)	180,112			(171,584		)	2,296,296
Total liabilities and stockholders' equity	$	3,632,072		$	36,936		$	180,218		$	(216,833	)	$	3,632,393

Condensed Consolidating Statements of Operations

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Amounts in thousands)

	Three months ended March 31, 2015
	Parent			Guarantors		Non-Guarantor			Eliminations			Consolidated
Total revenues	$	175,832		$	485	$	—		$	—		$	176,317
Costs and expenses:
Lease operating expenses	16,787			193		—			—			16,980
Production taxes	4,253			32		—			—			4,285
Midstream gathering and processing	25,374			7		—			—			25,381
Depreciation, depletion, and amortization	89,908			1		—			—			89,909
General and administrative	10,761			36		2			—			10,799
Accretion expense	190			—		—			—			190
	147,273			269		2			—			147,544
INCOME FROM OPERATIONS	28,559			216		(2		)	—			28,773
OTHER (INCOME) EXPENSE:
Interest expense	8,759			—		—			—			8,759
Interest income	(9		)	—		—			—			(9		)
(Income) loss from equity method investments and investments in subsidiaries	(20,189		)	—		4,142			(3,928		)	(19,975		)
	(11,439		)	—		4,142			(3,928		)	(11,225		)
INCOME (LOSS) BEFORE INCOME TAXES	39,998			216		(4,144		)	3,928			39,998
INCOME TAX EXPENSE	14,479			—		—			—			14,479
NET INCOME (LOSS)	$	25,519		$	216	$	(4,144	)	$	3,928		$	25,519

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Amounts in thousands)

	Three months ended March 31, 2014
	Parent			Guarantors			Non-Guarantor			Eliminations			Consolidated
Total revenues	$	117,850		$	179		$	—		$	—		$	118,029
Costs and expenses:
Lease operating expenses	11,381			248			—			—			11,629
Production taxes	6,937			20			—			—			6,957
Midstream gathering and processing	7,757			12			—			—			7,769
Depreciation, depletion, and amortization	56,877			—			—			—			56,877
General and administrative	9,488			27			(4		)	—			9,511
Accretion expense	188			—			—			—			188
Gain on sale of assets	(11		)	—			—			—			(11		)
	92,617			307			(4		)	—			92,920
INCOME (LOSS) FROM OPERATIONS	25,233			(128		)	4			—			25,109
OTHER (INCOME) EXPENSE:
Interest expense	3,885			—			—			—			3,885
Interest income	(106		)	—			—			—			(106		)
Litigation settlement	18,000			—			—			—			18,000
(Income) loss from equity method investments and investments in subsidiaries	(128,351		)	—			2,001			(2,125		)	(128,475		)
	(106,572		)	—			2,001			(2,125		)	(106,696		)
INCOME (LOSS) BEFORE INCOME TAXES	131,805			(128		)	(1,997		)	2,125			131,805
INCOME TAX EXPENSE	49,247			—			—			—			49,247
NET INCOME (LOSS)	$	82,558		$	(128	)	$	(1,997	)	$	2,125		$	82,558

Condensed Consolidating Statements of Comprehensive Income (Loss)

	Three months ended March 31, 2015
	Parent			Guarantors		Non-Guarantor			Eliminations		Consolidated
Net income (loss)	$	25,519		$	216	$	(4,144	)	$	3,928	$	25,519
Foreign currency translation adjustment	(14,984		)	—		(14,984		)	14,984		(14,984		)
Other comprehensive income (loss)	(14,984		)	—		(14,984		)	14,984		(14,984		)
Comprehensive income (loss)	$	10,535		$	216	$	(19,128	)	$	18,912	$	10,535

	Three months ended March 31, 2014
	Parent			Guarantors			Non-Guarantor			Eliminations		Consolidated
Net income (loss)	$	82,558		$	(128	)	$	(1,997	)	$	2,125	$	82,558
Foreign currency translation adjustment	(7,278		)	—			(7,278		)	7,278		(7,278		)
Other comprehensive income (loss)	(7,278		)	—			(7,278		)	7,278		(7,278		)
Comprehensive income (loss)	$	75,280		$	(128	)	$	(9,275	)	$	9,403	$	75,280

Condensed Consolidating Statements of Cash Flows

	Three months ended March 31, 2015
	Parent			Guarantors			Non-Guarantor			Eliminations			Consolidated
Net cash provided by operating activities	$	95,879		$	3,158		$	—		$	—		$	99,037
Net cash provided by (used in) investing activities	(228,601		)	(2,890		)	(6,093		)	6,093			(231,491		)
Net cash provided by (used in) financing activities	64,854			—			6,093			(6,093		)	64,854
Net (decrease) increase in cash and cash equivalents	(67,868		)	268			—			—			(67,600		)
Cash and cash equivalents at beginning of period	141,535			804			1			—			142,340
Cash and cash equivalents at end of period	$	73,667		$	1,072		$	1		$	—		$	74,740

	Three months ended March 31, 2014
	Parent			Guarantors			Non-Guarantor			Eliminations			Consolidated
Net cash provided by (used in) operating activities	$	159,736		$	(3,585	)	$	(1	)	$	—		$	156,150
Net cash provided by (used in) investing activities	(443,079		)	(2,034		)	(8,069		)	8,070			(445,112		)
Net cash provided by (used in) financing activities	388			—			8,070			(8,070		)	388
Net decrease in cash and cash equivalents	(282,955		)	(5,619		)	—			—			(288,574		)
Cash and cash equivalents at beginning of period	451,431			7,525			—			—			458,956
Cash and cash equivalents at end of period	$	168,476		$	1,906		$	—		$	—		$	170,382

XML

Fair Value Measurements (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset retirement obligation capitalized	$ 1,584,000	$ 1,869,000
Mammoth Energy Partners LP [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investment			143,500,000
Level 1 [Member] | Fixed Price Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed price swaps	134,986,000
Fixed price swaps	823,000
Level 2 [Member] | Fixed Price Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed price swaps	0
Fixed price swaps	0
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset retirement obligation capitalized	1,600,000
Level 3 [Member] | Mammoth Energy Partners LP [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investment			143,500,000
Level 3 [Member] | Fixed Price Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed price swaps	0
Fixed price swaps	$ 0

XML

Equity Investments (Tables)

3 Months Ended

Mar. 31, 2015

Equity Method Investments and Joint Ventures [Abstract]

Investments Accounted For By The Equity Method

Investments accounted for by the equity method consist of the following as of March 31, 2015 and December 31, 2014:

			Carrying Value				(Income) loss from equity method investments
	Approximate Ownership %		March 31, 2015		December 31, 2014		Three months ended March 31,
							2015			2014
			(In thousands)
Investment in Tatex Thailand II, LLC	23.5	%	$	—	$	—	$	—		$	—
Investment in Tatex Thailand III, LLC	17.9	%	—		—		—			49
Investment in Grizzly Oil Sands ULC	24.9999	%	167,186		180,218		4,142			2,001
Investment in Bison Drilling and Field Services LLC	—	%	—		—		—			1,933
Investment in Muskie Proppant LLC	—	%	—		—		—			534
Investment in Timber Wolf Terminals LLC	50.0	%	1,007		1,013		6			—
Investment in Windsor Midstream LLC	22.5	%	32,292		13,505		(18,787		)	(168		)
Investment in Stingray Pressure Pumping LLC	—	%	—		—		—			513
Investment in Stingray Cementing LLC	50.0	%	2,254		2,647		67			95
Investment in Blackhawk Midstream LLC	48.5	%	—		—		(7,217		)	(84,787		)
Investment in Stingray Logistics LLC	—	%	—		—		—			81
Investment in Diamondback Energy, Inc.	—	%	—		—		—			(48,767		)
Investment in Stingray Energy Services LLC	50.0	%	6,167		5,718		10			41
Investment in Sturgeon Acquisitions LLC	25.0	%	22,258		22,507		(568		)	—
Investment in Mammoth Energy Partners LP	30.5	%	143,807		143,973		2,372			—
			$	374,971	$	369,581	$	(19,975	)	$	(128,475	)

Equity Method Investment Balance Sheet Summary

Summarized balance sheet information:

	March 31, 2015		December 31, 2014
	(In thousands)
Current assets	$	151,752	$	181,060
Noncurrent assets	$	1,419,656	$	1,306,891
Current liabilities	$	55,369	$	114,506
Noncurrent liabilities	$	213,050	$	230,062

Equity Method Investment Income Statement Summary

Summarized results of operations:    

	Three months ended March 31,
	2015		2014
	(In thousands)
Gross revenue	$	133,556	$	158,281
Net income	$	90,668	$	181,505

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Earnings Per Share (Schedule Of Earnings Per Share Reconciliation) (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Earnings Per Share [Abstract]
Basic, Net income	$ 25,519	$ 82,558
Effect of dilutive securities, Stock options and awards	0	0
Diluted, Net income	$ 25,519	$ 82,558
Weighted average common shares outstanding - Basic (shares)	85,679,606	85,259,407
Effect of dilutive securities, Stock options and awards (shares)	440,424	479,219
Weighted average common shares outstanding-Diluted (shares)	86,120,030	85,738,626
Basic net income from continuing operations per share (usd per share)	$ 0.30	$ 0.97
Diluted net income from continuing operations per share (usd per share)	$ 0.30	$ 0.96

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Equity Investments (Narrative) (Details) (USD $)	3 Months Ended		1 Months Ended	0 Months Ended		1 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Jan. 28, 2014	Nov. 12, 2014	Sep. 30, 2014	Jun. 30, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2012	Oct. 11, 2012
Schedule of Equity Method Investments [Line Items]
Payments for equity method investments	$ 6,093,000	$ 23,687,000
Equity investments and investments in subsidiaries	374,971,000		374,971,000						369,581,000
(Income) loss from equity method investments	(19,975,000)	(128,475,000)
Distributions received	817,000	0
Apico Llc [Member]
Schedule of Equity Method Investments [Line Items]
Equity shares owned by affiliate (shares)	85,122
Total shares owned of subaffiliate (shares)	1,000,000
Gas and oil area, reserve (acres)	243,000
Tatex Thailand III, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Gas and oil area, reserve (acres)	245,000
Ownership interest	17.90%		17.90%
Equity investments and investments in subsidiaries	0		0
(Income) loss from equity method investments	0	49,000
Grizzly Oil Sands ULC [Member]
Schedule of Equity Method Investments [Line Items]
Gas and oil area, reserve (acres)	830,000
Cash calls paid	6,100,000
Increase (decrease) due to foreign currency translation adjustment	15,000,000	7,300,000
Ownership interest	24.9999%		24.9999%
Equity investments and investments in subsidiaries	167,186,000		167,186,000						180,218,000
(Income) loss from equity method investments	4,142,000	2,001,000
Windsor Midstream LLC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest	22.50%		22.50%
Equity investments and investments in subsidiaries	32,292,000		32,292,000						13,505,000
(Income) loss from equity method investments	(18,787,000)	(168,000)
Windsor Midstream LLC [Member] | MidMar Gas LLC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest										28.40%
Coronado Midstream [Member] | Windsor Midstream LLC [Member]
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of interest in partnership unit			600,000,000
Gain on sale on investment			85,500,000
Blackhawk Midstream LLC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest	48.50%		48.50%
Equity investments and investments in subsidiaries	0		0						0
(Income) loss from equity method investments	(7,217,000)	(84,787,000)
Blackhawk Midstream LLC [Member] | Ohio Gathering Company, LLC and Ohio Condensate Company, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Purchase price of sold equity interests				190,000,000
Amount put in escrow				14,300,000
Proceeds from release of escrow deposits	7,200,000
Distributions received		84,800,000
Diamondback Energy, Inc [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest	0.00%		0.00%
Investment (shares)											7,914,036
Equity investments and investments in subsidiaries	0		0						0		138,500,000
Number of shares issued in transaction (shares)					942,000	1,437,500	1,000,000	4,534,536
Proceeds received from sale of stock					60,800,000	197,600,000		192,700,000
(Income) loss from equity method investments	0	(48,767,000)
Sturgeon Acquisitions LLC [Member]
Schedule of Equity Method Investments [Line Items]
Payments for equity method investments									20,700,000
Ownership interest	25.00%		25.00%						25.00%
Equity investments and investments in subsidiaries	22,258,000		22,258,000						22,507,000
(Income) loss from equity method investments	(568,000)	0
Distributions received	800,000
Mammoth Energy Partners LP [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest	30.50%		30.50%						30.50%
Equity investments and investments in subsidiaries	143,807,000		143,807,000						143,973,000
(Income) loss from equity method investments	2,372,000	0
Equity investment in Mammoth Energy Partners									$ 143,500,000

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Property And Equipment (Summary Of Oil And Gas Properties Not Subject To Amortization) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]
Total oil and gas properties not subject to amortization, total	$ 1,546,804	$ 1,465,538
Colorado [Member]
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]
Total oil and gas properties not subject to amortization, total	5,088
Bakken [Member]
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]
Total oil and gas properties not subject to amortization, total	96
Southern Louisiana [Member]
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]
Total oil and gas properties not subject to amortization, total	283
Ohio [Member]
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]
Total oil and gas properties not subject to amortization, total	1,541,292
Other [Member]
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]
Total oil and gas properties not subject to amortization, total	$ 45

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Commitments and Contingencies (Future Minimum Lease Commitments) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Remaining 2015	$ 450
2016	524
2017	451
2018	20
2019	0
Total	$ 1,445

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Condensed Consolidating Financial Information - Condensed Consolidating Statement of Operations (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Revenues:
Total revenues	$ 176,317	$ 118,029
Costs and expenses:
Lease operating expenses	16,980	11,629
Production taxes	4,285	6,957
Midstream gathering and processing	25,381	7,769
Depreciation, depletion and amortization	89,909	56,877
General and administrative	10,799	9,511
Accretion expense	190	188
Gain on sale of assets	0	(11)
Total costs and expenses	147,544	92,920
INCOME FROM OPERATIONS	28,773	25,109
OTHER (INCOME) EXPENSE:
Interest expense	8,759	3,885
Interest income	(9)	(106)
Litigation settlement	0	18,000
Income from equity method investments	(19,975)	(128,475)
Total Other (Income) Expense	(11,225)	(106,696)
INCOME BEFORE INCOME TAXES	39,998	131,805
INCOME TAX EXPENSE	14,479	49,247
NET INCOME	25,519	82,558
Parent [Member]
Revenues:
Total revenues	175,832	117,850
Costs and expenses:
Lease operating expenses	16,787	11,381
Production taxes	4,253	6,937
Midstream gathering and processing	25,374	7,757
Depreciation, depletion and amortization	89,908	56,877
General and administrative	10,761	9,488
Accretion expense	190	188
Gain on sale of assets		(11)
Total costs and expenses	147,273	92,617
INCOME FROM OPERATIONS	28,559	25,233
OTHER (INCOME) EXPENSE:
Interest expense	8,759	3,885
Interest income	(9)	(106)
Litigation settlement		18,000
Income from equity method investments	(20,189)	(128,351)
Total Other (Income) Expense	(11,439)	(106,572)
INCOME BEFORE INCOME TAXES	39,998	131,805
INCOME TAX EXPENSE	14,479	49,247
NET INCOME	25,519	82,558
Guarantors [Member]
Revenues:
Total revenues	485	179
Costs and expenses:
Lease operating expenses	193	248
Production taxes	32	20
Midstream gathering and processing	7	12
Depreciation, depletion and amortization	1	0
General and administrative	36	27
Accretion expense	0	0
Gain on sale of assets		0
Total costs and expenses	269	307
INCOME FROM OPERATIONS	216	(128)
OTHER (INCOME) EXPENSE:
Interest expense	0	0
Interest income	0	0
Litigation settlement		0
Income from equity method investments	0	0
Total Other (Income) Expense	0	0
INCOME BEFORE INCOME TAXES	216	(128)
INCOME TAX EXPENSE	0	0
NET INCOME	216	(128)
Non-Guarantor [Member]
Revenues:
Total revenues	0	0
Costs and expenses:
Lease operating expenses	0	0
Production taxes	0	0
Midstream gathering and processing	0	0
Depreciation, depletion and amortization	0	0
General and administrative	2	(4)
Accretion expense	0	0
Gain on sale of assets		0
Total costs and expenses	2	(4)
INCOME FROM OPERATIONS	(2)	4
OTHER (INCOME) EXPENSE:
Interest expense	0	0
Interest income	0	0
Litigation settlement		0
Income from equity method investments	4,142	2,001
Total Other (Income) Expense	4,142	2,001
INCOME BEFORE INCOME TAXES	(4,144)	(1,997)
INCOME TAX EXPENSE	0	0
NET INCOME	(4,144)	(1,997)
Eliminations [Member]
Revenues:
Total revenues	0	0
Costs and expenses:
Lease operating expenses	0	0
Production taxes	0	0
Midstream gathering and processing	0	0
Depreciation, depletion and amortization	0	0
General and administrative	0	0
Accretion expense	0	0
Gain on sale of assets		0
Total costs and expenses	0	0
INCOME FROM OPERATIONS	0	0
OTHER (INCOME) EXPENSE:
Interest expense	0	0
Interest income	0	0
Litigation settlement		0
Income from equity method investments	(3,928)	(2,125)
Total Other (Income) Expense	(3,928)	(2,125)
INCOME BEFORE INCOME TAXES	3,928	2,125
INCOME TAX EXPENSE	0	0
NET INCOME	$ 3,928	$ 2,125

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Stock-Based Compensation (Summary Of Stock Option Activity) (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Options outstanding at beginning of period, Shares	5,000
Granted, Shares	0
Exercised, Shares	0
Forfeited/expired, Shares	0
Options Outstanding end of period, Shares	5,000	5,000
Options exercisable at end of period, Shares	5,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Options outstanding at beginning of period, Weighted Average Exercise Price per Share (usd per share)	$ 9.07
Granted, Weighted Average Exercise Price per Share (usd per share)	$ 0.00
Exercised, Weighted Average Exercise Price per Share (usd per share)	$ 0.00
Forfeited/expired, Weighted Average Exercise Price per Share (usd per share)	$ 0.00
Options outstanding end of period, Weighted Average Exercise Price per Share (usd per share)	$ 9.07	$ 9.07
Options exercisable at end of period, Weighted Average Exercise Price per Share (usd per share)	$ 9.07
Options outstanding, Weighted Average Remaining Contractual Term at beginning of period	0 years 5 months 8 days	0 years 8 months 8 days
Options outstanding, Weighted Average Remaining Contractual Term at end of period	0 years 5 months 8 days	0 years 8 months 8 days
Options exercisable at end of period, Weighted Average Remaining Contractual Term	0 years 5 months 8 days
Options outstanding, Aggregate Intrinsic Value at beginning of period	$ 163
Options outstanding, Aggregate Intrinsic Value at end of period	184	163
Options exercisable at end of period, Aggregate Intrinsic Value	$ 184

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Property And Equipment

3 Months Ended

Mar. 31, 2015

Property, Plant and Equipment [Abstract]

Property And Equipment

PROPERTY AND EQUIPMENT

The major categories of property and equipment and related accumulated depletion, depreciation, amortization and impairment as of March 31, 2015 and December 31, 2014 are as follows:

	March 31, 2015			December 31, 2014
	(In thousands)
Oil and natural gas properties	$	4,177,962		$	3,923,154
Office furniture and fixtures	11,133			10,752
Building	5,724			5,398
Land	2,194			2,194
Total property and equipment	4,197,013			3,941,498
Accumulated depletion, depreciation, amortization and impairment	(1,140,168		)	(1,050,879		)
Property and equipment, net	$	3,056,845		$	2,890,619

Included in oil and natural gas properties at March 31, 2015 is the cumulative capitalization of $79.9 million in general and administrative costs incurred and capitalized to the full cost pool. General and administrative costs capitalized to the full cost pool represent management’s estimate of costs incurred directly related to exploration and development activities such as geological and other administrative costs associated with overseeing the exploration and development activities. All general and administrative costs not directly associated with exploration and development activities were charged to expense as they were incurred. Capitalized general and administrative costs were approximately $7.2 million and $6.3 million for the three months ended March 31, 2015 and 2014, respectively.

The following table summarizes the Company’s non-producing properties excluded from amortization by area at March 31, 2015:

	March 31, 2015
	(In thousands)
Colorado	$	5,088
Bakken	96
Southern Louisiana	283
Ohio	1,541,292
Other	45
	$	1,546,804

At December 31, 2014, approximately $1.5 billion of non-producing leasehold costs was not subject to amortization.

The Company evaluates the costs excluded from its amortization calculation at least annually. Subject to industry conditions and the level of the Company’s activities, the inclusion of most of the above referenced costs into the Company’s amortization calculation is expected to occur within three to five years.

A reconciliation of the Company's asset retirement obligation for the three months ended March 31, 2015 and 2014 is as follows:

	March 31, 2015			March 31, 2014
	(In thousands)
Asset retirement obligation, beginning of period	$	17,938		$	15,083
Liabilities incurred	1,584			1,869
Liabilities settled	(981		)	(1,695		)
Accretion expense	190			188
Asset retirement obligation as of end of period	18,731			15,445
Less current portion	75			795
Asset retirement obligation, long-term	$	18,656		$	14,650

On May 7, 2012, the Company entered into a contribution agreement with Diamondback Energy Inc. ("Diamondback"). Under the terms of the contribution agreement, the Company agreed to contribute to Diamondback, prior to the closing of the Diamondback initial public offering (“Diamondback IPO”), all its oil and natural gas interests in the Permian Basin (the "Contribution"). The Contribution was completed on October 11, 2012. At the closing of the Contribution, Diamondback issued to the Company (i) 7,914,036 shares of Diamondback common stock and (ii) a promissory note for $63.6 million, which was repaid to the Company at the closing of the Diamondback IPO on October 17, 2012. This aggregate consideration was subject to a post-closing cash adjustment based on changes in the working capital, long-term debt and certain other items of Diamondback O&G LLC, formerly Windsor Permian LLC ("Diamondback O&G"), as of the date of the Contribution. In January 2013, the Company received an additional payment from Diamondback of approximately $18.6 million as a result of this post-closing adjustment. Diamondback O&G is a wholly-owned subsidiary of Diamondback. Under the contribution agreement, the Company is generally responsible for all liabilities and obligations with respect to the contributed properties arising prior to the Contribution and Diamondback is responsible for such liabilities and obligations with respect to the contributed properties arising after the Contribution.

Immediately upon completion of the Contribution, the Company owned a 35% equity interest in Diamondback, rather than leasehold interests in the Company’s Permian Basin acreage. Upon completion of the Diamondback IPO in October 2012, Gulfport owned approximately 21.4% of Diamondback's outstanding common stock. Following the Contribution, the Company has accounted for its interest in Diamondback as an equity investment. In November 2014, the Company sold all of the remaining shares of Diamondback common stock that it received in the Contribution and, as of March 31, 2015, Gulfport did not own any shares of Diamondback's common stock. See Note 3, "Equity Investments - Diamondback Energy, Inc."

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Condensed Consolidating Financial Information - Condensed Consolidating Statements of Comprehensive Income (Loss) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Condensed Financial Statements, Captions [Line Items]
Net income	$ 25,519	$ 82,558
Foreign currency translation adjustment	(14,984)	(7,278)
Other comprehensive loss	(14,984)	(7,278)
Comprehensive income	10,535	75,280
Parent [Member]
Condensed Financial Statements, Captions [Line Items]
Net income	25,519	82,558
Foreign currency translation adjustment	(14,984)	(7,278)
Other comprehensive loss	(14,984)	(7,278)
Comprehensive income	10,535	75,280
Guarantors [Member]
Condensed Financial Statements, Captions [Line Items]
Net income	216	(128)
Foreign currency translation adjustment	0	0
Other comprehensive loss	0	0
Comprehensive income	216	(128)
Non-Guarantor [Member]
Condensed Financial Statements, Captions [Line Items]
Net income	(4,144)	(1,997)
Foreign currency translation adjustment	(14,984)	(7,278)
Other comprehensive loss	(14,984)	(7,278)
Comprehensive income	(19,128)	(9,275)
Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Net income	3,928	2,125
Foreign currency translation adjustment	14,984	7,278
Other comprehensive loss	14,984	7,278
Comprehensive income	$ 18,912	$ 9,403

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Other Assets (Schedule Of Other Assets) (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Schedule of Prepaid Expenses [Line Items]
Plugging and abandonment escrow account on the WCBB properties (Note 8)	$ 3,089,000	$ 3,097,000
Certificates of Deposit securing letter of credit	275,000	275,000
Prepaid drilling costs	269,000	483,000
Loan commitment fees	14,771,000	15,390,000
Deposits	34,000	34,000
Other	128,000	117,000
Other assets	18,566,000	19,396,000
Prepaid Expenses and Other Current Assets [Member]
Schedule of Prepaid Expenses [Line Items]
Prepaid taxes	12,100,000
Prepaid insurance	2,300,000
Prepaid other expenses	$ 1,400,000

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Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Schedule of Earnings Per Share Reconciliation

Reconciliations of the components of basic and diluted net income per common share are presented in the tables below:

	Three months ended March 31,
	2015					2014
	Income		Shares	Per Share		Income		Shares	Per Share
	(In thousands, except share data)
Basic:
Net income	$	25,519	85,679,606	$	0.30	$	82,558	85,259,407	$	0.97
Effect of dilutive securities:
Stock options and awards	—		440,424			—		479,219
Diluted:
Net income	$	25,519	86,120,030	$	0.30	$	82,558	85,738,626	$	0.96

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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2015

Share-based Compensation [Abstract]

Summary Of Stock Option Activity

A summary of the status of stock options and related activity for the three months ended March 31, 2015 is presented below:

	Shares	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value (In thousands)
Options outstanding at December 31, 2014	5,000	$	9.07	0.69	$	163
Granted	—	—
Exercised	—	—			—
Forfeited/expired	—	—
Options outstanding at March 31, 2015	5,000	$	9.07	0.44	$	184
Options exercisable at March 31, 2015	5,000	$	9.07	0.44	$	184

Summary Of Stock Option Plans By Exercise Price

The following table summarizes information about the stock options outstanding at March 31, 2015:

Exercise Price		Number Outstanding	Weighted Average Remaining Life (in years)	Number Exercisable
$	9.07	5,000	0.44	5,000
		5,000		5,000

Summary Of Restricted Stock Award And Unit Activity

The following table summarizes restricted stock activity for the three months endedMarch 31, 2015:

	Number of Unvested Restricted Shares		Weighted Average Grant Date Fair Value
Unvested shares as of December 31, 2014	387,245		$	55.87
Granted	100,226		44.04
Vested	(60,381	)	52.94
Forfeited	—		—
Unvested shares as of March 31, 2015	427,090		$	53.51

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Hedging Activities (Schedule Of Derivative Instruments In Statement Of Financial Position) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
General Discussion of Derivative Instruments and Hedging Activities [Abstract]
Short-term derivative instruments - asset	$ 93,030	$ 78,391
Long-term derivative instruments - asset	41,956	24,448
Short-term derivative instruments - liability	$ 823

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Long-Term Debt (Break-Down Of Long-Term Debt) (Details) (USD $)	Mar. 31, 2015		Dec. 31, 2014		Mar. 31, 2011	Aug. 18, 2014	Dec. 21, 2012	Oct. 17, 2012
Debt Instrument [Line Items]
Unamortized original issue (discount) premium, net (4)	$ 14,130,000	[1]	$ 14,658,000	[1]
Less: current maturities of long term debt	(1,781,000)		(168,000)
Long-term debt, net of current maturities	779,130,000		716,316,000
Line of Credit [Member]
Debt Instrument [Line Items]
Long-term debt	165,000,000	[2]	100,000,000	[2]
Building loans [Member]
Debt Instrument [Line Items]
Long-term debt	1,781,000	[3]	1,826,000	[3]	2,400,000
7.75% senior unsecured notes due 2020 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 600,000,000	[4]	$ 600,000,000	[4]		$ 600,000,000.0	$ 600,000,000.0	$ 600,000,000.0

[1] The October Notes were issued at a price of 98.534% resulting in a gross discount of $3.7 million and an effective rate of 8.000%. The December Notes were issued at a price of 101.000% resulting in a gross premium of $0.5 million and an effective rate of 7.531%. The August Notes were issued at a price of 106.000% resulting in a gross premium of $18.0 million and an effective rate of 6.561%. The premium and discount are being amortized using the effective interest method.

[2] On December 27, 2013, the Company entered into an Amended and Restated Credit Agreement with The Bank of Nova Scotia, as administrative agent, sole lead arranger and sole bookrunner, Amegy Bank National Association, as syndication agent, KeyBank National Association, as documentation agent, and other lenders (The "Amended and Restated Credit Agreement") that provides for a maximum facility amount of $1.5 billion. The Amended and Restated Credit Agreement matures on June 6, 2018. The Company’s wholly-owned subsidiaries have guaranteed the obligations of the Company under the Amended and Restated Credit Agreement. On April 23, 2014, the Company entered into a first amendment to the Amended and Restated Credit Agreement. The first amendment increased the letter of credit sublimit from $20.0 million to $70.0 million and provided for an increase in the borrowing base availability from $150.0 million to $275.0 million. The first amendment also made certain changes to the lenders and their respective lending commitments thereunder. On November 26, 2014, the Company entered into a second amendment to the Amended and Restated Credit Agreement. The second amendment changed the definition of EBITDAX to exclude proceeds from the disposition of equity method investments and changed the ratio of funded debt to EBITDAX to be the ratio of net funded debt to EBITDAX. Net funded debt is funded debt less the amount of cash and short-term investments the Company has at the end of the relevant fiscal quarter. The second amendment increases the ratio from 2.00 to 1.00 to 3.50 to 1.00 for the period December 31, 2014 through June 30, 2015 and then decreases the ratio to 3.25 to 1.00 for the periods thereafter. Further, the second amendment increased the letter of credit sublimit from $70.0 million to $125.0 million and provided for an increase in the borrowing base availability from $275.0 million to $450.0 million. As of March 31, 2015, $165.0 million was outstanding under the Amended and Restated Credit Agreement. At March 31, 2015, the total availability for future borrowings under the Amended and Restated Credit Agreement, after giving effect to an aggregate of $68.2 million of letters of credit, was $216.8 million.On April 10, 2015, the Company entered into a third amendment to the Amended and Restated Credit Agreement. The third amendment increased the borrowing base from $450.0 million to $575.0 million and increased the Company's basket for unsecured debt issuances to $1.2 billion. The third amendment also made certain changes to the lenders and their respective lending commitments thereunder.Advances under the Amended and Restated Credit Agreement may be in the form of either base rate loans or eurodollar loans. The interest rate for base rate loans is equal to (1) the applicable rate, which ranges from 0.50% to 1.50%, plus (2) the highest of: (a) the federal funds rate plus 0.50%, (b) the rate of interest in effect for such day as publicly announced from time to time by agent as its “prime rate,” and (c) the eurodollar rate for an interest period of one month plus 1.00%. The interest rate for eurodollar loans is equal to (1) the applicable rate, which ranges from 1.50% to 2.50%, plus (2) the London interbank offered rate that appears on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate for deposits in U.S. dollars, or, if such rate is not available, the rate as administered by ICE Benchmark Administration (or any other person that takes over administration of such rate) per annum equal to the offered rate on such other page or service that displays on average London interbank offered rate as determined by ICE Benchmark Administration (or any other person that takes over administration of such rate) for deposits in U.S. dollars, or, if such rate is not available, the average quotations for three major New York money center banks of whom the agent shall inquire as the “London Interbank Offered Rate” for deposits in U.S. dollars. At March 31, 2015, amounts borrowed under the Amended and Restated Credit Agreement bore interest at the Eurodollar rate (2.18%).The Amended and Restated Credit Agreement contains customary negative covenants including, but not limited to, restrictions on the Company’s and its subsidiaries’ ability to: •incur indebtedness; •grant liens; •pay dividends and make other restricted payments; •make investments; •make fundamental changes; •enter into swap contracts and forward sales contracts; •dispose of assets; •change the nature of their business; and •enter into transactions with affiliates. The negative covenants are subject to certain exceptions as specified in the Amended and Restated Credit Agreement. The Amended and Restated Credit Agreement also contains certain affirmative covenants, including, but not limited to the following financial covenants: (i) the ratio of net funded debt to EBITDAX (net income, excluding (i) any non-cash revenue or expense associated with swap contracts resulting from ASC 815 and (ii) any cash or noncash revenue or expense attributable to minority investments plus without duplication and, in the case of expenses, to the extent deducted from revenues in determining net income, the sum of (a) the aggregate amount of consolidated interest expense for such period, (b) the aggregate amount of income, franchise, capital or similar tax expense (other than ad valorem taxes) for such period, (c) all amounts attributable to depletion, depreciation, amortization and asset or goodwill impairment or writedown for such period, (d) all other non-cash charges, (e) exploration costs deducted in determining net income under successful efforts accounting, (f) actual cash distributions received from minority investments, (g) to the extent actually reimbursed by insurance, expenses with respect to liability on casualty events or business interruption, and (h) all reasonable transaction expenses related to dispositions and acquisitions of assets, investments and debt and equity offerings (provided that expenses related to any unsuccessful disposition will be limited to $3.0 million in the aggregate) for a twelve-month period may not be greater than 3.50 to 1.00; for the period December 31, 2014 through June 30, 2015 and 3.25 to 1.00 for the twelve-month period ending September 30, 2015 and periods thereafter; and (ii) the ratio of EBITDAX to interest expense for a twelve-month period may not be less than 3.00 to 1.00. The Company was in compliance with all covenants at March 31, 2015.

[3] In March 2011, the Company entered into a new building loan agreement for the office building it occupies in Oklahoma City, Oklahoma. The new loan agreement refinanced the $2.4 million outstanding under the previous building loan agreement. The new agreement matures in February 2016 and bears interest at the rate of 5.82% per annum. The new building loan requires monthly interest and principal payments of approximately $22,000 and is collateralized by the Oklahoma City office building and associated land.

[4] On October 17, 2012, the Company issued $250.0 million in aggregate principal amount of senior unsecured notes due 2020 (the "October Notes") to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in accordance with Regulation S under the Securities Act (the "October Notes Offering") under an indenture among the Company, its subsidiary guarantors and Wells Fargo Bank, National Association, as the trustee (the "senior note indenture"). On December 21, 2012, the Company issued an additional $50.0 million in aggregate principal amount of senior unsecured notes due 2020 (the "December Notes") to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in accordance with Regulation S under the Securities Act ("the December Notes Offering"). The December Notes were issued as additional securities under the senior note indenture. The Company used a portion of the net proceeds from the October Notes Offering to repay all amounts outstanding at such time under its revolving credit facility. The Company used the remaining net proceeds of the October Notes Offering and the net proceeds of the December Notes Offering for general corporate purposes, which included funding a portion of its 2013 capital development plan. The October Notes and the December Notes were exchanged for substantially identical notes in the same aggregate principal amount that were registered under the Securities Act in October 2013 (the "Exchange Notes").On August 18, 2014, the Company issued an additional $300.0 million in aggregate principal amount of senior unsecured notes due 2020 (the "August Notes") to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in accordance with Regulation S under the Securities Act ("the August Notes Offering"). The August Notes were issued as additional securities under the senior note indenture. The Company used a portion of the net proceeds from the August Notes Offering to repay all amounts outstanding at such time under its revolving credit facility. The Company intends to use the remaining net proceeds of the August Notes Offering for general corporate purposes, including funding a portion of its 2014 and 2015 capital development plans. The October Notes Offering, December Notes Offering and the August Notes Offering are collectively referred to as the "Notes Offerings" and the Exchange Notes, and the August Notes are collectively referred to as the "Old Notes".In connection with the issuance of the August Notes, the Company and the subsidiary guarantors entered into a registration rights agreement with the initial purchasers on August 18, 2014, pursuant to which the Company and the subsidiary guarantors have agreed to file a registration statement with respect to an offer to exchange the August Notes for a new issue of substantially identical debt securities registered under the Securities Act. The registration statement relating to the exchange offer for the August Notes was filed on November 6, 2014, as amended on February 3, 2015, and declared effective by the SEC on February 4, 2015. The exchange offer for the August Notes was completed in March 2015.Under the senior note indenture relating to the Old Notes, interest on the Old Notes accrues at a rate of 7.75% per annum on the outstanding principal amount from October 17, 2012, payable semi-annually on May 1 and November 1 of each year, commencing on May 1, 2013. The Old Notes are the Company's senior unsecured obligations and rank equally in the right of payment with all of the Company's other senior indebtedness and senior in right of payment to any future subordinated indebtedness. All of the Company's existing and future restricted subsidiaries that guarantee the Company's secured revolving credit facility or certain other debt guarantee the Old Notes; provided, however, that the Old Notes are not guaranteed by Grizzly Holdings, Inc. and will not be guaranteed by any of the Company's future unrestricted subsidiaries. The Company may redeem some or all of the Old Notes at any time on or after November 1, 2016, at the redemption prices listed in the senior note indenture. Prior to November 1, 2016, the Company may redeem the Old Notes at a price equal to 100% of the principal amount plus a “make-whole” premium. In addition, prior to November 1, 2015, the Company may redeem up to 35% of the aggregate principal amount of the Old Notes with the net proceeds of certain equity offerings, provided that at least 65% of the aggregate principal amount of the Old Notes initially issued remains outstanding immediately after such redemption.

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Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Lease Commitments

Future minimum lease commitments under these leases at March 31, 2015 were as follows:

	(In thousands)
Remaining 2015	$	450
2016	524
2017	451
2018	20
2019	—
Total	$	1,445

Schedule of Future Commitment Payments

Future minimum commitments under these agreements at March 31, 2015 are as follows:

	(In thousands)
Remaining 2015	$	39,330
2016	52,440
2017	52,440
2018	39,330
Total	$	183,540

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Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2015

General Discussion of Derivative Instruments and Hedging Activities [Abstract]

Schedule Of Derivative Instruments

At March 31, 2015, the Company had the following fixed price swaps in place:

	Daily Volume (Bbls/day)	Weighted Average Price
April 2015 - June 2016	1,000	$	62.25

	Daily Volume (MMBtu/day)	Weighted Average Price
April 2015	191,250	$	4.05
May 2015 - June 2015	201,250	$	4.05
July 2015 - August 2015	216,875	$	4.04
September 2015	246,875	$	3.97
October 2015 - December 2015	262,500	$	3.96
January 2016 - March 2016	252,500	$	3.82
April 2016	242,500	$	3.81
May 2016 - December 2016	172,500	$	3.73
January 2017 - June 2017	142,500	$	3.67
July 2017 - December 2017	80,000	$	3.45
January 2018 - December 2018	30,000	$	3.40

In addition, the Company has entered into natural gas basis swap positions, which settle on the pricing index to basis differential of MichCon to the NYMEX Henry Hub natural gas price. As of March 31, 2015, the Company's natural gas basis swap positions were as follows:

	Daily Volume (MMBtu/day)	Hedged Differential
April 2015 - December 2016	30,000	$	0.02
April 2015 - December 2016	10,000	$	0.01

Schedule Of Derivative Instruments In Statement Of Financial Position

At March 31, 2015 the fair value of derivative assets and liabilities related to the fixed price swaps and basis swaps was as follows:

	(In thousands)
Short-term derivative instruments - asset	$	93,030
Long-term derivative instruments - asset	$	41,956
Short-term derivative instruments - liability	$	823

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Acquisitions

3 Months Ended

Mar. 31, 2015

Business Combinations [Abstract]

Acquisitions

ACQUISITIONS

In February 2014, the Company entered into a definitive agreement with Rhino Exploration LLC ("Rhino") to acquire additional oil and natural gas properties consisting of approximately 8,000 net acres in the Utica Shale, as well as Rhino's interest in all of the producing wells on this acreage (the "Rhino Acquisition"). The Company purchased approximately $182.0 million ($179.5 million net of purchase price adjustments) of these assets in 2014.

The Rhino Acquisition qualified as a business combination for accounting purposes and, as such, the Company estimated the fair value of the acquired properties as of the March 20, 2014 acquisition date. The fair value of the assets and liabilities acquired was estimated using assumptions that represent Level 3 inputs. See Note 10 - "Fair Value Measurements" for additional discussion of the measurement inputs.

The Company estimated that the consideration paid in the Rhino Acquisition for these properties approximated the fair value that would be paid by a typical market participant. As a result, no goodwill or bargain purchase gain was recognized in conjunction with the purchase.

The following table summarizes the consideration paid in the Rhino Acquisition to acquire the properties and the fair value amount of the assets acquired as of March 20, 2014.

	(In thousands)
Consideration paid
Cash, net of purchase price adjustments	$	179,527
Fair value of identifiable assets acquired
Oil and natural gas properties
Proved	$	31,961
Unproved	6,263
Unevaluated	141,303
Fair value of net identifiable assets acquired	$	179,527

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following tables summarize the Company’s financial and non-financial liabilities by FASB ASC 820 valuation level as of March 31, 2015:

	March 31, 2015
	Level 1		Level 2		Level 3
	(In thousands)
Assets:
Fixed price swaps	$	134,986	$	—	$	—
Liabilities:
Fixed price swaps	$	823	$	—	$	—

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Equity Investments (Equity Investments Balance Sheet Disclosure) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Equity Method Investments and Joint Ventures [Abstract]
Current assets	$ 151,752	$ 181,060
Noncurrent assets	1,419,656	1,306,891
Current liabilities	55,369	114,506
Noncurrent liabilities	$ 213,050	$ 230,062

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Commitments and Contingencies (Other Commitment Payments) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Remaining 2015	$ 39,330
2016	52,440
2017	52,440
2018	39,330
Total other commitment	$ 183,540

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Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 74,740	$ 142,340
Accounts receivable—oil and gas	79,680	103,858
Accounts receivable—related parties	33	46
Prepaid expenses and other current assets	15,777	3,714
Short-term derivative instruments	93,030	78,391
Total current assets	263,260	328,349
Property and equipment:
Oil and natural gas properties, full-cost accounting, $1,546,804 and $1,465,538 excluded from amortization in 2015 and 2014, respectively	4,177,962	3,923,154
Other property and equipment	19,051	18,344
Accumulated depletion, depreciation, amortization and impairment	(1,140,168)	(1,050,879)
Property and equipment, net	3,056,845	2,890,619
Other assets:
Equity investments	374,971	369,581
Derivative instruments	41,956	24,448
Other assets	18,566	19,396
Total other assets	435,493	413,425
Total assets	3,755,598	3,632,393
Current liabilities:
Accounts payable and accrued liabilities	400,096	371,410
Asset retirement obligation—current	75	75
Deferred tax liability	29,622	27,070
Short-term derivative instruments	823
Current maturities of long-term debt	1,781	168
Total current liabilities	432,397	398,723
Asset retirement obligation—long-term	18,656	17,863
Deferred tax liability	215,122	203,195
Long-term debt, net of current maturities	779,130	716,316
Total liabilities	1,445,305	1,336,097
Commitments and contingencies (Note 8)
Preferred stock, $.01 par value; 5,000,000 authorized, 30,000 authorized as redeemable 12% cumulative preferred stock, Series A; 0 issued and outstanding	0	0
Stockholders’ equity:
Common stock - $.01 par value, 200,000,000 authorized, 85,715,819 issued and outstanding in 2015 and 85,655,438 in 2014	857	856
Paid-in capital	1,832,063	1,828,602
Accumulated other comprehensive loss	(41,659)	(26,675)
Retained earnings	519,032	493,513
Total stockholders’ equity	2,310,293	2,296,296
Total liabilities and stockholders’ equity	$ 3,755,598	$ 3,632,393

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Long-Term Debt (Narrative) (Details) (USD $)	3 Months Ended			1 Months Ended	0 Months Ended
	Mar. 31, 2015		Mar. 31, 2014	Mar. 31, 2011	Apr. 23, 2014	Dec. 31, 2014		Aug. 18, 2014	Dec. 21, 2012	Oct. 17, 2012	Apr. 16, 2015	Nov. 26, 2014	Apr. 22, 2014	Dec. 27, 2013	Apr. 10, 2015
Debt Instrument [Line Items]
Interest cost capitalized, undeveloped properties	$ 3,700,000		$ 2,300,000
Minimum [Member]
Debt Instrument [Line Items]
Debt covenant ratio for EBITDAX	3.00
Maximum [Member]
Debt Instrument [Line Items]
Debt covenant ratio for future EBITDAX	3.25
Debt covenant ratio for reasonable transactions	3.50
Building Loans [Member]
Debt Instrument [Line Items]
Building loan outstanding amount of building loan refinanced	1,781,000	[1]		2,400,000		1,826,000	[1]
Stated interest rate				5.82%
Loan, periodic payment				22,000
Senior Notes [Member]
Debt Instrument [Line Items]
Building loan outstanding amount of building loan refinanced	600,000,000	[2]				600,000,000	[2]	600,000,000.0	600,000,000.0	600,000,000.0
Effective interest rate								6.561%	7.531%	8.00%
Stated interest rate								7.75%	7.75%	7.75%
Debt issued								300,000,000.0	50,000,000.0	250,000,000.0
Redemption of principal amount plus aggregate net proceeds									100.00%
Discount issue price, price										98.534%
Unamortized discount										3,700,000
Premium issue price, percent								106.00%	101.00%
Unamortized premium								18,000,000	500,000
Senior Notes [Member] | Minimum [Member]
Debt Instrument [Line Items]
Percentage of notes required to be outstanding for redemption									65.00%
Senior Notes [Member] | Maximum [Member]
Debt Instrument [Line Items]
Redemption of principal amount plus aggregate net proceeds									35.00%
Notes Due 2023 [Member] | Senior Notes [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Stated interest rate											6.625%
Debt instrument, amount											350,000,000
Nova Scotia, Amegy, KeyBank [Member]
Debt Instrument [Line Items]
Revolving credit facility														1,500,000,000.0
Borrowing capacity					275,000,000.0							450,000,000.0	150,000,000.0
Remaining borrowing capacity	216,800,000
Nova Scotia, Amegy, KeyBank [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Borrowing capacity															575,000,000.0
Line of Credit Facility, Unsecured Debt Issuance Restriction															1,200,000,000
Nova Scotia, Amegy, KeyBank [Member] | Base Rate Loans [Member]
Debt Instrument [Line Items]
Applicable rate, minimum					0.50%
Applicable rate, maximum					1.50%
Nova Scotia, Amegy, KeyBank [Member] | Base Rate Loans [Member] | Federal Funds Rate [Member]
Debt Instrument [Line Items]
Basis spread					0.50%
Nova Scotia, Amegy, KeyBank [Member] | Base Rate Loans [Member] | Eurodollar [Member]
Debt Instrument [Line Items]
Basis spread					1.00%
Nova Scotia, Amegy, KeyBank [Member] | Euro Dollar Loans [Member]
Debt Instrument [Line Items]
Applicable rate, minimum					1.50%
Applicable rate, maximum					2.50%
Effective interest rate	2.18%
Nova Scotia, Amegy, KeyBank [Member] | Letter of Credit [Member]
Debt Instrument [Line Items]
Borrowing capacity					70,000,000.0							125,000,000.0	20,000,000.0
Debt covenant ratio for EBITDAX												2.00
Credit facility outstanding	68,200,000	[3]
Nova Scotia, Amegy, KeyBank [Member] | Letter of Credit [Member] | Second Amendment of Restated Credit Agreement [Member]
Debt Instrument [Line Items]
Debt covenant ratio for EBITDAX												3.50
Disposition costs, maximum expenses allowed	$ 3,000,000
Debt covenant ratio for future EBITDAX												3.25

[1] In March 2011, the Company entered into a new building loan agreement for the office building it occupies in Oklahoma City, Oklahoma. The new loan agreement refinanced the $2.4 million outstanding under the previous building loan agreement. The new agreement matures in February 2016 and bears interest at the rate of 5.82% per annum. The new building loan requires monthly interest and principal payments of approximately $22,000 and is collateralized by the Oklahoma City office building and associated land.

[2] On October 17, 2012, the Company issued $250.0 million in aggregate principal amount of senior unsecured notes due 2020 (the "October Notes") to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in accordance with Regulation S under the Securities Act (the "October Notes Offering") under an indenture among the Company, its subsidiary guarantors and Wells Fargo Bank, National Association, as the trustee (the "senior note indenture"). On December 21, 2012, the Company issued an additional $50.0 million in aggregate principal amount of senior unsecured notes due 2020 (the "December Notes") to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in accordance with Regulation S under the Securities Act ("the December Notes Offering"). The December Notes were issued as additional securities under the senior note indenture. The Company used a portion of the net proceeds from the October Notes Offering to repay all amounts outstanding at such time under its revolving credit facility. The Company used the remaining net proceeds of the October Notes Offering and the net proceeds of the December Notes Offering for general corporate purposes, which included funding a portion of its 2013 capital development plan. The October Notes and the December Notes were exchanged for substantially identical notes in the same aggregate principal amount that were registered under the Securities Act in October 2013 (the "Exchange Notes").On August 18, 2014, the Company issued an additional $300.0 million in aggregate principal amount of senior unsecured notes due 2020 (the "August Notes") to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in accordance with Regulation S under the Securities Act ("the August Notes Offering"). The August Notes were issued as additional securities under the senior note indenture. The Company used a portion of the net proceeds from the August Notes Offering to repay all amounts outstanding at such time under its revolving credit facility. The Company intends to use the remaining net proceeds of the August Notes Offering for general corporate purposes, including funding a portion of its 2014 and 2015 capital development plans. The October Notes Offering, December Notes Offering and the August Notes Offering are collectively referred to as the "Notes Offerings" and the Exchange Notes, and the August Notes are collectively referred to as the "Old Notes".In connection with the issuance of the August Notes, the Company and the subsidiary guarantors entered into a registration rights agreement with the initial purchasers on August 18, 2014, pursuant to which the Company and the subsidiary guarantors have agreed to file a registration statement with respect to an offer to exchange the August Notes for a new issue of substantially identical debt securities registered under the Securities Act. The registration statement relating to the exchange offer for the August Notes was filed on November 6, 2014, as amended on February 3, 2015, and declared effective by the SEC on February 4, 2015. The exchange offer for the August Notes was completed in March 2015.Under the senior note indenture relating to the Old Notes, interest on the Old Notes accrues at a rate of 7.75% per annum on the outstanding principal amount from October 17, 2012, payable semi-annually on May 1 and November 1 of each year, commencing on May 1, 2013. The Old Notes are the Company's senior unsecured obligations and rank equally in the right of payment with all of the Company's other senior indebtedness and senior in right of payment to any future subordinated indebtedness. All of the Company's existing and future restricted subsidiaries that guarantee the Company's secured revolving credit facility or certain other debt guarantee the Old Notes; provided, however, that the Old Notes are not guaranteed by Grizzly Holdings, Inc. and will not be guaranteed by any of the Company's future unrestricted subsidiaries. The Company may redeem some or all of the Old Notes at any time on or after November 1, 2016, at the redemption prices listed in the senior note indenture. Prior to November 1, 2016, the Company may redeem the Old Notes at a price equal to 100% of the principal amount plus a “make-whole” premium. In addition, prior to November 1, 2015, the Company may redeem up to 35% of the aggregate principal amount of the Old Notes with the net proceeds of certain equity offerings, provided that at least 65% of the aggregate principal amount of the Old Notes initially issued remains outstanding immediately after such redemption.

[3] On December 27, 2013, the Company entered into an Amended and Restated Credit Agreement with The Bank of Nova Scotia, as administrative agent, sole lead arranger and sole bookrunner, Amegy Bank National Association, as syndication agent, KeyBank National Association, as documentation agent, and other lenders (The "Amended and Restated Credit Agreement") that provides for a maximum facility amount of $1.5 billion. The Amended and Restated Credit Agreement matures on June 6, 2018. The Company’s wholly-owned subsidiaries have guaranteed the obligations of the Company under the Amended and Restated Credit Agreement. On April 23, 2014, the Company entered into a first amendment to the Amended and Restated Credit Agreement. The first amendment increased the letter of credit sublimit from $20.0 million to $70.0 million and provided for an increase in the borrowing base availability from $150.0 million to $275.0 million. The first amendment also made certain changes to the lenders and their respective lending commitments thereunder. On November 26, 2014, the Company entered into a second amendment to the Amended and Restated Credit Agreement. The second amendment changed the definition of EBITDAX to exclude proceeds from the disposition of equity method investments and changed the ratio of funded debt to EBITDAX to be the ratio of net funded debt to EBITDAX. Net funded debt is funded debt less the amount of cash and short-term investments the Company has at the end of the relevant fiscal quarter. The second amendment increases the ratio from 2.00 to 1.00 to 3.50 to 1.00 for the period December 31, 2014 through June 30, 2015 and then decreases the ratio to 3.25 to 1.00 for the periods thereafter. Further, the second amendment increased the letter of credit sublimit from $70.0 million to $125.0 million and provided for an increase in the borrowing base availability from $275.0 million to $450.0 million. As of March 31, 2015, $165.0 million was outstanding under the Amended and Restated Credit Agreement. At March 31, 2015, the total availability for future borrowings under the Amended and Restated Credit Agreement, after giving effect to an aggregate of $68.2 million of letters of credit, was $216.8 million.On April 10, 2015, the Company entered into a third amendment to the Amended and Restated Credit Agreement. The third amendment increased the borrowing base from $450.0 million to $575.0 million and increased the Company's basket for unsecured debt issuances to $1.2 billion. The third amendment also made certain changes to the lenders and their respective lending commitments thereunder.Advances under the Amended and Restated Credit Agreement may be in the form of either base rate loans or eurodollar loans. The interest rate for base rate loans is equal to (1) the applicable rate, which ranges from 0.50% to 1.50%, plus (2) the highest of: (a) the federal funds rate plus 0.50%, (b) the rate of interest in effect for such day as publicly announced from time to time by agent as its “prime rate,” and (c) the eurodollar rate for an interest period of one month plus 1.00%. The interest rate for eurodollar loans is equal to (1) the applicable rate, which ranges from 1.50% to 2.50%, plus (2) the London interbank offered rate that appears on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate for deposits in U.S. dollars, or, if such rate is not available, the rate as administered by ICE Benchmark Administration (or any other person that takes over administration of such rate) per annum equal to the offered rate on such other page or service that displays on average London interbank offered rate as determined by ICE Benchmark Administration (or any other person that takes over administration of such rate) for deposits in U.S. dollars, or, if such rate is not available, the average quotations for three major New York money center banks of whom the agent shall inquire as the “London Interbank Offered Rate” for deposits in U.S. dollars. At March 31, 2015, amounts borrowed under the Amended and Restated Credit Agreement bore interest at the Eurodollar rate (2.18%).The Amended and Restated Credit Agreement contains customary negative covenants including, but not limited to, restrictions on the Company’s and its subsidiaries’ ability to: •incur indebtedness; •grant liens; •pay dividends and make other restricted payments; •make investments; •make fundamental changes; •enter into swap contracts and forward sales contracts; •dispose of assets; •change the nature of their business; and •enter into transactions with affiliates. The negative covenants are subject to certain exceptions as specified in the Amended and Restated Credit Agreement. The Amended and Restated Credit Agreement also contains certain affirmative covenants, including, but not limited to the following financial covenants: (i) the ratio of net funded debt to EBITDAX (net income, excluding (i) any non-cash revenue or expense associated with swap contracts resulting from ASC 815 and (ii) any cash or noncash revenue or expense attributable to minority investments plus without duplication and, in the case of expenses, to the extent deducted from revenues in determining net income, the sum of (a) the aggregate amount of consolidated interest expense for such period, (b) the aggregate amount of income, franchise, capital or similar tax expense (other than ad valorem taxes) for such period, (c) all amounts attributable to depletion, depreciation, amortization and asset or goodwill impairment or writedown for such period, (d) all other non-cash charges, (e) exploration costs deducted in determining net income under successful efforts accounting, (f) actual cash distributions received from minority investments, (g) to the extent actually reimbursed by insurance, expenses with respect to liability on casualty events or business interruption, and (h) all reasonable transaction expenses related to dispositions and acquisitions of assets, investments and debt and equity offerings (provided that expenses related to any unsuccessful disposition will be limited to $3.0 million in the aggregate) for a twelve-month period may not be greater than 3.50 to 1.00; for the period December 31, 2014 through June 30, 2015 and 3.25 to 1.00 for the twelve-month period ending September 30, 2015 and periods thereafter; and (ii) the ratio of EBITDAX to interest expense for a twelve-month period may not be less than 3.00 to 1.00. The Company was in compliance with all covenants at March 31, 2015.

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Consolidated Statements of Stockholders' Equity (USD $) In Thousands, except Share data, unless otherwise specified	Total	Common Stock [Member]	Paid-In Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Retained Earnings [Member]
Beginning Balance at Dec. 31, 2013	$ 2,050,238	$ 851	$ 1,813,058	$ (9,781)	$ 246,110
Beginning Balance (in shares) at Dec. 31, 2013		85,177,532
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	82,558				82,558
Other Comprehensive Loss	(7,278)			(7,278)
Stock Compensation	4,307		4,307
Issuance of Restricted Stock (in shares)		63,951
Issuance of Restricted Stock	0	0	0
Issuance of Common Stock through exercise of options (in shares)		182,908
Issuance of Common Stock through exercise of options	615	2	613
Ending Balance at Mar. 31, 2014	2,130,440	853	1,817,978	(17,059)	328,668
Ending Balance (in shares) at Mar. 31, 2014		85,424,391
Beginning Balance at Dec. 31, 2014	2,296,296	856	1,828,602	(26,675)	493,513
Beginning Balance (in shares) at Dec. 31, 2014	85,655,438	85,655,438
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	25,519				25,519
Other Comprehensive Loss	(14,984)			(14,984)
Stock Compensation	3,462		3,462
Issuance of Restricted Stock (in shares)		60,381
Issuance of Restricted Stock	0	1	(1)
Issuance of Common Stock through exercise of options (in shares)	0	0
Issuance of Common Stock through exercise of options	0	0	0
Ending Balance at Mar. 31, 2015	$ 2,310,293	$ 857	$ 1,832,063	$ (41,659)	$ 519,032
Ending Balance (in shares) at Mar. 31, 2015	85,715,819	85,715,819

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Condensed Consolidating Financial Information - (Details) (Senior Notes [Member], USD $)	Mar. 31, 2015		Dec. 31, 2014		Aug. 18, 2014	Dec. 21, 2012	Oct. 17, 2012
Senior Notes [Member]
Condensed Financial Statements, Captions [Line Items]
Long-term debt	$ 600,000,000	[1]	$ 600,000,000	[1]	$ 600,000,000.0	$ 600,000,000.0	$ 600,000,000.0
Stated interest rate					7.75%	7.75%	7.75%

[1] On October 17, 2012, the Company issued $250.0 million in aggregate principal amount of senior unsecured notes due 2020 (the "October Notes") to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in accordance with Regulation S under the Securities Act (the "October Notes Offering") under an indenture among the Company, its subsidiary guarantors and Wells Fargo Bank, National Association, as the trustee (the "senior note indenture"). On December 21, 2012, the Company issued an additional $50.0 million in aggregate principal amount of senior unsecured notes due 2020 (the "December Notes") to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in accordance with Regulation S under the Securities Act ("the December Notes Offering"). The December Notes were issued as additional securities under the senior note indenture. The Company used a portion of the net proceeds from the October Notes Offering to repay all amounts outstanding at such time under its revolving credit facility. The Company used the remaining net proceeds of the October Notes Offering and the net proceeds of the December Notes Offering for general corporate purposes, which included funding a portion of its 2013 capital development plan. The October Notes and the December Notes were exchanged for substantially identical notes in the same aggregate principal amount that were registered under the Securities Act in October 2013 (the "Exchange Notes").On August 18, 2014, the Company issued an additional $300.0 million in aggregate principal amount of senior unsecured notes due 2020 (the "August Notes") to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in accordance with Regulation S under the Securities Act ("the August Notes Offering"). The August Notes were issued as additional securities under the senior note indenture. The Company used a portion of the net proceeds from the August Notes Offering to repay all amounts outstanding at such time under its revolving credit facility. The Company intends to use the remaining net proceeds of the August Notes Offering for general corporate purposes, including funding a portion of its 2014 and 2015 capital development plans. The October Notes Offering, December Notes Offering and the August Notes Offering are collectively referred to as the "Notes Offerings" and the Exchange Notes, and the August Notes are collectively referred to as the "Old Notes".In connection with the issuance of the August Notes, the Company and the subsidiary guarantors entered into a registration rights agreement with the initial purchasers on August 18, 2014, pursuant to which the Company and the subsidiary guarantors have agreed to file a registration statement with respect to an offer to exchange the August Notes for a new issue of substantially identical debt securities registered under the Securities Act. The registration statement relating to the exchange offer for the August Notes was filed on November 6, 2014, as amended on February 3, 2015, and declared effective by the SEC on February 4, 2015. The exchange offer for the August Notes was completed in March 2015.Under the senior note indenture relating to the Old Notes, interest on the Old Notes accrues at a rate of 7.75% per annum on the outstanding principal amount from October 17, 2012, payable semi-annually on May 1 and November 1 of each year, commencing on May 1, 2013. The Old Notes are the Company's senior unsecured obligations and rank equally in the right of payment with all of the Company's other senior indebtedness and senior in right of payment to any future subordinated indebtedness. All of the Company's existing and future restricted subsidiaries that guarantee the Company's secured revolving credit facility or certain other debt guarantee the Old Notes; provided, however, that the Old Notes are not guaranteed by Grizzly Holdings, Inc. and will not be guaranteed by any of the Company's future unrestricted subsidiaries. The Company may redeem some or all of the Old Notes at any time on or after November 1, 2016, at the redemption prices listed in the senior note indenture. Prior to November 1, 2016, the Company may redeem the Old Notes at a price equal to 100% of the principal amount plus a “make-whole” premium. In addition, prior to November 1, 2015, the Company may redeem up to 35% of the aggregate principal amount of the Old Notes with the net proceeds of certain equity offerings, provided that at least 65% of the aggregate principal amount of the Old Notes initially issued remains outstanding immediately after such redemption.

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Property And Equipment (Schedule Of Property And Equipment) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Abstract]
Oil and natural gas properties	$ 4,177,962	$ 3,923,154
Office furniture and fixtures	11,133	10,752
Building	5,724	5,398
Land	2,194	2,194
Total property and equipment	4,197,013	3,941,498
Accumulated depletion, depreciation, amortization and impairment	(1,140,168)	(1,050,879)
Property and equipment, net	$ 3,056,845	$ 2,890,619

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Recent Accounting Pronouncements (Policies)

3 Months Ended

Mar. 31, 2015

Accounting Policies [Abstract]

Recent Accounting Pronouncements

In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08: Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360) - Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU 2014-08 changes the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other material disposal transactions that do not meet the revised definition of a discontinued operation. Under the updated standard, a disposal of a component or group of components of an entity is required to be reported as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the component or group of components of the entity (1) has been disposed of by a sale, (2) has been disposed of other than by sale or (3) is classified as held for sale. The ASU is effective for annual and interim periods beginning after December 15, 2014, however, early adoption is permitted. The Company early adopted this ASU on a prospective basis beginning with the second quarter of 2014. The adoption did not have a material impact on the Company’s consolidated financial statements.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. The core principle of the new standard is for the recognition of revenue to depict the transfer of goods or services to customers in amounts that reflect the payment to which the company expects to be entitled in exchange for those goods or services. The new standard will also result in enhanced revenue disclosures, provide guidance for transactions that were not previously addressed comprehensively and improve guidance for multiple-element arrangements. The ASU is effective for annual periods beginning after December 15, 2016, and interim periods within those years, using either a full or a modified retrospective application approach. The Company is in the process of evaluating the impact on its consolidated financial statements.

In August 2014, the FASB issued ASU No. 2014-15, "Presentation of Financial Statements - Going Concern (Subtopic 205-40)." The new guidance addresses management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and in certain circumstances to provide related footnote disclosures. The standard is effective for the annual period ending after December 15, 2016 and for annual and interim periods thereafter. Early adoption is permitted. The Company does not believe that the adoption of this guidance will have a material impact on its consolidated financial statements.

In April 2015, the FASB issued ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs (ASU 2015-03)." To simplify presentation of debt issuance costs, ASU 2015-03 requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts. ASU 2015-03 is effective for public entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company is in the process of assessing the effects of adoption of this new guidance.

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Property And Equipment (Narrative) (Details) (USD $)	3 Months Ended		1 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Jan. 31, 2013	Dec. 31, 2014	Oct. 31, 2012	Oct. 11, 2012	May 07, 2012
Property, Plant and Equipment [Line Items]
Cumulative capitalization of general and administrative costs incurred and capitalized to the full cost pool	$ 79,900,000
Capitalized general and administrative costs	7,200,000	6,300,000
Capitalized costs of oil and natural gas properties excluded from amortization	1,546,804,000			1,465,538,000
Payment received from Diamondback	(24,178,000)	27,944,000
Diamondback [Member]
Property, Plant and Equipment [Line Items]
Investment (shares)						7,914,036
Promissory note receivable						63,600,000
Ownership interest					21.40%		35.00%
Diamondback [Member] | Accounts Receivable - Related Party [Member]
Property, Plant and Equipment [Line Items]
Payment received from Diamondback			$ 18,600,000
Minimum [Member]
Property, Plant and Equipment [Line Items]
Expected number of years amortization will commence	3 years
Maximum [Member]
Property, Plant and Equipment [Line Items]
Expected number of years amortization will commence	5 years

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Property And Equipment (Tables)

3 Months Ended

Mar. 31, 2015

Property, Plant and Equipment [Abstract]

Schedule Of Property And Equipment

The major categories of property and equipment and related accumulated depletion, depreciation, amortization and impairment as of March 31, 2015 and December 31, 2014 are as follows:

	March 31, 2015			December 31, 2014
	(In thousands)
Oil and natural gas properties	$	4,177,962		$	3,923,154
Office furniture and fixtures	11,133			10,752
Building	5,724			5,398
Land	2,194			2,194
Total property and equipment	4,197,013			3,941,498
Accumulated depletion, depreciation, amortization and impairment	(1,140,168		)	(1,050,879		)
Property and equipment, net	$	3,056,845		$	2,890,619

Summary Of Oil And Gas Properties Not Subject To Amortization

The following table summarizes the Company’s non-producing properties excluded from amortization by area at March 31, 2015:

	March 31, 2015
	(In thousands)
Colorado	$	5,088
Bakken	96
Southern Louisiana	283
Ohio	1,541,292
Other	45
	$	1,546,804

Schedule Of Asset Retirement Obligation

A reconciliation of the Company's asset retirement obligation for the three months ended March 31, 2015 and 2014 is as follows:

	March 31, 2015			March 31, 2014
	(In thousands)
Asset retirement obligation, beginning of period	$	17,938		$	15,083
Liabilities incurred	1,584			1,869
Liabilities settled	(981		)	(1,695		)
Accretion expense	190			188
Asset retirement obligation as of end of period	18,731			15,445
Less current portion	75			795
Asset retirement obligation, long-term	$	18,656		$	14,650

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Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net income	$ 25,519	$ 82,558
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion of discount—Asset Retirement Obligation	190	188
Depletion, depreciation and amortization	89,909	56,877
Stock-based compensation expense	2,077	2,584
Gain from equity investments	(12,759)	(43,688)
Interest income - note receivable		(13)
Unrealized (gain) loss on derivative instruments	(31,324)	8,665
Deferred income tax expense	14,479	33,564
Amortization of loan commitment fees	617	294
Amortization of note discount and premium	(528)	78
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable	24,178	(27,944)
Decrease in accounts receivable—related party	13	2,047
Increase in prepaid expenses	(12,063)	(771)
(Decrease) increase in accounts payable and accrued liabilities	(290)	43,406
Settlement of asset retirement obligation	(981)	(1,695)
Net cash provided by operating activities	99,037	156,150
Cash flows from investing activities:
Deductions to cash held in escrow	8	8
Additions to other property and equipment	(632)	(1,002)
Additions to oil and gas properties	(226,905)	(420,431)
Proceeds from sale of oil and gas properties	1,314	0
Contributions to equity method investments	(6,093)	(23,687)
Distributions from equity method investments	817	0
Net cash used in investing activities	(231,491)	(445,112)
Cash flows from financing activities:
Principal payments on borrowings	(50,045)	(42)
Borrowings on line of credit	115,000	0
Debt issuance costs and loan commitment fees	(101)	(185)
Proceeds from issuance of common stock, net of offering costs and exercise of stock options		615
Net cash provided by financing activities	64,854	388
Net decrease in cash and cash equivalents	(67,600)	(288,574)
Cash and cash equivalents at beginning of period	142,340	458,956
Cash and cash equivalents at end of period	74,740	170,382
Supplemental disclosure of cash flow information:
Interest payments	240	18
Income tax payments	29,750	13,000
Supplemental disclosure of non-cash transactions:
Capitalized stock based compensation	1,385	1,723
Asset retirement obligation capitalized	1,584	1,869
Interest capitalized	3,694	2,318
Foreign currency translation loss on investment in Grizzly Oil Sands ULC	$ (14,984)	$ (7,278)

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Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Capitalized costs of oil and natural gas properties excluded from amortization	$ 1,546,804	$ 1,465,538
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (shares)	5,000,000	5,000,000
Temporary Equity, Shares Authorized (shares)	30,000	30,000
Preferred stock dividend rate	12.00%	12.00%
Preferred stock Series A, issued (shares)	0	0
Preferred stock Series A, outstanding (shares)	0	0
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common Stock, Shares Authorized (shares)	200,000,000	200,000,000
Common Stock, Shares, Issued (shares)	85,715,819	85,655,438
Common Stock, Shares, Outstanding (shares)	85,715,819	85,655,438

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Fair Value Measurements

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

The Company records certain financial and non-financial assets and liabilities on the balance sheet at fair value in accordance with FASB ASC 820. FASB ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date. The statement establishes market or observable inputs as the preferred sources of values, followed by assumptions based on hypothetical transactions in the absence of market inputs. The statement requires fair value measurements be classified and disclosed in one of the following categories:

Level 1 – Quoted prices in active markets for identical assets and liabilities.

Level 2 – Quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

Level 3 – Significant inputs to the valuation model are unobservable.

Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement.

The following tables summarize the Company’s financial and non-financial liabilities by FASB ASC 820 valuation level as of March 31, 2015:

	March 31, 2015
	Level 1		Level 2		Level 3
	(In thousands)
Assets:
Fixed price swaps	$	134,986	$	—	$	—
Liabilities:
Fixed price swaps	$	823	$	—	$	—

The estimated fair value of the Company’s fixed price and basis swap contracts were based upon forward commodity prices based on quoted market prices, adjusted for differentials. See Note 9 for further discussion of the Company's hedging activities.

The estimated fair values of proved oil and gas properties assumed in business combinations are based on a discounted cash flow model and market assumptions as to future commodity prices, projections of estimated quantities of oil and natural gas reserves, expectations for timing and amount of future development and operating costs, projections of future rates of production, expected recovery rates, and risk-adjusted discount rates. The estimated fair values of unevaluated oil and gas properties was based on geological studies, historical well performance, location and applicable mineral lease terms. Based on the unobservable nature of certain of the inputs the estimated fair value of the oil and gas properties assumed is deemed to use Level 3 inputs. See Note 1 for further discussion of the Company's acquisitions.

The Company estimates asset retirement obligations pursuant to the provisions of FASB ASC Topic 410, “Asset Retirement and Environmental Obligations” (“FASB ASC 410”). The initial measurement of asset retirement obligations at fair value is calculated using discounted cash flow techniques and based on internal estimates of future retirement costs associated with oil and gas properties. Given the unobservable nature of the inputs, including plugging costs and reserve lives, the initial measurement of the asset retirement obligation liability is deemed to use Level 3 inputs. See Note 2 for further discussion of the Company’s asset retirement obligations. Asset retirement obligations incurred during the three months ended March 31, 2015 were approximately $1.6 million.

Due to the unobservable nature of the inputs, the fair value of the Company's initial investment in Mammoth was estimated using assumptions that represent level 3 inputs. The Company estimated the fair value of the investment as of the November 24, 2014 contribution date. See Note 3 for further discussion of the Company's contribution to Mammoth. The estimated fair value of the Company's investment in Mammoth was $143.5 million at December 31, 2014.

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Document And Entity Information	3 Months Ended
	Mar. 31, 2015	May 01, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2015
Entity Registrant Name	GULFPORT ENERGY CORP
Entity Central Index Key	0000874499
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2015
Entity Filer Category	Large Accelerated Filer
Document Fiscal Period Focus	Q1
Entity Common Stock, Shares Outstanding		96,656,652

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Fair Value Of Financial Instruments

3 Months Ended

Mar. 31, 2015

Investments, All Other Investments [Abstract]

Fair Value Of Financial Instruments

FAIR VALUE OF FINANCIAL INSTRUMENTS

The carrying amounts on the accompanying consolidated balance sheet for cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, and current debt are carried at cost, which approximates market value due to their short-term nature. Long-term debt related to the building loan is carried at cost, which approximates market value based on the borrowing rates currently available to the Company with similar terms and maturities.

At March 31, 2015, the carrying value of the outstanding debt represented by the Notes was $614.1 million, including the remaining unamortized discount of approximately $2.8 million related to the October Notes and the remaining unamortized premium of approximately $0.4 million related to the December Notes and $16.5 million related to the August Notes. Based on the quoted market price, the fair value of the Notes was determined to be approximately $615.8 million at March 31, 2015.

The fair value of the derivative instruments is computed based on the difference between the prices provided by the fixed-price contracts and forward market prices as of the specified date, as adjusted for basis differentials, and for the Company's swaptions, market implied volatilities of the underlying commodity are also evaluated. Forward market prices for oil and natural gas are dependent upon supply and demand factors in such forward market and are subject to significant volatility.

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Consolidated Statements of Operations (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Revenues:
Gas sales	$ 118,570	$ 18,349
Oil and condensate sales	35,500	73,377
Natural gas liquid sales	22,007	26,136
Other income	240	167
Total revenues	176,317	118,029
Costs and expenses:
Lease operating expenses	16,980	11,629
Production taxes	4,285	6,957
Midstream gathering and processing	25,381	7,769
Depreciation, depletion and amortization	89,909	56,877
General and administrative	10,799	9,511
Accretion expense	190	188
Gain on sale of assets	0	(11)
Total costs and expenses	147,544	92,920
INCOME FROM OPERATIONS	28,773	25,109
OTHER (INCOME) EXPENSE:
Interest expense	8,759	3,885
Interest income	(9)	(106)
Litigation settlement	0	18,000
Income from equity method investments	(19,975)	(128,475)
Total Other (Income) Expense	(11,225)	(106,696)
INCOME BEFORE INCOME TAXES	39,998	131,805
INCOME TAX EXPENSE	14,479	49,247
NET INCOME	$ 25,519	$ 82,558
NET INCOME PER COMMON SHARE:
Basic net income per share (in usd per share)	$ 0.30	$ 0.97
Diluted net income per share (in usd per share)	$ 0.30	$ 0.96
Weighted average common shares outstanding - Basic (shares)	85,679,606	85,259,407
Weighted average common shares outstanding-Diluted (shares)	86,120,030	85,738,626

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Long-Term Debt

3 Months Ended

Mar. 31, 2015

Long-term Debt, Unclassified [Abstract]

Long-Term Debt

LONG-TERM DEBT

Long-term debt consisted of the following items as of March 31, 2015 and December 31, 2014:

	March 31, 2015			December 31, 2014
	(In thousands)
Revolving credit agreement (1)	$	165,000		$	100,000
Building loans (2)	1,781			1,826
7.75% senior unsecured notes due 2020 (3)	600,000			600,000
Unamortized original issue (discount) premium, net (4)	14,130			14,658
Less: current maturities of long term debt	(1,781		)	(168		)
Debt reflected as long term (5)	$	779,130		$	716,316

The Company capitalized approximately $3.7 million and $2.3 million in interest expense to oil and natural gas properties during the three months ended March 31, 2015 and 2014, respectively.

(1) On December 27, 2013, the Company entered into an Amended and Restated Credit Agreement with The Bank of Nova Scotia, as administrative agent, sole lead arranger and sole bookrunner, Amegy Bank National Association, as syndication agent, KeyBank National Association, as documentation agent, and other lenders (The "Amended and Restated Credit Agreement") that provides for a maximum facility amount of $1.5 billion. The Amended and Restated Credit Agreement matures on June 6, 2018. The Company’s wholly-owned subsidiaries have guaranteed the obligations of the Company under the Amended and Restated Credit Agreement.

On April 23, 2014, the Company entered into a first amendment to the Amended and Restated Credit Agreement. The first amendment increased the letter of credit sublimit from $20.0 million to $70.0 million and provided for an increase in the borrowing base availability from $150.0 million to $275.0 million. The first amendment also made certain changes to the lenders and their respective lending commitments thereunder.

On November 26, 2014, the Company entered into a second amendment to the Amended and Restated Credit Agreement. The second amendment changed the definition of EBITDAX to exclude proceeds from the disposition of equity method investments and changed the ratio of funded debt to EBITDAX to be the ratio of net funded debt to EBITDAX. Net funded debt is funded debt less the amount of cash and short-term investments the Company has at the end of the relevant fiscal quarter. The second amendment increases the ratio from 2.00 to 1.00 to 3.50 to 1.00 for the period December 31, 2014 through June 30, 2015 and then decreases the ratio to 3.25 to 1.00 for the periods thereafter. Further, the second amendment increased the letter of credit sublimit from $70.0 million to $125.0 million and provided for an increase in the borrowing base availability from $275.0 million to $450.0 million. As of March 31, 2015, $165.0 million was outstanding under the Amended and Restated Credit Agreement. At March 31, 2015, the total availability for future borrowings under the Amended and Restated Credit Agreement, after giving effect to an aggregate of $68.2 million of letters of credit, was $216.8 million.

On April 10, 2015, the Company entered into a third amendment to the Amended and Restated Credit Agreement. The third amendment increased the borrowing base from $450.0 million to $575.0 million and increased the Company's basket for unsecured debt issuances to $1.2 billion. The third amendment also made certain changes to the lenders and their respective lending commitments thereunder.

Advances under the Amended and Restated Credit Agreement may be in the form of either base rate loans or eurodollar loans. The interest rate for base rate loans is equal to (1) the applicable rate, which ranges from 0.50% to 1.50%, plus (2) the highest of: (a) the federal funds rate plus 0.50%, (b) the rate of interest in effect for such day as publicly announced from time to time by agent as its “prime rate,” and (c) the eurodollar rate for an interest period of one month plus 1.00%. The interest rate for eurodollar loans is equal to (1) the applicable rate, which ranges from 1.50% to 2.50%, plus (2) the London interbank offered rate that appears on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate for deposits in U.S. dollars, or, if such rate is not available, the rate as administered by ICE Benchmark Administration (or any other person that takes over administration of such rate) per annum equal to the offered rate on such other page or service that displays on average London interbank offered rate as determined by ICE Benchmark Administration (or any other person that takes over administration of such rate) for deposits in U.S. dollars, or, if such rate is not available, the average quotations for three major New York money center banks of whom the agent shall inquire as the “London Interbank Offered Rate” for deposits in U.S. dollars. At March 31, 2015, amounts borrowed under the Amended and Restated Credit Agreement bore interest at the Eurodollar rate (2.18%).

The Amended and Restated Credit Agreement contains customary negative covenants including, but not limited to, restrictions on the Company’s and its subsidiaries’ ability to:

•incur indebtedness;

•grant liens;

•pay dividends and make other restricted payments;

•make investments;

•make fundamental changes;

•enter into swap contracts and forward sales contracts;

•dispose of assets;

•change the nature of their business; and

•enter into transactions with affiliates.

The negative covenants are subject to certain exceptions as specified in the Amended and Restated Credit Agreement. The Amended and Restated Credit Agreement also contains certain affirmative covenants, including, but not limited to the following financial covenants:

(i) the ratio of net funded debt to EBITDAX (net income, excluding (i) any non-cash revenue or expense associated with swap contracts resulting from ASC 815 and (ii) any cash or noncash revenue or expense attributable to minority investments plus without duplication and, in the case of expenses, to the extent deducted from revenues in determining net income, the sum of (a) the aggregate amount of consolidated interest expense for such period, (b) the aggregate amount of income, franchise, capital or similar tax expense (other than ad valorem taxes) for such period, (c) all amounts attributable to depletion, depreciation, amortization and asset or goodwill impairment or writedown for such period, (d) all other non-cash charges, (e) exploration costs deducted in determining net income under successful efforts accounting, (f) actual cash distributions received from minority investments, (g) to the extent actually reimbursed by insurance, expenses with respect to liability on casualty events or business interruption, and (h) all reasonable transaction expenses related to dispositions and acquisitions of assets, investments and debt and equity offerings (provided that expenses related to any unsuccessful disposition will be limited to $3.0 million in the aggregate) for a twelve-month period may not be greater than 3.50 to 1.00; for the period December 31, 2014 through June 30, 2015 and 3.25 to 1.00 for the twelve-month period ending September 30, 2015 and periods thereafter; and

(ii) the ratio of EBITDAX to interest expense for a twelve-month period may not be less than 3.00 to 1.00.

The Company was in compliance with all covenants at March 31, 2015.

(2) In March 2011, the Company entered into a new building loan agreement for the office building it occupies in Oklahoma City, Oklahoma. The new loan agreement refinanced the $2.4 million outstanding under the previous building loan agreement. The new agreement matures in February 2016 and bears interest at the rate of 5.82% per annum. The new building loan requires monthly interest and principal payments of approximately $22,000 and is collateralized by the Oklahoma City office building and associated land.

(3) On October 17, 2012, the Company issued $250.0 million in aggregate principal amount of senior unsecured notes due 2020 (the "October Notes") to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in accordance with Regulation S under the Securities Act (the "October Notes Offering") under an indenture among the Company, its subsidiary guarantors and Wells Fargo Bank, National Association, as the trustee (the "senior note indenture"). On December 21, 2012, the Company issued an additional $50.0 million in aggregate principal amount of senior unsecured notes due 2020 (the "December Notes") to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in accordance with Regulation S under the Securities Act ("the December Notes Offering"). The December Notes were issued as additional securities under the senior note indenture. The Company used a portion of the net proceeds from the October Notes Offering to repay all amounts outstanding at such time under its revolving credit facility. The Company used the remaining net proceeds of the October Notes Offering and the net proceeds of the December Notes Offering for general corporate purposes, which included funding a portion of its 2013 capital development plan. The October Notes and the December Notes were exchanged for substantially identical notes in the same aggregate principal amount that were registered under the Securities Act in October 2013 (the "Exchange Notes").

On August 18, 2014, the Company issued an additional $300.0 million in aggregate principal amount of senior unsecured notes due 2020 (the "August Notes") to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in accordance with Regulation S under the Securities Act ("the August Notes Offering"). The August Notes were issued as additional securities under the senior note indenture. The Company used a portion of the net proceeds from the August Notes Offering to repay all amounts outstanding at such time under its revolving credit facility. The Company intends to use the remaining net proceeds of the August Notes Offering for general corporate purposes, including funding a portion of its 2014 and 2015 capital development plans. The October Notes Offering, December Notes Offering and the August Notes Offering are collectively referred to as the "Notes Offerings" and the Exchange Notes, and the August Notes are collectively referred to as the "Old Notes".

In connection with the issuance of the August Notes, the Company and the subsidiary guarantors entered into a registration rights agreement with the initial purchasers on August 18, 2014, pursuant to which the Company and the subsidiary guarantors have agreed to file a registration statement with respect to an offer to exchange the August Notes for a new issue of substantially identical debt securities registered under the Securities Act. The registration statement relating to the exchange offer for the August Notes was filed on November 6, 2014, as amended on February 3, 2015, and declared effective by the SEC on February 4, 2015. The exchange offer for the August Notes was completed in March 2015.

Under the senior note indenture relating to the Old Notes, interest on the Old Notes accrues at a rate of 7.75% per annum on the outstanding principal amount from October 17, 2012, payable semi-annually on May 1 and November 1 of each year, commencing on May 1, 2013. The Old Notes are the Company's senior unsecured obligations and rank equally in the right of payment with all of the Company's other senior indebtedness and senior in right of payment to any future subordinated indebtedness. All of the Company's existing and future restricted subsidiaries that guarantee the Company's secured revolving credit facility or certain other debt guarantee the Old Notes; provided, however, that the Old Notes are not guaranteed by Grizzly Holdings, Inc. and will not be guaranteed by any of the Company's future unrestricted subsidiaries. The Company may redeem some or all of the Old Notes at any time on or after November 1, 2016, at the redemption prices listed in the senior note indenture. Prior to November 1, 2016, the Company may redeem the Old Notes at a price equal to 100% of the principal amount plus a “make-whole” premium. In addition, prior to November 1, 2015, the Company may redeem up to 35% of the aggregate principal amount of the Old Notes with the net proceeds of certain equity offerings, provided that at least 65% of the aggregate principal amount of the Old Notes initially issued remains outstanding immediately after such redemption.

(4) The October Notes were issued at a price of 98.534% resulting in a gross discount of $3.7 million and an effective rate of 8.000%. The December Notes were issued at a price of 101.000% resulting in a gross premium of $0.5 million and an effective rate of 7.531%. The August Notes were issued at a price of 106.000% resulting in a gross premium of $18.0 million and an effective rate of 6.561%. The premium and discount are being amortized using the effective interest method.

(5) Does not reflect the Company's issuance of $350.0 million in aggregate principal amount of 6.625% Senior Notes due 2023 on April 21, 2015. See Note 14 - "Subsequent Events" below.

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Other Assets

3 Months Ended

Mar. 31, 2015

Other Assets, Noncurrent Disclosure [Abstract]

Other Assets

OTHER ASSETS

Prepaid expenses and other current assets consist of the following at March 31, 2015: prepaid taxes of $12.1 million, prepaid insurance of $2.3 million and prepaid other expense of $1.4 million.

Other assets consist of the following as of March 31, 2015 and December 31, 2014:

	March 31, 2015		December 31, 2014
	(In thousands)
Plugging and abandonment escrow account on the WCBB properties (Note 8)	$	3,089	$	3,097
Certificates of Deposit securing letter of credit	275		275
Prepaid drilling costs	269		483
Loan commitment fees	14,771		15,390
Deposits	34		34
Other	128		117
	$	18,566	$	19,396

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Acquisitions (Tables)

3 Months Ended

Mar. 31, 2015

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the consideration paid in the Rhino Acquisition to acquire the properties and the fair value amount of the assets acquired as of March 20, 2014.

	(In thousands)
Consideration paid
Cash, net of purchase price adjustments	$	179,527
Fair value of identifiable assets acquired
Oil and natural gas properties
Proved	$	31,961
Unproved	6,263
Unevaluated	141,303
Fair value of net identifiable assets acquired	$	179,527

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Condensed Consolidating Financial Information

3 Months Ended

Mar. 31, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Financial Information

CONDENSED CONSOLIDATING FINANCIAL INFORMATION

On October 17, 2012, December 21, 2012, and August 18, 2014, the Company issued an aggregate of $600.0 million principal amount of its 7.75% Senior Notes. The October Notes and the December Notes were exchanged for substantially identical notes in the same aggregate principal amount that were registered under the Securities Act. The Exchange Notes and the August Notes are collectively referred to as the "Notes". The Notes are guaranteed on a senior unsecured basis by all existing consolidated subsidiaries that guarantee the Company's secured revolving credit facility or certain other debt (the "Guarantors"). The Notes are not guaranteed by Grizzly Holdings, Inc. (the "Non-Guarantor"). The Guarantors are 100% owned by Gulfport (the "Parent"), and the guarantees are full, unconditional, joint and several. There are no significant restrictions on the ability of the Parent or the Guarantors to obtain funds from each other in the form of a dividend or loan.

In connection with the issuance of the August Notes, the Company and the subsidiary guarantors entered into a registration rights agreement with the initial purchasers on August 18, 2014, pursuant to which the Company and the subsidiary guarantors have agreed to file a registration statement with respect to an offer to exchange the August Notes for a new issue of substantially identical debt securities registered under the Securities Act. The registration statement relating to the exchange offer for the August Notes was filed on November 6, 2014, as amended on February 3, 2015, and declared effective by the SEC on February 4, 2015. The exchange offer for the August Notes was completed in March 2015.

The following condensed consolidating balance sheets, statements of operations, statements of comprehensive income (loss) and statements of cash flows are provided for the Parent, the Guarantors and the Non-Guarantor and include the consolidating adjustments and eliminations necessary to arrive at the information for the Company on a condensed consolidated basis. The information has been presented using the equity method of accounting for the Parent's ownership of the Guarantors and the Non-Guarantor.

CONDENSED CONSOLIDATING BALANCE SHEETS

(Amounts in thousands)

	March 31, 2015
	Parent			Guarantors			Non-Guarantor			Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	73,667		$	1,072		$	1		$	—		$	74,740
Accounts receivable - oil and gas	79,621			59			—			—			79,680
Accounts receivable - related parties	33			—			—			—			33
Accounts receivable - intercompany	48,154			26			—			(48,180		)	—
Prepaid expenses and other current assets	15,777			—			—			—			15,777
Short-term derivative instruments	93,030			—			—			—			93,030
Total current assets	310,282			1,157			1			(48,180		)	263,260
Property and equipment:
Oil and natural gas properties, full-cost accounting	4,139,903			38,769			—			(710		)	4,177,962
Other property and equipment	19,008			43			—			—			19,051
Accumulated depletion, depreciation, amortization and impairment	(1,140,142		)	(26		)	—			—			(1,140,168		)
Property and equipment, net	3,018,769			38,786			—			(710		)	3,056,845
Other assets:
Equity investments and investments in subsidiaries	365,840			—			167,186			(158,055		)	374,971
Derivative instruments	41,956			—			—			—			41,956
Other assets	18,566			—			—			—			18,566
Total other assets	426,362			—			167,186			(158,055		)	435,493
Total assets	$	3,755,413		$	39,943		$	167,187		$	(206,945	)	$	3,755,598
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued liabilities	$	399,912		$	184		$	—		$	—		$	400,096
Accounts payable - intercompany	—			48,072			108			(48,180		)	—
Asset retirement obligation - current	75			—			—			—			75
Short-term derivative instruments	823			—			—			—			823
Deferred tax liability - current	29,622			—			—			—			29,622
Current maturities of long-term debt	1,781			—			—			—			1,781
Total current liabilities	432,213			48,256			108			(48,180		)	432,397
Long-term derivative instrument	—			—			—			—			—
Asset retirement obligation - long-term	18,656			—			—			—			18,656
Deferred tax liability	215,122			—			—			—			215,122
Long-term debt, net of current maturities	779,130			—			—			—			779,130
Total liabilities	1,445,121			48,256			108			(48,180		)	1,445,305
Stockholders' equity:
Common stock	857			—			—			—			857
Paid-in capital	1,832,062			321			233,174			(233,494		)	1,832,063
Accumulated other comprehensive income (loss)	(41,659		)	—			(41,659		)	41,659			(41,659		)
Retained earnings (accumulated deficit)	519,032			(8,634		)	(24,436		)	33,070			519,032
Total stockholders' equity	2,310,292			(8,313		)	167,079			(158,765		)	2,310,293
Total liabilities and stockholders' equity	$	3,755,413		$	39,943		$	167,187		$	(206,945	)	$	3,755,598

CONDENSED CONSOLIDATING BALANCE SHEETS

(Amounts in thousands)

	December 31, 2014
	Parent			Guarantors			Non-Guarantor			Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	141,535		$	804		$	1		$	—		$	142,340
Accounts receivable - oil and gas	103,762			96			—			—			103,858
Accounts receivable - related parties	46			—			—			—			46
Accounts receivable - intercompany	45,222			27			—			(45,249		)	—
Prepaid expenses and other current assets	3,714			—			—			—			3,714
Short-term derivative instruments	78,391			—			—			—			78,391
Total current assets	372,670			927			1			(45,249		)	328,349
Property and equipment:
Oil and natural gas properties, full-cost accounting,	3,887,874			35,990			—			(710		)	3,923,154
Other property and equipment	18,301			43			—			—			18,344
Accumulated depletion, depreciation, amortization and impairment	(1,050,855		)	(24		)	—			—			(1,050,879		)
Property and equipment, net	2,855,320			36,009			—			(710		)	2,890,619
Other assets:
Equity investments and investments in subsidiaries	360,238			—			180,217			(170,874		)	369,581
Derivative instruments	24,448			—			—			—			24,448
Other assets	19,396			—			—			—			19,396
Total other assets	404,082			—			180,217			(170,874		)	413,425
Total assets	$	3,632,072		$	36,936		$	180,218		$	(216,833	)	$	3,632,393
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued liabilities	$	371,089		$	321		$	—		$	—		$	371,410
Accounts payable - intercompany	—			45,143			106			(45,249		)	—
Asset retirement obligation - current	75			—			—			—			75
Deferred tax liability	27,070			—			—			—			27,070
Current maturities of long-term debt	168			—			—			—			168
Total current liabilities	398,402			45,464			106			(45,249		)	398,723
Asset retirement obligation - long-term	17,863			—			—			—			17,863
Deferred tax liability	203,195			—			—			—			203,195
Long-term debt, net of current maturities	716,316			—			—			—			716,316
Total liabilities	1,335,776			45,464			106			(45,249		)	1,336,097
Stockholders' equity:
Common stock	856			—			—			—			856
Paid-in capital	1,828,602			322			227,079			(227,401		)	1,828,602
Accumulated other comprehensive income (loss)	(26,675		)	—			(26,675		)	26,675			(26,675		)
Retained earnings (accumulated deficit)	493,513			(8,850		)	(20,292		)	29,142			493,513
Total stockholders' equity	2,296,296			(8,528		)	180,112			(171,584		)	2,296,296
Total liabilities and stockholders' equity	$	3,632,072		$	36,936		$	180,218		$	(216,833	)	$	3,632,393

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Amounts in thousands)

	Three months ended March 31, 2015
	Parent			Guarantors		Non-Guarantor			Eliminations			Consolidated
Total revenues	$	175,832		$	485	$	—		$	—		$	176,317
Costs and expenses:
Lease operating expenses	16,787			193		—			—			16,980
Production taxes	4,253			32		—			—			4,285
Midstream gathering and processing	25,374			7		—			—			25,381
Depreciation, depletion, and amortization	89,908			1		—			—			89,909
General and administrative	10,761			36		2			—			10,799
Accretion expense	190			—		—			—			190
	147,273			269		2			—			147,544
INCOME FROM OPERATIONS	28,559			216		(2		)	—			28,773
OTHER (INCOME) EXPENSE:
Interest expense	8,759			—		—			—			8,759
Interest income	(9		)	—		—			—			(9		)
(Income) loss from equity method investments and investments in subsidiaries	(20,189		)	—		4,142			(3,928		)	(19,975		)
	(11,439		)	—		4,142			(3,928		)	(11,225		)
INCOME (LOSS) BEFORE INCOME TAXES	39,998			216		(4,144		)	3,928			39,998
INCOME TAX EXPENSE	14,479			—		—			—			14,479
NET INCOME (LOSS)	$	25,519		$	216	$	(4,144	)	$	3,928		$	25,519

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Amounts in thousands)

	Three months ended March 31, 2014
	Parent			Guarantors			Non-Guarantor			Eliminations			Consolidated
Total revenues	$	117,850		$	179		$	—		$	—		$	118,029
Costs and expenses:
Lease operating expenses	11,381			248			—			—			11,629
Production taxes	6,937			20			—			—			6,957
Midstream gathering and processing	7,757			12			—			—			7,769
Depreciation, depletion, and amortization	56,877			—			—			—			56,877
General and administrative	9,488			27			(4		)	—			9,511
Accretion expense	188			—			—			—			188
Gain on sale of assets	(11		)	—			—			—			(11		)
	92,617			307			(4		)	—			92,920
INCOME (LOSS) FROM OPERATIONS	25,233			(128		)	4			—			25,109
OTHER (INCOME) EXPENSE:
Interest expense	3,885			—			—			—			3,885
Interest income	(106		)	—			—			—			(106		)
Litigation settlement	18,000			—			—			—			18,000
(Income) loss from equity method investments and investments in subsidiaries	(128,351		)	—			2,001			(2,125		)	(128,475		)
	(106,572		)	—			2,001			(2,125		)	(106,696		)
INCOME (LOSS) BEFORE INCOME TAXES	131,805			(128		)	(1,997		)	2,125			131,805
INCOME TAX EXPENSE	49,247			—			—			—			49,247
NET INCOME (LOSS)	$	82,558		$	(128	)	$	(1,997	)	$	2,125		$	82,558

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Amounts in thousands)

	Three months ended March 31, 2015
	Parent			Guarantors		Non-Guarantor			Eliminations		Consolidated
Net income (loss)	$	25,519		$	216	$	(4,144	)	$	3,928	$	25,519
Foreign currency translation adjustment	(14,984		)	—		(14,984		)	14,984		(14,984		)
Other comprehensive income (loss)	(14,984		)	—		(14,984		)	14,984		(14,984		)
Comprehensive income (loss)	$	10,535		$	216	$	(19,128	)	$	18,912	$	10,535

	Three months ended March 31, 2014
	Parent			Guarantors			Non-Guarantor			Eliminations		Consolidated
Net income (loss)	$	82,558		$	(128	)	$	(1,997	)	$	2,125	$	82,558
Foreign currency translation adjustment	(7,278		)	—			(7,278		)	7,278		(7,278		)
Other comprehensive income (loss)	(7,278		)	—			(7,278		)	7,278		(7,278		)
Comprehensive income (loss)	$	75,280		$	(128	)	$	(9,275	)	$	9,403	$	75,280

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(Amounts in thousands)

	Three months ended March 31, 2015
	Parent			Guarantors			Non-Guarantor			Eliminations			Consolidated
Net cash provided by operating activities	$	95,879		$	3,158		$	—		$	—		$	99,037
Net cash provided by (used in) investing activities	(228,601		)	(2,890		)	(6,093		)	6,093			(231,491		)
Net cash provided by (used in) financing activities	64,854			—			6,093			(6,093		)	64,854
Net (decrease) increase in cash and cash equivalents	(67,868		)	268			—			—			(67,600		)
Cash and cash equivalents at beginning of period	141,535			804			1			—			142,340
Cash and cash equivalents at end of period	$	73,667		$	1,072		$	1		$	—		$	74,740

	Three months ended March 31, 2014
	Parent			Guarantors			Non-Guarantor			Eliminations			Consolidated
Net cash provided by (used in) operating activities	$	159,736		$	(3,585	)	$	(1	)	$	—		$	156,150
Net cash provided by (used in) investing activities	(443,079		)	(2,034		)	(8,069		)	8,070			(445,112		)
Net cash provided by (used in) financing activities	388			—			8,070			(8,070		)	388
Net decrease in cash and cash equivalents	(282,955		)	(5,619		)	—			—			(288,574		)
Cash and cash equivalents at beginning of period	451,431			7,525			—			—			458,956
Cash and cash equivalents at end of period	$	168,476		$	1,906		$	—		$	—		$	170,382

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

Plugging and Abandonment Funds

In connection with the Company's acquisition in 1997 of the remaining 50% interest in its WCBB properties, the Company assumed the seller’s (Chevron) obligation to contribute approximately $18,000 per month through March 2004 to a plugging and abandonment trust and the obligation to plug a minimum of 20 wells per year for 20 years commencing March 11, 1997. Chevron retained a security interest in production from these properties until the Company's abandonment obligations to Chevron have been fulfilled. Beginning in 2009, the Company could access the trust for use in plugging and abandonment charges associated with the property, although it has not yet done so. As of March 31, 2015, the plugging and abandonment trust totaled approximately $3.1 million. At March 31, 2015, the Company had plugged 463 wells at WCBB since it began its plugging program in 1997, which management believes fulfills its current minimum plugging obligation.

Employment Agreements

Effective November 1, 2012, the Company entered into an employment agreement with Messrs. James Palm, Mike Liddell and Michael G. Moore, each with an initial three-year term expiring on November 1, 2015 subject to automatic one-year extensions unless terminated by either party to the agreement at least 90 days prior to the end of the then current term. These agreements provided for minimum salary and bonus levels, subject to review and potential increase by the Compensation Committee and/or the Board of Directors, as well as participation in the Company's incentive plans and other employee benefits.

Effective February 15, 2014, Gulfport's former Chief Executive Officer, James D. Palm, retired and his employment agreement with the company terminated. The Company entered into a separation agreement with Mr. Palm, under which agreement certain benefits are provided to, and obligations imposed on, Mr. Palm. As of March 31, 2015, the minimum commitment under Mr. Palm's separation agreement was approximately $0.4 million.

Mr. Liddell resigned as the Company's Chairman effective June 2013 at which date his employment agreement with Gulfport terminated. At that same time, the Company entered into a consulting agreement with Mr. Liddell. Mr. Liddell terminated his consulting agreement with the Company effective January 1, 2015.

On April 22, 2014, the Board of Directors appointed Michael G. Moore as Chief Executive Officer of the Company. The Company and Mr. Moore entered into an amended and restated employment agreement. The agreement has a three-year term commencing effective April 22, 2014. This agreement provides, among other things, for a minimum salary level, subject to review and potential increase by the Compensation Committee and/or the Board of Directors, as well as participation in the Company's incentive plans and other employee benefits.

On March 13, 2015, the Company entered into an employment agreement with Ross Kirtley, the Company's Chief Operating Officer. The agreement has a two-year term commencing effective April 22, 2014. This agreement provides, among other things, for a minimum salary level, subject to review and potential increase by the Compensation Committee and/or the Board of Directors, as well as participation in the Company's incentive plans and other employee benefits.

On March 13, 2015, the Company entered into an employment agreement with Aaron Gaydosik, the Company's Chief Financial Officer. The agreement has a three-year term commencing effective August 11, 2014. This agreement provides, among other things, for a minimum salary level, subject to review and potential increase by the Compensation Committee and/or the Board of Directors, as well as participation in the Company's incentive plans and other employee benefits.

The aggregate minimum commitment for future salary at March 31, 2015 under the above listed employment agreements was approximately $2.0 million.

Effective as of April 29, 2015, the Company amended and restated its existing employment agreement with Mr. Moore. For a description of the amendments to Mr. Moore’s employment agreement, see Note 14 - “Subsequent Events.”

Operating Leases

The Company leases office facilities under non-cancellable operating leases exceeding one year. Future minimum lease commitments under these leases at March 31, 2015 were as follows:

	(In thousands)
Remaining 2015	$	450
2016	524
2017	451
2018	20
2019	—
Total	$	1,445

Other Commitments

Effective October 1, 2014, the Company entered into a Sand Supply Agreement with Muskie that expires on September 30, 2018. Pursuant to this agreement, the Company has agreed to purchase annual and monthly amounts of proppant sand subject to exceptions specified in the agreement at a fixed price per ton, subject to certain adjustments, plus agreed costs and expenses. Failure by either Muskie or the Company to deliver or accept the minimum monthly amount results in damages calculated per ton based on the difference between the monthly obligation amount and the amount actually delivered or accepted, as applicable. The Company did not incurred any expenses related to non-utilization fees during the three months ended March 31, 2015.

Effective October 1, 2014, the Company entered into an Amended and Restated Master Services Agreement for pressure pumping services with Stingray Pressure that expires on September 30, 2018. Pursuant to this agreement, Stingray Pressure has agreed to provide hydraulic fracturing, stimulation and related completion and rework services to the Company and the Company has agreed to pay Stingray Pressure a monthly service fee plus the associated costs of the services provided.

Future minimum commitments under these agreements at March 31, 2015 are as follows:

	(In thousands)
Remaining 2015	$	39,330
2016	52,440
2017	52,440
2018	39,330
Total	$	183,540

Litigation

Due to the nature of the Company's business, it is, from time to time, involved in routine litigation or subject to disputes or claims related to its business activities, including workers' compensation claims and employment related disputes. In the opinion of the Company's management, none of the pending litigation, disputes or claims against the Company, if decided adversely, will have a material adverse effect on its financial condition, cash flows or results of operations.

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Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheets (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 74,740	$ 142,340	$ 170,382	$ 458,956
Accounts receivable—oil and gas	79,680	103,858
Accounts receivable - related parties	33	46
Accounts receivable - intercompany		0
Prepaid expenses and other current assets	15,777	3,714
Short-term derivative instruments	93,030	78,391
Total current assets	263,260	328,349
Property and equipment:
Oil and natural gas properties	4,177,962	3,923,154
Other property and equipment	19,051	18,344
Accumulated depletion, depreciation, amortization and impairment	(1,140,168)	(1,050,879)
Property and equipment, net	3,056,845	2,890,619
Other assets:
Equity investments and investments in subsidiaries	374,971	369,581
Derivative instruments	41,956	24,448
Other assets	18,566	19,396
Total other assets	435,493	413,425
Total assets	3,755,598	3,632,393
Current liabilities:
Accounts payable and accrued liabilities	400,096	371,410
Accounts payable - intercompany	0	0
Asset retirement obligation—current	75	75	795
Short-term derivative instruments	823
Deferred tax liability - current	29,622	27,070
Current maturities of long-term debt	1,781	168
Total current liabilities	432,397	398,723
Long-term derivative instrument	0
Asset retirement obligation—long-term	18,656	17,863	14,650
Deferred tax liability	215,122	203,195
Long-term debt, net of current maturities	779,130	716,316
Total liabilities	1,445,305	1,336,097
Stockholders’ equity:
Common stock	857	856
Paid-in capital	1,832,063	1,828,602
Accumulated other comprehensive income (loss)	(41,659)	(26,675)
Retained earnings (accumulated deficit)	519,032	493,513
Total stockholders’ equity	2,310,293	2,296,296	2,130,440	2,050,238
Total liabilities and stockholders’ equity	3,755,598	3,632,393
Parent [Member]
Current assets:
Cash and cash equivalents	73,667	141,535	168,476	451,431
Accounts receivable—oil and gas	79,621	103,762
Accounts receivable - related parties	33	46
Accounts receivable - intercompany	48,154	45,222
Prepaid expenses and other current assets	15,777	3,714
Short-term derivative instruments	93,030	78,391
Total current assets	310,282	372,670
Property and equipment:
Oil and natural gas properties	4,139,903	3,887,874
Other property and equipment	19,008	18,301
Accumulated depletion, depreciation, amortization and impairment	(1,140,142)	(1,050,855)
Property and equipment, net	3,018,769	2,855,320
Other assets:
Equity investments and investments in subsidiaries	365,840	360,238
Derivative instruments	41,956	24,448
Other assets	18,566	19,396
Total other assets	426,362	404,082
Total assets	3,755,413	3,632,072
Current liabilities:
Accounts payable and accrued liabilities	399,912	371,089
Accounts payable - intercompany	0	0
Asset retirement obligation—current	75	75
Short-term derivative instruments	823
Deferred tax liability - current	29,622	27,070
Current maturities of long-term debt	1,781	168
Total current liabilities	432,213	398,402
Long-term derivative instrument	0
Asset retirement obligation—long-term	18,656	17,863
Deferred tax liability	215,122	203,195
Long-term debt, net of current maturities	779,130	716,316
Total liabilities	1,445,121	1,335,776
Stockholders’ equity:
Common stock	857	856
Paid-in capital	1,832,062	1,828,602
Accumulated other comprehensive income (loss)	(41,659)	(26,675)
Retained earnings (accumulated deficit)	519,032	493,513
Total stockholders’ equity	2,310,292	2,296,296
Total liabilities and stockholders’ equity	3,755,413	3,632,072
Guarantors [Member]
Current assets:
Cash and cash equivalents	1,072	804	1,906	7,525
Accounts receivable—oil and gas	59	96
Accounts receivable - related parties	0	0
Accounts receivable - intercompany	26	27
Prepaid expenses and other current assets		0
Short-term derivative instruments	0	0
Total current assets	1,157	927
Property and equipment:
Oil and natural gas properties	38,769	35,990
Other property and equipment	43	43
Accumulated depletion, depreciation, amortization and impairment	(26)	(24)
Property and equipment, net	38,786	36,009
Other assets:
Equity investments and investments in subsidiaries		0
Derivative instruments	0	0
Other assets		0
Total assets	39,943	36,936
Current liabilities:
Accounts payable and accrued liabilities	184	321
Accounts payable - intercompany	48,072	45,143
Asset retirement obligation—current		0
Deferred tax liability - current		0
Current maturities of long-term debt		0
Total current liabilities	48,256	45,464
Long-term derivative instrument	0
Asset retirement obligation—long-term	0	0
Deferred tax liability		0
Long-term debt, net of current maturities	0	0
Total liabilities	48,256	45,464
Stockholders’ equity:
Common stock		0
Paid-in capital	321	322
Accumulated other comprehensive income (loss)		0
Retained earnings (accumulated deficit)	(8,634)	(8,850)
Total stockholders’ equity	(8,313)	(8,528)
Total liabilities and stockholders’ equity	39,943	36,936
Non-Guarantor [Member]
Current assets:
Cash and cash equivalents	1	1	0	0
Accounts receivable—oil and gas	0	0
Accounts receivable - related parties	0	0
Accounts receivable - intercompany	0	0
Prepaid expenses and other current assets	0	0
Short-term derivative instruments	0	0
Total current assets	1	1
Property and equipment:
Oil and natural gas properties		0
Other property and equipment		0
Accumulated depletion, depreciation, amortization and impairment		0
Property and equipment, net		0
Other assets:
Equity investments and investments in subsidiaries	167,186	180,217
Derivative instruments	0	0
Other assets		0
Total other assets	167,186	180,217
Total assets	167,187	180,218
Current liabilities:
Accounts payable and accrued liabilities		0
Accounts payable - intercompany	108	106
Asset retirement obligation—current		0
Deferred tax liability - current		0
Current maturities of long-term debt		0
Total current liabilities	108	106
Long-term derivative instrument	0
Asset retirement obligation—long-term	0	0
Deferred tax liability		0
Long-term debt, net of current maturities	0	0
Total liabilities	108	106
Stockholders’ equity:
Common stock		0
Paid-in capital	233,174	227,079
Accumulated other comprehensive income (loss)	(41,659)	(26,675)
Retained earnings (accumulated deficit)	(24,436)	(20,292)
Total stockholders’ equity	167,079	180,112
Total liabilities and stockholders’ equity	167,187	180,218
Eliminations [Member]
Current assets:
Cash and cash equivalents	0	0	0	0
Accounts receivable—oil and gas		0
Accounts receivable - related parties	0	0
Accounts receivable - intercompany	(48,180)	(45,249)
Prepaid expenses and other current assets		0
Short-term derivative instruments	0	0
Total current assets	(48,180)	(45,249)
Property and equipment:
Oil and natural gas properties	(710)	(710)
Other property and equipment		0
Accumulated depletion, depreciation, amortization and impairment		0
Property and equipment, net	(710)	(710)
Other assets:
Equity investments and investments in subsidiaries	(158,055)	(170,874)
Derivative instruments	0	0
Other assets		0
Total other assets	(158,055)	(170,874)
Total assets	(206,945)	(216,833)
Current liabilities:
Accounts payable and accrued liabilities		0
Accounts payable - intercompany	(48,180)	(45,249)
Asset retirement obligation—current		0
Deferred tax liability - current		0
Current maturities of long-term debt		0
Total current liabilities	(48,180)	(45,249)
Long-term derivative instrument	0
Asset retirement obligation—long-term	0	0
Deferred tax liability		0
Long-term debt, net of current maturities	0	0
Total liabilities	(48,180)	(45,249)
Stockholders’ equity:
Common stock		0
Paid-in capital	(233,494)	(227,401)
Accumulated other comprehensive income (loss)	41,659	26,675
Retained earnings (accumulated deficit)	33,070	29,142
Total stockholders’ equity	(158,765)	(171,584)
Total liabilities and stockholders’ equity	$ (206,945)	$ (216,833)

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Stock-Based Compensation

3 Months Ended

Mar. 31, 2015

Share-based Compensation [Abstract]

Stock-Based Compensation

STOCK-BASED COMPENSATION

During the three months ended March 31, 2015 and 2014, the Company’s stock-based compensation cost was $3.5 million and $4.3 million, respectively, of which the Company capitalized $1.4 million and $1.7 million, respectively, relating to its exploration and development efforts.

The fair value of each option award is estimated on the date of grant using the Black-Scholes option valuation model. Expected volatilities are based on the historical volatility of the market price of Gulfport’s common stock over a period of time ending on the grant date. Based upon the historical experience of the Company, the expected term of options granted is equal to the vesting period plus one year. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. The 2013 Restated Stock Incentive Plan (which amended and restated the 2005 Plan) provides that all options must have an exercise price not less than the fair value of the Company’s common stock on the date of the grant.

No stock options were issued during the three months ended March 31, 2015 and 2014.

The Company has not declared dividends and does not intend to do so in the foreseeable future, and thus did not use a dividend yield. In each case, the actual value that will be realized, if any, depends on the future performance of the common stock and overall stock market conditions. There is no assurance that the value an optionee actually realizes will be at or near the value estimated using the Black-Scholes model.

A summary of the status of stock options and related activity for the three months ended March 31, 2015 is presented below:

	Shares	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value (In thousands)
Options outstanding at December 31, 2014	5,000	$	9.07	0.69	$	163
Granted	—	—
Exercised	—	—			—
Forfeited/expired	—	—
Options outstanding at March 31, 2015	5,000	$	9.07	0.44	$	184
Options exercisable at March 31, 2015	5,000	$	9.07	0.44	$	184

The following table summarizes information about the stock options outstanding at March 31, 2015:

Exercise Price		Number Outstanding	Weighted Average Remaining Life (in years)	Number Exercisable
$	9.07	5,000	0.44	5,000
		5,000		5,000

The following table summarizes restricted stock activity for the three months endedMarch 31, 2015:

	Number of Unvested Restricted Shares		Weighted Average Grant Date Fair Value
Unvested shares as of December 31, 2014	387,245		$	55.87
Granted	100,226		44.04
Vested	(60,381	)	52.94
Forfeited	—		—
Unvested shares as of March 31, 2015	427,090		$	53.51

Unrecognized compensation expense as of March 31, 2015 related to outstanding stock options and restricted shares was $18.9 million. The expense is expected to be recognized over a weighted average period of 1.55 years.

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Earnings Per Share

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

Reconciliations of the components of basic and diluted net income per common share are presented in the tables below:

	Three months ended March 31,
	2015					2014
	Income		Shares	Per Share		Income		Shares	Per Share
	(In thousands, except share data)
Basic:
Net income	$	25,519	85,679,606	$	0.30	$	82,558	85,259,407	$	0.97
Effect of dilutive securities:
Stock options and awards	—		440,424			—		479,219
Diluted:
Net income	$	25,519	86,120,030	$	0.30	$	82,558	85,738,626	$	0.96

There were no potential shares of common stock that were considered anti-dilutive for the three months ended March 31, 2015 and 2014.

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Hedging Activities

3 Months Ended

Mar. 31, 2015

General Discussion of Derivative Instruments and Hedging Activities [Abstract]

Hedging Activities

HEDGING ACTIVITIES

Oil Price Hedging Activities

The Company seeks to reduce its exposure to unfavorable changes in oil and natural gas prices, which are subject to significant and often volatile fluctuation, by entering into fixed price swaps and basis swaps. These contracts allow the Company to predict with greater certainty the effective oil and natural gas prices to be received for hedged production and benefit operating cash flows and earnings when market prices are less than the fixed prices provided in the contracts. However, the Company will not benefit from market prices that are higher than the fixed prices in the contracts for hedged production.

The Company accounts for its oil and natural gas derivative instruments as cash flow hedges for accounting purposes under FASB ASC 815 and related pronouncements. All derivative contracts are marked to market each quarter end and are included in the accompanying consolidated balance sheets as derivative assets and liabilities.

During 2014 and 2015, the Company entered into fixed price swap contracts for 2014 through 2018 with four financial institutions. The Company’s fixed price swap contracts are tied to the commodity prices on Argus and NYMEX. The Company will receive the fixed price amount stated in the contract and pay to its counterparty the current market price as listed on Argus for Louisiana Light Sweet Crude for oil and on the NYMEX Henry Hub for natural gas. At March 31, 2015, the Company had the following fixed price swaps in place:

	Daily Volume (Bbls/day)	Weighted Average Price
April 2015 - June 2016	1,000	$	62.25

	Daily Volume (MMBtu/day)	Weighted Average Price
April 2015	191,250	$	4.05
May 2015 - June 2015	201,250	$	4.05
July 2015 - August 2015	216,875	$	4.04
September 2015	246,875	$	3.97
October 2015 - December 2015	262,500	$	3.96
January 2016 - March 2016	252,500	$	3.82
April 2016	242,500	$	3.81
May 2016 - December 2016	172,500	$	3.73
January 2017 - June 2017	142,500	$	3.67
July 2017 - December 2017	80,000	$	3.45
January 2018 - December 2018	30,000	$	3.40

In addition, the Company has entered into natural gas basis swap positions, which settle on the pricing index to basis differential of MichCon to the NYMEX Henry Hub natural gas price. As of March 31, 2015, the Company's natural gas basis swap positions were as follows:

	Daily Volume (MMBtu/day)	Hedged Differential
April 2015 - December 2016	30,000	$	0.02
April 2015 - December 2016	10,000	$	0.01

At March 31, 2015 the fair value of derivative assets and liabilities related to the fixed price swaps and basis swaps was as follows:

	(In thousands)
Short-term derivative instruments - asset	$	93,030
Long-term derivative instruments - asset	$	41,956
Short-term derivative instruments - liability	$	823

All fixed price swaps and basis swaps have been executed in connection with the Company’s oil and natural gas price hedging program. For fixed price swaps and basis swaps qualifying as cash flow hedges pursuant to FASB ASC 815, the realized contract price is included in oil and gas sales in the period for which the underlying production was hedged.

For derivatives designated as cash flow hedges and meeting the effectiveness guidelines of FASB ASC 815, changes in fair value are recognized in accumulated other comprehensive income (loss) until the hedged item is recognized in earnings. The Company had no cash flow hedges in place for the three months ending March 31, 2015 and 2014, as all fixed price swaps and basis swaps were deemed ineffective at their inception.

At March 31, 2015, no amounts related to fixed price swaps or basis swaps remain in accumulated other comprehensive loss.

Hedge effectiveness is measured at least quarterly based on the relative changes in fair value between the derivative contract and the hedged item over time. Any change in fair value resulting from ineffectiveness is recognized immediately in earnings. The Company recognized a gain of $31.3 million related to hedge ineffectiveness for the three months ended March 31, 2015 which is included in oil and condensate and gas sales in the consolidated statements of operations. The Company recognized a loss of $8.7 million related to hedge ineffectiveness for the three months ended March 31, 2014 which is included in oil and condensate and gas sales in the consolidated statements of operations.

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Subsequent Events (Details) (USD $)	3 Months Ended		0 Months Ended
	Mar. 31, 2014	Sep. 30, 2015	Apr. 21, 2015	Apr. 29, 2015	Apr. 16, 2015	Mar. 31, 2015	Aug. 18, 2014	Dec. 21, 2012	Oct. 17, 2012	Apr. 30, 2015	Apr. 15, 2015 acre
Subsequent Event [Line Items]
Proceeds from issuance of common stock, net of offering costs and exercise of stock options	$ 615,000
Fixed Price Swap, October through December 2015 [Member]
Subsequent Event [Line Items]
Daily Volume (in MMBtu per day)						262,500
Weighted Average Price (in usd per MMBtu)						3.96
Senior Notes [Member]
Subsequent Event [Line Items]
Stated interest rate							7.75%	7.75%	7.75%
Scenario, Forecast [Member] | Paloma Partners III, LLC [Member]
Subsequent Event [Line Items]
Purchase price		301,300,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Proceeds from issuance of common stock, net of offering costs and exercise of stock options			501,900,000
Subsequent Event [Member] | Fixed Price Swap, June 2015 through June 2016 [Member]
Subsequent Event [Line Items]
Daily Volume (in MMBtu per day)										1,500
Weighted Average Price (in usd per MMBtu)										62.47
Subsequent Event [Member] | Fixed Price Swap, October through December 2015 [Member]
Subsequent Event [Line Items]
Daily Volume (in MMBtu per day)										20,000
Weighted Average Price (in usd per MMBtu)										3.26
Subsequent Event [Member] | Fixed Price Swap, January 2016 through December 2016 [Member]
Subsequent Event [Line Items]
Daily Volume (in MMBtu per day)										40,000
Weighted Average Price (in usd per MMBtu)										3.32
Subsequent Event [Member] | Fixed Price Swap, January 2017 through December 2018 [Member]
Subsequent Event [Line Items]
Daily Volume (in MMBtu per day)										20,000
Weighted Average Price (in usd per MMBtu)										3.26
Subsequent Event [Member] | Swaption Contract, January 2016 through December 2016 [Member] [Member]
Subsequent Event [Line Items]
Daily Volume (in MMBtu per day)										20,000
Weighted Average Price (in usd per MMBtu)										3.38
Subsequent Event [Member] | Chief Executive Officer [Member]
Subsequent Event [Line Items]
Employment agreement, annual salary				460,000
Subsequent Event [Member] | Restricted Stock [Member] | Chief Executive Officer [Member]
Subsequent Event [Line Items]
Employment agreement, annual grant (in shares)				40,000
Employment agreement, percent of salary awarded in shares				500.00%
Subsequent Event [Member] | Senior Notes [Member] | Notes Due 2023 [Member]
Subsequent Event [Line Items]
Debt instrument, amount					350,000,000
Stated interest rate					6.625%
Proceeds from debt, net of issuance costs					$ 343,600,000
Subsequent Event [Member] | Common Stock [Member]
Subsequent Event [Line Items]
Stock issued in underwritten public offering (in shares)			10,925,000
Subsequent Event [Member] | Common Stock [Member] | Over-Allotment Option [Member]
Subsequent Event [Line Items]
Stock issued in underwritten public offering (in shares)			1,425,000
Subsequent Event [Member] | Paloma Partners III, LLC [Member]
Subsequent Event [Line Items]
Gas and oil acreage, undeveloped, net											24,000

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Condensed Consolidating Financial Information - Condensed Consolidating Statement of Cash Flows (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Condensed Financial Statements, Captions [Line Items]
Net cash provided by operating activities	$ 99,037	$ 156,150
Net cash provided by (used in) investing activities	(231,491)	(445,112)
Net cash provided by (used in) financing activities	64,854	388
Net decrease in cash and cash equivalents	(67,600)	(288,574)
Cash and cash equivalents at beginning of period	142,340	458,956
Cash and cash equivalents at end of period	74,740	170,382
Parent [Member]
Condensed Financial Statements, Captions [Line Items]
Net cash provided by operating activities	95,879	159,736
Net cash provided by (used in) investing activities	(228,601)	(443,079)
Net cash provided by (used in) financing activities	64,854	388
Net decrease in cash and cash equivalents	(67,868)	(282,955)
Cash and cash equivalents at beginning of period	141,535	451,431
Cash and cash equivalents at end of period	73,667	168,476
Guarantors [Member]
Condensed Financial Statements, Captions [Line Items]
Net cash provided by operating activities	3,158	(3,585)
Net cash provided by (used in) investing activities	(2,890)	(2,034)
Net cash provided by (used in) financing activities	0	0
Net decrease in cash and cash equivalents	268	(5,619)
Cash and cash equivalents at beginning of period	804	7,525
Cash and cash equivalents at end of period	1,072	1,906
Non-Guarantor [Member]
Condensed Financial Statements, Captions [Line Items]
Net cash provided by operating activities	0	(1)
Net cash provided by (used in) investing activities	(6,093)	(8,069)
Net cash provided by (used in) financing activities	6,093	8,070
Net decrease in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	1	0
Cash and cash equivalents at end of period	1	0
Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Net cash provided by operating activities	0	0
Net cash provided by (used in) investing activities	6,093	8,070
Net cash provided by (used in) financing activities	(6,093)	(8,070)
Net decrease in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	$ 0	$ 0

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Acquisitions (Details) (USD $)	3 Months Ended		0 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 20, 2014	Feb. 28, 2014 acre
Business Acquisition [Line Items]
Net revenues	$ 176,317,000	$ 118,029,000
Lease operating expenses	16,980,000	11,629,000
Utica Shale [Member]
Business Acquisition [Line Items]
Gas and oil acreage, undeveloped, net				8,000
Purchase price			182,000,000
Cash, net of purchase price adjustments			179,527,000
Fair value of net identifiable assets acquired			179,527,000
Utica Shale [Member] | Proved Properties [Member]
Business Acquisition [Line Items]
Fair value of net identifiable assets acquired			31,961,000
Utica Shale [Member] | Unproved Properties [Member]
Business Acquisition [Line Items]
Fair value of net identifiable assets acquired			6,263,000
Utica Shale [Member] | Unevaluated Properties [Member]
Business Acquisition [Line Items]
Fair value of net identifiable assets acquired			$ 141,303,000

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Commitments and Contingencies (Details) (USD $) In Thousands, unless otherwise specified	0 Months Ended
	Nov. 01, 2012	Mar. 13, 2015	Mar. 11, 1997 well	Mar. 31, 2015	Dec. 31, 2014
Commitments [Line Items]
Plugging And Abandonment Escrow Account				$ 3,089	$ 3,097
Employment Agreement, Term	3 years
Employment Agreement, Subsequent Extension	1 year
Employment Agreement, Notice Period Allowed For Termination	90 days
Other Commitment				183,540
Chief Executive Officer [Member]
Commitments [Line Items]
Other Commitment				400
Chief Operating Officer [Member]
Commitments [Line Items]
Employment Agreement, Term		2 years
Chief Financial Officer [Member]
Commitments [Line Items]
Employment Agreement, Term		3 years
Management [Member]
Commitments [Line Items]
Other Commitment				2,000
WCBB [Member]
Commitments [Line Items]
Purchasing Remaining Percent Interest In Oil And Gas Property			50.00%
Payments Held For Restricted Cash			$ 18
Significant Plugging Commitment Minimum Number Of Wells To Be Plugged			20
Tenure Of Minimum Wells To Be Plugged			20 years
Number Of Wells Plugged				463

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Subsequent Events

3 Months Ended

Mar. 31, 2015

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

Pending Acquisition

On April 15, 2015, the Company entered into an agreement to acquire Paloma Partners III, LLC ("Paloma") for a total purchase price of approximately $301.3 million, subject to closing adjustments. Paloma holds approximately 24,000 net nonproducing acres in the Utica Shale of Ohio. This transaction is expected to close during the third quarter of 2015, subject to the satisfaction of certain closing conditions.

Equity Offering

On April 21, 2015, the Company issued 10,925,000 shares of its common stock in an underwritten public offering (which included the 1,425,000 shares sold pursuant to the option to purchase additional shares of the Company's common stock granted by the Company to, and exercised in full by, the underwriters). The net proceeds from the equity offering (including the net proceeds from the sale of the shares of common stock to the underwriters pursuant to their option to purchase additional shares) was approximately $501.9 million after underwriter discounts and commissions and estimated offering expenses. The Company used a portion of these net proceeds, together with a portion of the net proceeds from its concurrent senior notes offering, to repay all amounts outstanding at that time under its revolving credit facility and intends to use the remaining net proceeds from these offerings to fund the pending acquisition of Paloma and for general corporate purposes, including the funding of a portion of its 2015 capital development plans.

Senior Notes due 2023

On April 21, 2015, the Company issued $350.0 million in aggregate principal amount of 6.625% Senior Notes due 2023 (the “April Notes”) to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in accordance with Regulation S under the Securities Act (the “April Notes Offering”). The Company received net proceeds of approximately $343.6 million after initial purchaser discounts and commissions and estimated offering expenses.

The April Notes were issued under an indenture, dated as of April 21, 2015, among the Company, the subsidiary guarantors party thereto and Wells Fargo Bank, N.A., as trustee. Pursuant to the indenture relating to the April Notes, interest on the April Notes will accrue at a rate of 6.625% per annum on the outstanding principal amount thereof from April 21, 2015, payable semi-annually on May 1 and November 1 of each year, commencing on November 1, 2015. The April Notes will mature on May 1, 2023.

The April Notes are the Company’s senior unsecured obligations and rank equally in right of payment with all of the Company’s other senior indebtedness, including the Old Notes, and senior in right of payment to any of the Company’s future subordinated indebtedness. All of the Company’s existing and future restricted subsidiaries that guarantee its secured revolving credit facility or certain other debt guarantee the April Notes, provided, however, that the April Notes are not guaranteed by Grizzly Holdings, Inc. and will not be guaranteed by any of the Company’s future unrestricted subsidiaries.

In connection with the April Notes Offering, the Company and its subsidiary guarantors entered into a registration rights agreement, dated as of April 21, 2015, pursuant to which the Company agreed to file a registration statement with respect to an offer to exchange the April Notes for a new issue of substantially identical debt securities registered under the Securities Act. The Company may be required to file a shelf registration statement to cover resales of the April Notes under certain circumstances. If the Company fails to satisfy certain obligations under the registration rights agreement, it agreed to pay additional interest to the holders of the April Notes as specified in the registration rights agreement.

New Fixed Price Swaps

In April 2015, the Company entered into fixed price swaps for 1,500 barrels of oil per day at a weighted average price of $62.47 per barrel for the period from June 2015 through June 2016. For the period from October 2015 through December 2015, the Company entered into fixed price swaps for 20,000 MMBtu of natural gas per day at a weighted average price of $3.26 per MMBtu. For the period from January 2016 through December 2016, the Company entered into fixed price swaps for 40,000 MMBtu of natural gas per day at a weighted average price of $3.32 per MMBtu. For the period from January 2017 through December 2018, the Company entered into fixed price swaps for 20,000 MMBtu of natural gas per day at a weighted average price of $3.26 per MMBtu. For the period from January 2016 through December 2016, the Company entered into a swaption contract for 20,000 MMBtu of natural gas per day at a weighted average price of $3.38 per MMBtu. The Company's fixed price swap contracts are tied to the commodity prices on NYMEX and ARGUS. The Company will receive the fixed price amount stated in the contract and pay to its counterparty the current market price as listed on NYMEX or ARGUS for oil.

Amended and Restated Employment Agreement

Effective as of April 29, 2015, the Company amended and restated its existing employment agreement with Michael G. Moore, the Company’s Chief Executive Officer. The employment agreement, as amended and restated as of April 29, 2015, reflects the decision of the compensation committee of the Company’s board of directors to increase Mr. Moore’s annual base salary to $460,000 for 2015 and the determination by the compensation committee to continue to increase Mr. Moore’s annual base salary during 2016 and 2017 so as to achieve alignment between the 25th and 50th percentile of the Company’s peer group disclosed in the Company’s annual proxy statement. The amended and restated employment agreement also eliminated Mr. Moore’s right to receive a fixed annual grant of 40,000 shares of restricted stock. Instead, consistent with the recommendation of the Company’s compensation consultant and approved by the compensation committee, the amended and restated employment agreement provided that Mr. Moore is entitled to receive an award of restricted stock equal to 500% of his annual base salary on the same vesting schedule as previously provided in his employment agreement with respect to his equity awards.

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Other Assets (Tables)

3 Months Ended

Mar. 31, 2015

Other Assets, Noncurrent Disclosure [Abstract]

Schedule Of Other Assets

Other assets consist of the following as of March 31, 2015 and December 31, 2014:

	March 31, 2015		December 31, 2014
	(In thousands)
Plugging and abandonment escrow account on the WCBB properties (Note 8)	$	3,089	$	3,097
Certificates of Deposit securing letter of credit	275		275
Prepaid drilling costs	269		483
Loan commitment fees	14,771		15,390
Deposits	34		34
Other	128		117
	$	18,566	$	19,396

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Stock-Based Compensation (Summary Of Restricted Stock Award And Unit Activity) (Details) (Restricted Stock [Member], USD $)	3 Months Ended
	Mar. 31, 2015
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of Unvested Restricted Shares, beginning of period (shares)	387,245
Granted, Number of Unvested Restricted Shares (shares)	100,226
Vested, Number of Unvested Restricted Shares (shares)	(60,381)
Forfeited, Number of Unvested Restricted Shares (shares)	0
Number of Unvested Restricted Shares, end of period (shares)	427,090
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Unvested Restricted Shares, Weighted Average Grant Date Fair Value, beginning of period (usd per share)	$ 55.87
Granted, Weighted Average Grant Date Fair Value (usd per share)	$ 44.04
Vested, Weighted Average Grant Date Fair Value (usd per share)	$ 52.94
Forfeited, Weighted Average Grant Date Fair Value (usd per share)	$ 0.00
Unvested Restricted stock, Weighted Average Grant Date Fair Value, end of period (usd per share)	$ 53.51

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Equity Investments (Equity Investment Income Statement Disclosure) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Equity Method Investments and Joint Ventures [Abstract]
Gross revenue	$ 133,556	$ 158,281
Net income	$ 90,668	$ 181,505

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Consolidated Statements of Comprehensive Income (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 25,519	$ 82,558
Foreign currency translation adjustment	(14,984)	(7,278)
Other comprehensive loss	(14,984)	(7,278)
Comprehensive income	$ 10,535	$ 75,280

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Equity Investments

3 Months Ended

Mar. 31, 2015

Equity Method Investments and Joint Ventures [Abstract]

Equity Investments

EQUITY INVESTMENTS

Investments accounted for by the equity method consist of the following as of March 31, 2015 and December 31, 2014:

			Carrying Value				(Income) loss from equity method investments
	Approximate Ownership %		March 31, 2015		December 31, 2014		Three months ended March 31,
							2015			2014
			(In thousands)
Investment in Tatex Thailand II, LLC	23.5	%	$	—	$	—	$	—		$	—
Investment in Tatex Thailand III, LLC	17.9	%	—		—		—			49
Investment in Grizzly Oil Sands ULC	24.9999	%	167,186		180,218		4,142			2,001
Investment in Bison Drilling and Field Services LLC	—	%	—		—		—			1,933
Investment in Muskie Proppant LLC	—	%	—		—		—			534
Investment in Timber Wolf Terminals LLC	50.0	%	1,007		1,013		6			—
Investment in Windsor Midstream LLC	22.5	%	32,292		13,505		(18,787		)	(168		)
Investment in Stingray Pressure Pumping LLC	—	%	—		—		—			513
Investment in Stingray Cementing LLC	50.0	%	2,254		2,647		67			95
Investment in Blackhawk Midstream LLC	48.5	%	—		—		(7,217		)	(84,787		)
Investment in Stingray Logistics LLC	—	%	—		—		—			81
Investment in Diamondback Energy, Inc.	—	%	—		—		—			(48,767		)
Investment in Stingray Energy Services LLC	50.0	%	6,167		5,718		10			41
Investment in Sturgeon Acquisitions LLC	25.0	%	22,258		22,507		(568		)	—
Investment in Mammoth Energy Partners LP	30.5	%	143,807		143,973		2,372			—
			$	374,971	$	369,581	$	(19,975	)	$	(128,475	)

The tables below summarize financial information for the Company's equity investments as of March 31, 2015 and December 31, 2014.

Summarized balance sheet information:

	March 31, 2015		December 31, 2014
	(In thousands)
Current assets	$	151,752	$	181,060
Noncurrent assets	$	1,419,656	$	1,306,891
Current liabilities	$	55,369	$	114,506
Noncurrent liabilities	$	213,050	$	230,062

Summarized results of operations:    

	Three months ended March 31,
	2015		2014
	(In thousands)
Gross revenue	$	133,556	$	158,281
Net income	$	90,668	$	181,505

Tatex Thailand II, LLC

The Company has an indirect ownership interest in Tatex Thailand II, LLC (“Tatex”). Tatex holds 85,122 of the 1,000,000 outstanding shares of APICO, LLC (“APICO”), an international oil and gas exploration company. APICO has a reserve base located in Southeast Asia through its ownership of concessions covering approximately 243,000 acres which includes the Phu Horm Field.

Tatex Thailand III, LLC

The Company has an ownership interest in Tatex Thailand III, LLC ("Tatex III"). Tatex III previously owned a concession covering approximately 245,000 acres in Southeast Asia. As of December 31, 2014, the Company reviewed its investment in Tatex III and made the decision to allow the concession to expire in 2015. As such, the Company fully impaired the asset as of December 31, 2014. The concession expired in January 2015.

Grizzly Oil Sands ULC

The Company, through its wholly owned subsidiary Grizzly Holdings Inc. ("Grizzly Holdings"), owns an interest in Grizzly Oil Sands ULC ("Grizzly"), a Canadian unlimited liability company. The remaining interest in Grizzly is owned by Grizzly Oil Sands Inc. ("Oil Sands"). As of March 31, 2015, Grizzly had approximately 830,000 acres under lease in the Athabasca and Peace River oil sands regions of Alberta, Canada. Initiation of steam injection at its first project, Algar Lake Phase 1, commenced in January 2014 and first bitumen production was achieved during the second quarter of 2014. In April 2015, Grizzly determined to cease bitumen production at its Algar Lake facility due to the current level of commodity prices. Grizzly intends to monitor market conditions as it assesses future plans for the facility. The Company reviewed its investment in Grizzly at March 31, 2015 and determined no impairment was needed. During the three months ended March 31, 2015, Gulfport paid $6.1 million in cash calls. Grizzly’s functional currency is the Canadian dollar. The Company's investment in Grizzly was decreased by $15.0 million and $7.3 million as a result of a foreign currency translation loss for the three months ended March 31, 2015 and 2014, respectively.

Bison Drilling and Field Services LLC

During 2011, the Company invested in Bison Drilling and Field Services LLC (“Bison”). Bison owns and operates drilling rigs. The Company contributed its investment in Bison to Mammoth Energy Partners LP ("Mammoth") during the fourth quarter of 2014. See below under "-Mammoth Energy Partners LP" for a discussion of the contribution.

Muskie Proppant LLC

During 2011, the Company invested in Muskie Proppant LLC (“Muskie”). Muskie processes and sells sand for use in hydraulic fracturing by the oil and natural gas industry and holds certain rights in a lease covering land in Wisconsin for mining oil and natural gas fracture grade sand. The income from equity method investments presented in the table above reflects any intercompany profit eliminations. The Company contributed its investment in Muskie to Mammoth during the fourth quarter of 2014. See below under "-Mammoth Energy Partners LP" for a discussion of the contribution.

Timber Wolf Terminals LLC

During 2012, the Company invested in Timber Wolf Terminals LLC (“Timber Wolf”). Timber Wolf will operate a crude/condensate terminal and a sand transloading facility in Ohio. During the three months ended March 31, 2015, Gulfport did not pay any cash calls related to Timber Wolf.

Windsor Midstream LLC

During 2012, the Company purchased an ownership interest in Windsor Midstream LLC (“Midstream”). Midstream owned a 28.4% interest in Coronado Midstream LLC ("Coronado"), a gas processing plant in West Texas. During the three months ended March 31, 2015, Gulfport did not pay any cash calls to Midstream.

In March 2015, Coronado was sold to Enlink Midstream Partners, LP ("EnLink") for proceeds of approximately $600 million, consisting of cash and units representing a limited partnership interest in Enlink. Based on preliminary information available at the time of the sale, Midstream recorded an approximately $85.5 million gain on the sale of its investment in Coronado, which amount is subject to change.

Stingray Pressure Pumping LLC

During 2012, the Company invested in Stingray Pressure Pumping LLC ("Stingray Pressure"). Stingray Pressure provides well completion services. The income from equity method investments presented in the table above reflects any intercompany profit eliminations. The Company contributed its investment in Stingray Pressure to Mammoth during the fourth quarter of 2014. See below under "-Mammoth Energy Partners LP" for a discussion of the contribution.

Stingray Cementing LLC

During 2012, the Company invested in Stingray Cementing LLC ("Stingray Cementing"). Stingray Cementing provides well cementing services. During the three months ended March 31, 2015, the Company did not pay any cash calls related to Stingray Cementing. The income from equity method investments presented in the table above reflects any intercompany profit eliminations.

Blackhawk Midstream LLC

During 2012, the Company invested in Blackhawk Midstream LLC ("Blackhawk"). Blackhawk coordinates gathering, compression, processing and marketing activities for the Company in connection with the development of its Utica Shale acreage. On January 28, 2014, Blackhawk closed on the sale of its equity interests in Ohio Gathering Company, LLC and Ohio Condensate Company, LLC for a purchase price of $190.0 million, of which $14.3 million was placed in escrow. Gulfport received $84.8 million in net proceeds from this transaction in the first quarter of 2014, which is included in income from equity method investments in the consolidated statements of operations. During the first quarter of 2015, the Company received net proceeds of approximately $7.2 million from the release of escrow from the Blackhawk sale, which is included in income from equity method investments in the consolidated statements of operations.

Stingray Logistics LLC

During 2012, the Company invested in Stingray Logistics LLC ("Stingray Logistics"). Stingray Logistics provides well services. The Company contributed its investment in Stingray Logistics to Mammoth during the fourth quarter of 2014. See below under "-Mammoth Energy Partners LP" for a discussion of the contribution.

Diamondback Energy, Inc.

As noted above in Note 2, on October 11, 2012, following the closing of the Diamondback IPO, the Company owned 7,914,036 shares of Diamondback's outstanding common stock for an initial investment in Diamondback valued at $138.5 million. In 2013, the Company sold an aggregate of 4,534,536 shares of its Diamondback common stock and received aggregate net proceeds of approximately $192.7 million. In June and September of 2014, the Company sold 1,000,000 and 1,437,500 shares of its Diamondback common stock, respectively, and received aggregate net proceeds of approximately $197.6 million. On November 12, 2014, the Company sold its remaining 942,000 shares of Diamondback common stock for net proceeds of approximately $60.8 million. As of March 31, 2015, the Company did not own any shares of Diamondback common stock.

The Company accounted for its interest in Diamondback as an equity method investment and had elected the fair value option of accounting for this investment. While the Company's ownership interest in Diamondback was below 20% prior to the Company's sale of its remaining Diamondback common stock in November 2014, the Company had appointed a member of Diamondback's Board. The individual appointed by the Company continues to serve on Diamondback's Board and the Company had influence through this board seat. The Company recognized an aggregate gain of approximately $48.8 million on its investment in Diamondback for three months ended March 31, 2014, which is included in income from equity method investments in the consolidated statements of operations.

Stingray Energy Services LLC

During 2013, the Company invested in Stingray Energy Services LLC ("Stingray Energy"). Stingray Energy provides rental tools for land-based oil and natural gas drilling, completion and workover activities as well as the transfer of fresh water to wellsites. During the three months ended March 31, 2015, the Company did not pay any cash calls to Stingray Energy. The income from equity method investments presented in the table above reflects any intercompany profit eliminations.

Sturgeon Acquisitions LLC

During 2014, the Company invested $20.7 million and received an ownership interest of 25% in Sturgeon Acquisitions LLC ("Sturgeon"). Sturgeon owns and operates sand mines that produce hydraulic fracturing grade sand. During the three months ended March 31, 2015, Gulfport received $0.8 million in distributions from Sturgeon.

Mammoth Energy Partners LP

In the fourth quarter of 2014, the Company contributed its investments in Stingray Pressure, Stingray Logistics, Bison and Muskie to Mammoth for a 30.5% interest in this newly formed limited partnership. Mammoth has filed a registration statement on Form S-1 with the SEC in connection with its proposed initial public offering. Mammoth intends to pursue this offering in 2015 subject to market conditions.

The Company accounted for the contribution as a sale of financial assets under ASC 860. The Company estimated the fair market value of its investment in Mammoth as of the contribution date using an average of the market approach and the income approach, based on an independently prepared valuation of the contributed assets. The fair market value was reduced by a discount factor for lack of marketability due to the Company's minority interest, resulting in a fair value of $143.5 million for the Company's 30.5% interest. The fair value of the assets and liabilities acquired was estimated using assumptions that represent Level 3 inputs. See "Note 10 - Fair Value Measurements" for additional discussion of the measurement inputs.

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Fair Value of Financial Instruments (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2015	Aug. 18, 2014	Dec. 21, 2012	Oct. 17, 2012
Debt Instrument [Line Items]
Fair value of notes	$ 615.8
October Notes [Member]
Debt Instrument [Line Items]
Unamortized discount	2.8
December Notes [Member]
Debt Instrument [Line Items]
Unamortized premium	0.4
August Notes [Member]
Debt Instrument [Line Items]
Unamortized premium	16.5
Senior Notes [Member]
Debt Instrument [Line Items]
Carrying value of debt	614.1
Unamortized discount				3.7
Unamortized premium		$ 18.0	$ 0.5

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Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2015

Long-term Debt, Unclassified [Abstract]

Break-Down of Long-Term Debt

Long-term debt consisted of the following items as of March 31, 2015 and December 31, 2014:

	March 31, 2015			December 31, 2014
	(In thousands)
Revolving credit agreement (1)	$	165,000		$	100,000
Building loans (2)	1,781			1,826
7.75% senior unsecured notes due 2020 (3)	600,000			600,000
Unamortized original issue (discount) premium, net (4)	14,130			14,658
Less: current maturities of long term debt	(1,781		)	(168		)
Debt reflected as long term (5)	$	779,130		$	716,316

The Company capitalized approximately $3.7 million and $2.3 million in interest expense to oil and natural gas properties during the three months ended March 31, 2015 and 2014, respectively.

(1) On December 27, 2013, the Company entered into an Amended and Restated Credit Agreement with The Bank of Nova Scotia, as administrative agent, sole lead arranger and sole bookrunner, Amegy Bank National Association, as syndication agent, KeyBank National Association, as documentation agent, and other lenders (The "Amended and Restated Credit Agreement") that provides for a maximum facility amount of $1.5 billion. The Amended and Restated Credit Agreement matures on June 6, 2018. The Company’s wholly-owned subsidiaries have guaranteed the obligations of the Company under the Amended and Restated Credit Agreement.

On April 23, 2014, the Company entered into a first amendment to the Amended and Restated Credit Agreement. The first amendment increased the letter of credit sublimit from $20.0 million to $70.0 million and provided for an increase in the borrowing base availability from $150.0 million to $275.0 million. The first amendment also made certain changes to the lenders and their respective lending commitments thereunder.

On November 26, 2014, the Company entered into a second amendment to the Amended and Restated Credit Agreement. The second amendment changed the definition of EBITDAX to exclude proceeds from the disposition of equity method investments and changed the ratio of funded debt to EBITDAX to be the ratio of net funded debt to EBITDAX. Net funded debt is funded debt less the amount of cash and short-term investments the Company has at the end of the relevant fiscal quarter. The second amendment increases the ratio from 2.00 to 1.00 to 3.50 to 1.00 for the period December 31, 2014 through June 30, 2015 and then decreases the ratio to 3.25 to 1.00 for the periods thereafter. Further, the second amendment increased the letter of credit sublimit from $70.0 million to $125.0 million and provided for an increase in the borrowing base availability from $275.0 million to $450.0 million. As of March 31, 2015, $165.0 million was outstanding under the Amended and Restated Credit Agreement. At March 31, 2015, the total availability for future borrowings under the Amended and Restated Credit Agreement, after giving effect to an aggregate of $68.2 million of letters of credit, was $216.8 million.

On April 10, 2015, the Company entered into a third amendment to the Amended and Restated Credit Agreement. The third amendment increased the borrowing base from $450.0 million to $575.0 million and increased the Company's basket for unsecured debt issuances to $1.2 billion. The third amendment also made certain changes to the lenders and their respective lending commitments thereunder.

Advances under the Amended and Restated Credit Agreement may be in the form of either base rate loans or eurodollar loans. The interest rate for base rate loans is equal to (1) the applicable rate, which ranges from 0.50% to 1.50%, plus (2) the highest of: (a) the federal funds rate plus 0.50%, (b) the rate of interest in effect for such day as publicly announced from time to time by agent as its “prime rate,” and (c) the eurodollar rate for an interest period of one month plus 1.00%. The interest rate for eurodollar loans is equal to (1) the applicable rate, which ranges from 1.50% to 2.50%, plus (2) the London interbank offered rate that appears on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate for deposits in U.S. dollars, or, if such rate is not available, the rate as administered by ICE Benchmark Administration (or any other person that takes over administration of such rate) per annum equal to the offered rate on such other page or service that displays on average London interbank offered rate as determined by ICE Benchmark Administration (or any other person that takes over administration of such rate) for deposits in U.S. dollars, or, if such rate is not available, the average quotations for three major New York money center banks of whom the agent shall inquire as the “London Interbank Offered Rate” for deposits in U.S. dollars. At March 31, 2015, amounts borrowed under the Amended and Restated Credit Agreement bore interest at the Eurodollar rate (2.18%).

The Amended and Restated Credit Agreement contains customary negative covenants including, but not limited to, restrictions on the Company’s and its subsidiaries’ ability to:

•incur indebtedness;

•grant liens;

•pay dividends and make other restricted payments;

•make investments;

•make fundamental changes;

•enter into swap contracts and forward sales contracts;

•dispose of assets;

•change the nature of their business; and

•enter into transactions with affiliates.

The negative covenants are subject to certain exceptions as specified in the Amended and Restated Credit Agreement. The Amended and Restated Credit Agreement also contains certain affirmative covenants, including, but not limited to the following financial covenants:

(i) the ratio of net funded debt to EBITDAX (net income, excluding (i) any non-cash revenue or expense associated with swap contracts resulting from ASC 815 and (ii) any cash or noncash revenue or expense attributable to minority investments plus without duplication and, in the case of expenses, to the extent deducted from revenues in determining net income, the sum of (a) the aggregate amount of consolidated interest expense for such period, (b) the aggregate amount of income, franchise, capital or similar tax expense (other than ad valorem taxes) for such period, (c) all amounts attributable to depletion, depreciation, amortization and asset or goodwill impairment or writedown for such period, (d) all other non-cash charges, (e) exploration costs deducted in determining net income under successful efforts accounting, (f) actual cash distributions received from minority investments, (g) to the extent actually reimbursed by insurance, expenses with respect to liability on casualty events or business interruption, and (h) all reasonable transaction expenses related to dispositions and acquisitions of assets, investments and debt and equity offerings (provided that expenses related to any unsuccessful disposition will be limited to $3.0 million in the aggregate) for a twelve-month period may not be greater than 3.50 to 1.00; for the period December 31, 2014 through June 30, 2015 and 3.25 to 1.00 for the twelve-month period ending September 30, 2015 and periods thereafter; and

(ii) the ratio of EBITDAX to interest expense for a twelve-month period may not be less than 3.00 to 1.00.

The Company was in compliance with all covenants at March 31, 2015.

(2) In March 2011, the Company entered into a new building loan agreement for the office building it occupies in Oklahoma City, Oklahoma. The new loan agreement refinanced the $2.4 million outstanding under the previous building loan agreement. The new agreement matures in February 2016 and bears interest at the rate of 5.82% per annum. The new building loan requires monthly interest and principal payments of approximately $22,000 and is collateralized by the Oklahoma City office building and associated land.

(3) On October 17, 2012, the Company issued $250.0 million in aggregate principal amount of senior unsecured notes due 2020 (the "October Notes") to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in accordance with Regulation S under the Securities Act (the "October Notes Offering") under an indenture among the Company, its subsidiary guarantors and Wells Fargo Bank, National Association, as the trustee (the "senior note indenture"). On December 21, 2012, the Company issued an additional $50.0 million in aggregate principal amount of senior unsecured notes due 2020 (the "December Notes") to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in accordance with Regulation S under the Securities Act ("the December Notes Offering"). The December Notes were issued as additional securities under the senior note indenture. The Company used a portion of the net proceeds from the October Notes Offering to repay all amounts outstanding at such time under its revolving credit facility. The Company used the remaining net proceeds of the October Notes Offering and the net proceeds of the December Notes Offering for general corporate purposes, which included funding a portion of its 2013 capital development plan. The October Notes and the December Notes were exchanged for substantially identical notes in the same aggregate principal amount that were registered under the Securities Act in October 2013 (the "Exchange Notes").

On August 18, 2014, the Company issued an additional $300.0 million in aggregate principal amount of senior unsecured notes due 2020 (the "August Notes") to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in accordance with Regulation S under the Securities Act ("the August Notes Offering"). The August Notes were issued as additional securities under the senior note indenture. The Company used a portion of the net proceeds from the August Notes Offering to repay all amounts outstanding at such time under its revolving credit facility. The Company intends to use the remaining net proceeds of the August Notes Offering for general corporate purposes, including funding a portion of its 2014 and 2015 capital development plans. The October Notes Offering, December Notes Offering and the August Notes Offering are collectively referred to as the "Notes Offerings" and the Exchange Notes, and the August Notes are collectively referred to as the "Old Notes".

In connection with the issuance of the August Notes, the Company and the subsidiary guarantors entered into a registration rights agreement with the initial purchasers on August 18, 2014, pursuant to which the Company and the subsidiary guarantors have agreed to file a registration statement with respect to an offer to exchange the August Notes for a new issue of substantially identical debt securities registered under the Securities Act. The registration statement relating to the exchange offer for the August Notes was filed on November 6, 2014, as amended on February 3, 2015, and declared effective by the SEC on February 4, 2015. The exchange offer for the August Notes was completed in March 2015.

Under the senior note indenture relating to the Old Notes, interest on the Old Notes accrues at a rate of 7.75% per annum on the outstanding principal amount from October 17, 2012, payable semi-annually on May 1 and November 1 of each year, commencing on May 1, 2013. The Old Notes are the Company's senior unsecured obligations and rank equally in the right of payment with all of the Company's other senior indebtedness and senior in right of payment to any future subordinated indebtedness. All of the Company's existing and future restricted subsidiaries that guarantee the Company's secured revolving credit facility or certain other debt guarantee the Old Notes; provided, however, that the Old Notes are not guaranteed by Grizzly Holdings, Inc. and will not be guaranteed by any of the Company's future unrestricted subsidiaries. The Company may redeem some or all of the Old Notes at any time on or after November 1, 2016, at the redemption prices listed in the senior note indenture. Prior to November 1, 2016, the Company may redeem the Old Notes at a price equal to 100% of the principal amount plus a “make-whole” premium. In addition, prior to November 1, 2015, the Company may redeem up to 35% of the aggregate principal amount of the Old Notes with the net proceeds of certain equity offerings, provided that at least 65% of the aggregate principal amount of the Old Notes initially issued remains outstanding immediately after such redemption.

(4) The October Notes were issued at a price of 98.534% resulting in a gross discount of $3.7 million and an effective rate of 8.000%. The December Notes were issued at a price of 101.000% resulting in a gross premium of $0.5 million and an effective rate of 7.531%. The August Notes were issued at a price of 106.000% resulting in a gross premium of $18.0 million and an effective rate of 6.561%. The premium and discount are being amortized using the effective interest method.

(5) Does not reflect the Company's issuance of $350.0 million in aggregate principal amount of 6.625% Senior Notes due 2023 on April 21, 2015. See Note 14 - "Subsequent Events" below.

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Property And Equipment (Schedule Of Asset Retirement Obligation) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligation, beginning of period	$ 17,938	$ 15,083
Liabilities incurred	1,584	1,869
Liabilities settled	(981)	(1,695)
Accretion expense	190	188
Asset retirement obligation as of end of period	18,731	15,445
Less current portion	75	795	75
Asset retirement obligation, long-term	$ 18,656	$ 14,650	$ 17,863

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Recent Accounting Pronouncements

3 Months Ended

Mar. 31, 2015

Accounting Policies [Abstract]

Recent Accounting Pronouncements

RECENT ACCOUNTING PRONOUNCEMENTS

In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08: Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360) - Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU 2014-08 changes the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other material disposal transactions that do not meet the revised definition of a discontinued operation. Under the updated standard, a disposal of a component or group of components of an entity is required to be reported as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the component or group of components of the entity (1) has been disposed of by a sale, (2) has been disposed of other than by sale or (3) is classified as held for sale. The ASU is effective for annual and interim periods beginning after December 15, 2014, however, early adoption is permitted. The Company early adopted this ASU on a prospective basis beginning with the second quarter of 2014. The adoption did not have a material impact on the Company’s consolidated financial statements.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. The core principle of the new standard is for the recognition of revenue to depict the transfer of goods or services to customers in amounts that reflect the payment to which the company expects to be entitled in exchange for those goods or services. The new standard will also result in enhanced revenue disclosures, provide guidance for transactions that were not previously addressed comprehensively and improve guidance for multiple-element arrangements. The ASU is effective for annual periods beginning after December 15, 2016, and interim periods within those years, using either a full or a modified retrospective application approach. The Company is in the process of evaluating the impact on its consolidated financial statements.

In August 2014, the FASB issued ASU No. 2014-15, "Presentation of Financial Statements - Going Concern (Subtopic 205-40)." The new guidance addresses management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and in certain circumstances to provide related footnote disclosures. The standard is effective for the annual period ending after December 15, 2016 and for annual and interim periods thereafter. Early adoption is permitted. The Company does not believe that the adoption of this guidance will have a material impact on its consolidated financial statements.

In April 2015, the FASB issued ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs (ASU 2015-03)." To simplify presentation of debt issuance costs, ASU 2015-03 requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts. ASU 2015-03 is effective for public entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company is in the process of assessing the effects of adoption of this new guidance.