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Algar Lake Ramps Up for Gulfport

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Gulfport Energy Corporation has reported first quarter 2014 production and provides an operational update.

Production Update

Gulfport currently estimates that first quarter 2014 production averaged approximately 27,100 barrels of oil equivalent per day, which excludes approximately 900 BOEPD during the first quarter attributable to the previously announced acquisition of Rhino Resources Partners LP interests in the Utica Shale. The production mix for the first quarter 2014 was approximately 48% oil and natural gas liquids and 52% natural gas. Proforma of the Rhino transaction, Gulfport estimates that first quarter 2014 production averaged approximately 28,000 BOEPD.

Canadian Oil Sands

In the Canadian Oil Sands, Grizzly Oil Sands ULC, in which Gulfport owns a 24.9% interest, achieved first bitumen production at its first SAGD facility at Algar Lake during the first quarter of 2014. Grizzly currently has seven of the ten well pairs on full steam circulation and expects to have all ten well pairs on full circulation in the coming month. During March 2014, Algar Lake production averaged approximately 30 barrels of bitumen per day. Grizzly continues to see the production ramp as expected during steam circulation. Grizzly's Windell rail transloading facility at Conklin, Alberta commenced operations during the first quarter of 2014 and the first load of dilbit from Algar Lake was hauled by truck to the Windell terminal for sales to the US Gulf Coast market.