Operational Updates | Quarterly / Earnings Reports | Second Quarter (2Q) Update | Capital Markets | Private Equity Activity

Gulfport's Utica Wells Fuel 2Q Production; 457.6 MMcfe/d

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Gulfport Energy Corporation provided a second quarter 2015 operational update.

Highlights:

• Net production averaged 473.9 MMcfe per day for the quarter, exceeding the Company's previously estimated guidance of approximately 445 MMcfe per day to 455 MMcfe per day.
• Realized natural gas price before the impact of derivatives and including transportation costs averaged $2.23 per Mcf, a $0.41 per Mcf differential to NYMEX during the quarter.
• Realized oil price before the impact of derivatives and including transportation costs averaged $50.15 per barrel, a $7.81 per barrel differential to WTI oil price during the quarter.
• Realized natural gas liquids price, including transportation costs, averaged $12.71 per barrel, or $0.30 per gallon, approximately 22% of the average WTI oil price during the quarter.

Operational Update

Gulfport produced oil and natural gas sales volumes of 473.9 MMcfe per day during second quarter of 2015, representing a 12% increase over first quarter 2015 production of 424.4 MMcfe per day and a 196% increase over second quarter of 2014 production of 160.3 MMcfe per day. For the second quarter of 2015, Gulfport's production mix was approximately 77% natural gas, 13% natural gas liquids and 10% oil, as compared to 68% natural gas, 20% natural gas liquids and 12% oil during the first quarter of 2015 and 61% natural gas, 9% natural gas liquids and 29% oil during the second quarter of 2014.

Gulfport's second quarter of 2015 Utica Shale production was 457.6 MMcfe per day, or 97% of our aggregate net production, as compared to 93% and 79% of our aggregate production during the first quarter of 2015 and the second quarter of 2014, respectively. During the second quarter of 2015, in the Utica Shale Gulfport spud nine gross (6.7 net) wells and turned-to-sales 19 gross (14.5 net) wells, all located within the dry gas phase window of the play. As of June 30, 2015, Gulfport had approximately 137 gross (103.8 net) wells producing in the Utica Shale.

Gulfport's realized prices for the second quarter of 2015 were $1.99 per Mcf of natural gas, $0.30 per gallon of NGL and $47.40 per barrel of oil, resulting in a total equivalent price of $2.60 per Mcfe. Gulfport's realized prices for the second quarter of 2015 include an aggregate non-cash unrealized hedge loss of $34.6 million. Before the impact of derivatives, realized prices for the second quarter of 2015, including transportation costs, were $2.23 per Mcf of natural gas, $0.30 per gallon of NGL and $50.15 per barrel of oil, for a total equivalent price of $2.84 per Mcfe.