GPOR Operational Update

[dan_s]

Gulfport is heavily weighted to oil. Their 25% stake in Grizzly gives the company HUGE upside. - Dan

In Southern Louisiana, Gulfport continues to execute an active 2010 capital program. At West Cote Blanche Bay ("WCBB"), Gulfport currently has one barge rig working and is drilling ahead at 8,690 feet on the 19th well of 2010 at the field. At Hackberry, Gulfport recently finished drilling its fourth and fifth wells of 2010 at the field. After releasing the barge rig, both wells were successfully completed in the Lower Miocene and initial tests indicate them to be solid producers. Currently, preparations are underway for the arrival of a land rig at Hackberry within one week to drill the sixth well of 2010 at the field. To date, Gulfport has achieved a 100% success rate from its 2010 drilling activities in Southern Louisiana.
In the Permian, 15 gross (6.75 net) wells have been drilled and four gross (two net) up-hole recompletions have been performed on our acreage year-to-date. At present, two rigs are active on Gulfport's acreage in the Permian and are drilling ahead on the 16th and 17th gross wells of 2010.

In Canada, Grizzly Oil Sands ULC ("Grizzly"), a company in which Gulfport holds an approximate 25% interest, recently awarded the engineering and procurement contract for Grizzly's proposed steam assisted gravity drainage ("SAGD") facility at Algar Lake to SNC-Lavin. Work is underway out of Grizzly's Calgary office and the detailed design of the project is expected to be complete by April 2011. The proposed SAGD facility at Algar Lake will employ a proven SAGD plant process but apply a new and unique modular plant design. The execution plan is based on engineering and constructing a completely modularized processing facility capable of being trucked to the site. Field construction requirements will be limited to placing and interconnecting the modules followed by commissioning of the facility.

[dan_s]

My updated Net Income and Cash Flow Forecast for GPOR is now available to our Premium Members on the website.

I've raised my Fair Value estimate to $24/share.

GPOR is going to have very strong 2nd half results.

Dan

[setliff]

maybe breaking out--been heavy resistance at 14.60ish since april and today's 14.85 close is first close over 14.50 since summer of '08.

[wturk]

GPOR today will move into the SP600 index effective Oct. 20th. Nice jump after hours in price.