GPOR

[dan_s]

GPOR really doesn't need the money since they are generating more than enough cash flow from operations to fund their capital budget. It is still nice to have the flexibility. They may be looking at an acquisition. - Dan

OKLAHOMA CITY, Dec. 27, 2010 (GLOBE NEWSWIRE) -- Gulfport Energy Corporation (Nasdaq:GPOR - News) ("Gulfport") today announced that the Company's bank group has completed a redetermination of its borrowing base under its senior revolving credit facility. As a result, the Company's borrowing base has been increased from $50 million to $65 million. The Company will pay a fee of $150,000 in connection with the borrowing base increase. The next redetermination of the Company's borrowing base is scheduled to occur during Spring 2011.

Gulfport Energy Corporation is an Oklahoma City-based independent oil and natural gas exploration and production company with its principal producing properties located along the Louisiana Gulf Coast and the Permian Basin in West Texas. Gulfport recently acquired an acreage position in the Niobrara Shale of Western Colorado. Gulfport also holds a sizeable acreage position in the Alberta Oil Sands in Canada through its interest in Grizzly Oil Sands ULC.

[dan_s]

GPOR is on their way to establishing another core area in West Texas. The company has been active in the Permian Basin. Gulfport Energy (Nasdaq:GPOR), which has approximately 14,000 net acres and drilled 17 gross wells in 2010.