Grizzly Oil Sands ULC Reports Reserves And Resources

OKLAHOMA CITY, Dec. 3, 2010 (GLOBE NEWSWIRE) -- Grizzly Oil Sands ULC ("Grizzly"), a company in which Gulfport Energy Corporation (NASDAQ: GPOR) holds an approximate 25% interest, announced today an independent reserve and resource assessment of its properties conducted by GLJ Petroleum Consultants Ltd. ("GLJ").

Effective October 1, 2010, GLJ's assessment report estimates that Grizzly has 98 million barrels of Proved + Probable (2P) reserves attributable to the Algar Lake Project, 1.850 billion barrels of Best Estimate (P50) Contingent Resource and 202 million barrels of Best Estimate (P50) Prospective Resource. Mapping for the independent reserve and resource assessment identified 14.2 billion barrels of discovered bitumen initially in place and 4.5 billion barrels of undiscovered bitumen initially in place. Grizzly's properties to be explored during the upcoming 2010/2011 winter drilling season were not included in GLJ's evaluation.

The following table summarizes GLJ's determination of Grizzly's reserves and resources effective October 1, 2010.

Reserves and Resources	Grizzly Interest
	Recoverable
	(Millions of Barrels)
Proved + Probable (2P) Reserves (Algar Lake Project)	98
Best Estimate (P50) Contingent Resource	1,850
Best Estimate (P50) Prospective Resource	202
Best Estimate Contingent + Best Estimate Prospective Resource	2,052

The GLJ reserve and resource assessment report was prepared in accordance with National Instrument 51-101 using the assumptions and methodology outlined in the Canadian Oil and Gas Evaluation Handbook.   

Grizzly Oil Sands ULC is a private company focused on the development of oil sands resources using steam assisted gravity drainage and a unique modular method for central plant construction. Grizzly's lease holdings cover approximately 520,000 acres and its 11,300 bpd Algar Lake project application is currently before the regulators. It is expected that construction of the first phase of the Algar Lake Project will commence in the third quarter of 2011. Grizzly will be conducting an extensive exploration program during the first quarter of 2011.