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Gulfport Energy Corporation Reports Fourth Quarter And Year-End 2010 Results

OKLAHOMA CITY, March 14, 2011 (GLOBE NEWSWIRE) -- Gulfport Energy Corporation (Nasdaq:GPOR) today reported financial and operational results for the quarter and year ended December 31, 2010 and provided an update on its 2011 activities.

For the quarter ended December 31, 2010, Gulfport reported net income of $14.3 million on oil and gas revenues of $38.0 million, or $0.32 per diluted share. For the fourth quarter of 2010, EBITDA (as defined below) was $27.1 million and cash flow from operating activities before changes in working capital was $26.9 million.

For the year ended December 31, 2010, Gulfport reported net income of $47.4 million on oil and gas revenues of $127.6 million, or $1.07 per diluted share. For 2010, EBITDA (as defined below) was $89.7 million and cash flow from operating activities before changes in working capital was $87.8 million.

Financial Highlights

  • Produced full-year oil and gas sales volumes of 1.98 million barrels of oil equivalent ("BOE") during 2010, an 18% increase over 2009
  • Increased average daily sales volumes to 5,834 barrels of oil equivalent per day ("BOEPD") in the fourth quarter of 2010, a 2% sequential increase over the third quarter of 2010 and a 20% year-over-year increase from the fourth quarter of 2009
  • Generated $27.1 million of EBITDA in the fourth quarter of 2010, a 13% sequential increase over the third quarter of 2010 and a 59% year-over-year increase from the fourth quarter of 2009
  • Recorded net income of $14.3 million for the fourth quarter of 2010, a 13% sequential improvement over the third quarter of 2010 and a 57% year-over-year increase from the fourth quarter of 2009
  • Reduced unit lease operating expense for the year ended December 31, 2010 to $8.92 per BOE, down 8% as compared to the year ended December 31, 2009

Production

For the fourth quarter of 2010, net production was 491,071 barrels of oil, 164,217 thousand cubic feet ("MCF") of natural gas and 767,647 gallons of natural gas liquids ("NGL"), or 536,718 BOE. Net production for the fourth quarter of 2010 by region was 454,025 BOE in Southern Louisiana, 72,791 BOE in the Permian Basin and 9,902 BOE in the Niobrara and Bakken. For 2010, Gulfport recorded net production of 1,777,056 barrels of oil, 788,163 MCF of natural gas and 2,820,704 gallons of NGL, or 1,975,576 BOE.

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