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Gulfport Energy Corporation Provides First Quarter 2019 Production and Pricing and Schedules First Quarter 2019 Financial and Operational Results Conference Call

Gulfport Energy Corporation (NASDAQ: GPOR) (“Gulfport” or the “Company”) provided an update for the quarter ended March 31, 2019. Key information includes the following:

• Net production during the first quarter of 2019 averaged 1,263.6 MMcfe per day.
• Realized natural gas price for the first quarter of 2019, before the impact of derivatives and including transportation costs, averaged $2.70 per Mcf, a $0.46 per Mcf differential to the average trade month NYMEX settled price.
• Realized oil price for the first quarter of 2019, before the impact of derivatives and including transportation costs, averaged $53.10 per barrel, a $1.80 per barrel differential to the average WTI oil price.
• Realized natural gas liquids price for the first quarter of 2019, before the impact of derivatives and including transportation costs, averaged $0.58 per gallon, equivalent to $24.36 per barrel, or approximately 44% of the average WTI oil price.
• Gulfport drilled 6 gross (5.6 net) operated wells in the Utica Shale and 4 gross (3.1 net) operated wells in the SCOOP and had 3 gross wells in various stages of drilling at the end of the first quarter of 2019.
• Gulfport completed 25 gross and net operated wells in the Utica Shale and 7 gross (6.7 net) operated wells in the SCOOP during the first quarter of 2019 and had 8 gross wells in various stages of completion at the end of the first quarter of 2019.
• Gulfport turned-to-sales 6 gross and net operated wells in the Utica Shale and 3 gross (2.8 net) operated wells in the SCOOP during the first quarter of 2019, which includes 6 gross and net wells turned-to-sales after March 25, 2019.

Chief Executive Officer and President, David M. Wood, commented, “Gulfport’s first quarter of 2019 production came in as expected following a muted level of activity during the fourth quarter of 2018 and we remain on track to deliver on our previously announced 2019 production guidance of 1,360 MMcfe to 1,400 MMcfe per day. We began 2019 very active in both our core basins, running on average approximately 3.4 horizontal drilling rigs and 4.4 completion crews in total across our Utica Shale and SCOOP assets during the first quarter of 2019. We forecast this robust level of activity will lead to an active turn-in-line schedule in the coming months as we expect to turn-to-sales in excess of 30 wells during the second quarter of 2019, leading to strong quarter over quarter production growth in both the second quarter and third quarter of 2019.”

First Quarter 2019 Production and Realized Prices
Gulfport’s net daily production for the first quarter of 2019 averaged approximately 1,263.6 MMcfe per day. For the first quarter of 2019, Gulfport’s net daily production mix was comprised of approximately 90% natural gas, 7% NGL and 3% oil.

Gulfport’s realized prices for the first quarter of 2019 were $2.54 per Mcf of natural gas, $52.35 per barrel of oil and $0.52 per gallon of NGL, resulting in a total equivalent price of $2.82 per Mcfe. Gulfport’s realized prices for the first quarter of 2019 include an aggregate non-cash derivative gain of $4.8 million. Before the impact of derivatives, realized prices for the first quarter of 2019, including transportation costs, were $2.70 per Mcf of natural gas, $53.10 per barrel of oil and $0.58 per gallon of NGL, for a total equivalent price of $3.00 per Mcfe.

GULFPORT ENERGY CORPORATION
PRODUCTION SCHEDULE
(Unaudited)
Three Months Ended
March 31,
2019 2018
Production Volumes:
Natural gas (MMcf) 102,079 102,042
Oil (MBbls) 612 757
NGL (MGal) 55,830 65,756
Gas equivalent (MMcfe) 113,726 115,977
Gas equivalent (Mcfe per day) 1,263,617 1,288,631
Average Realized Prices
(before the impact of derivatives):
Natural gas (per Mcf) $ 2.70 $ 2.44
Oil (per Bbl) $ 53.10 $ 60.36
NGL (per Gal) $ 0.58 $ 0.71
Gas equivalent (per Mcfe) $ 3.00 $ 2.95
Average Realized Prices:
(including cash-settlement of derivatives and excluding non-cash derivative gain or loss):
Natural gas (per Mcf) $ 2.45 $ 2.60
Oil (per Bbl) $ 53.13 $ 54.72
NGL (per Gal) $ 0.59 $ 0.67
Gas equivalent (per Mcfe) $ 2.78 $ 3.02
Average Realized Prices:
Natural gas (per Mcf) $ 2.54 $ 2.35
Oil (per Bbl) $ 52.35 $ 48.27
NGL (per Gal) $ 0.52 $ 0.75
Gas equivalent (per Mcfe) $ 2.82 $ 2.81

The table below summarizes Gulfport’s first quarter of 2019 production by asset area:

GULFPORT ENERGY CORPORATION
PRODUCTION BY AREA
(Unaudited)
Three Months Ended
March 31,
2019 2018
Utica Shale
Natural gas (MMcf) 85,700 87,196
Oil (MBbls) 66 78
NGL (MGal) 23,336 35,738
Gas equivalent (MMcfe) 89,428 92,772
SCOOP
Natural gas (MMcf) 16,366 14,832
Oil (MBbls) 398 497
NGL (MGal) 32,480 30,008
Gas equivalent (MMcfe) 23,394 22,103
Southern Louisiana
Natural gas (MMcf) 7
Oil (MBbls) 135 169
NGL (MGal)
Gas equivalent (MMcfe) 812 1,021
Other
Natural gas (MMcf) 13 7
Oil (MBbls) 13 12
NGL (MGal) 15 9
Gas equivalent (MMcfe) 92 82

Source: Gulfport

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