Exhibit 99.1
 
NEWS RELEASE
 
  FOR IMMEDIATE RELEASE
 

Gulfport Energy Corporation
14313 N. May Avenue, Suite 100
Oklahoma City, OK 73134
Phone:(405) 848-8807
Fax:  (405) 848-8816
 

For Further Information Contact:
Joel McNatt
(405) 848-8807, Ext. 104


Gulfport能源公司宣布West Cote Blanche Bay油田成功钻探结果和第三季度财务业绩

OKLAHOMA CITY, OKLAHOMA - November 19, 2004 - Gulfport Energy Corporation, Gulfport宣布了最近在St . West Cote Blanche Bay油田钻探和再完井活动的成功结果. Mary Parish, Louisiana. Under the current drilling program, which commenced July 2004, eight new wells have been drilled and completed and four existing wells have been recompleted.

在目前的钻井计划中，已经钻完的8口井的初始总产量为607桶/天，天然气产量为901亿立方英尺/天. The logs of the eight wells showed a total of 678 feet of net pay in thirty-eight productive zones. Gulfport has made internal estimates of 1,186.042 mboe of proved reserves for the eight wells. 最近重新完井的4口现有井的初始总产量为459桶/天，天然气产量为11100万立方英尺/天.

Prior to beginning the latest drilling program in July 2004, the daily gross sales for the West Cote Blanche Bay Field was 1,428 barrels of oil and 237 mcf of gas. The field had daily gross sales of 2,494 barrels of oil and 1,249 mcf of gas at the completion of the drilling program.

Mike Liddell, Gulfport’s Chief Executive Officer, 他评论道：“Gulfport的开发钻井项目和增产作业继续产生良好的运营结果，并将在2004年第四季度和2005年增加我们的产量。”.

Gulfport currently owns a 100% working interest and an average net revenue interest of 81.11%(with net revenue interests ranging from 78.665% to 83.333%) and operates 5,668 acres from the surface to 11,300’ at West Cote Blanche Bay. The Company also owns working interest up to 40.40% (29.95% net revenue interest) in the same 5,668 acres below 11,300’.

Gulfport’s other primary asset is the East Hackberry Field located in Cameron Parish, Louisiana. 该公司正在完成地震许可，并获得最终监管批准，进行42平方英里的三维（3-D）地震调查，估计成本为4美元,500,000. Gulfport计划在2004年第四季度开始采集地震体育平台，并希望在2005年第三季度获得最终处理过的地震体育平台. 由于Hackberry圆顶的这一部分从未被包括在三维地震调查中，该公司认为，拍摄将揭示未钻探的断层块，这将使Gulfport能够在油田的浅层和深层目标上钻探新井.

For the three months ended September 30, 2004, Gulfport generated net income available to common shareholders of $1.2 million ($0.08 per fully diluted common share), operating cash flow of $3.（定义为资产和负债变动前经营活动产生的现金流量），ebitda为3美元.09 million (defined as net income, plus provision for income taxes, interest expense, other debt related expenses, accretion, depreciation, depletion and amortization) on revenue of $5.4 million. 普通股股东可获得的净收入增加体育平台是由于油气收入从4美元增加了36%.2003年同期，由于平均油价上涨了48%，租赁运营费用以及一般和管理费用都有所减少，该公司的收入减少了6亿美元.

 
     
 

     
Three Months Ended 
  
   
September 30, 
  
     
2004
  
Net Income
  
$
1,206,000
 
         
Income tax expense (benefit):
        
Current
    
682,000
 
Deferred
    
(682,000
)
Interest Expense
    
98,000
 
Interest Expense - preferred stock
    
499,000
 
Accretion Expense
    
75,000
 
Depreciation, depletion, and amortization
    
1,207,000
 
         
EBITDA
  
$
3,085,000
 
         
         
 
   
Three Months Ended 
  
   
September 30, 
  
     
2004
  
Cash provided by operating activity
  
$
4,364,000
 
Adjustments:
        
Changes in assets and liabilities
    
(1,377,000
)
         
Operating Cash Flow
  
$
2,987,000
 
         
 
EBITDA is a non-GAAP financial measure equal to net income, the most directly comparable GAAP financial measure, plus provision for income taxes, interest expense, other debt related expenses, accretion, depreciation, depletion and amortization. 经营现金流量体育平台是非公认会计准则的财务指标，等于资产和负债变动前经营活动产生的现金流量. 公司提出EBITDA体育平台是因为它使用EBITDA作为其内部报告的一个组成部分来衡量其业绩并评估其高级管理层的业绩. EBITDA is considered an important indicator of the operational strength of the Company’s business. EBITDA eliminates the uneven effect of considerable amounts of non-cash depletion, depreciation of tangible assets and amortization of certain intangible assets. A limitation of this measure, however, 它没有反映公司业务中用于产生收入的某些资本化有形和无形资产的定期成本. 管理层通过其他财务措施评估这些有形和无形资产的成本以及相关减值的影响, such as capital expenditures, investment spending and return on capital. Therefore, 公司认为，EBITDA为其投资者提供了有关其业绩和整体运营结果的有用信息. EBITDA和经营性现金流量不打算作为业绩指标，应被视为替代, or more meaningful than, 作为经营业绩指标的净收入或作为流动性衡量标准的经营活动的现金流量. In addition, EBITDA and operating cash flow are not intended to represent funds available for dividends, reinvestment or other discretionary uses, 不应单独考虑或作为根据公认会计准则编制的业绩衡量标准的替代品. 本新闻稿中提出的EBITDA和经营EBITDA指标可能无法与其他公司提出的类似标题指标进行比较, and may not be identical to corresponding measures used in the Company’s various agreements.

 
     
 
 
本收益公告包括1933年证券法第27A条所指的“前瞻性陈述”, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical facts, included in this earnings release that address activities, events or developments that Gulfport Energy Corporation ("Gulfport" or the "Company"), a Delaware corporation, expects or anticipates will or may occur in the future, 包括石油和天然气储量的预计未来净收入及其现值, future capital expenditures (including the amount and nature thereof), business strategy and measures to implement strategy, competitive strength, goals, expansion and growth of Gulfport’s business and operations, plans, references to future success, 提及有关未来事项和其他此类事项的意向均为前瞻性陈述. 这些陈述体育平台是基于格尔夫波特根据其经验和对历史趋势的看法所做的某些假设和分析, 当前状况和预期的未来发展，以及它认为在环境中适当的其他因素. However, 实际结果和发展体育平台是否符合格尔夫波特的期望和预测，受制于许多风险和不确定性, general economic, market, or business conditions; the opportunities (or lack thereof) that may be presented to and pursued by Gulfport; competitive actions by other oil and gas companies; changes in laws or regulations; and other factors, many of which are beyond the control of Gulfport. Consequently, 本收益发布中的所有前瞻性陈述均受这些警示性陈述的约束，并不能保证Gulfport预期的实际结果或发展将会实现, or no intention, and disclaim any obligation, to update or revise any forward looking statements, whether as a result of new information, future results or otherwise.

Gulfport体育平台是一家独立的石油和天然气勘探和生产公司，位于路易斯安那州墨西哥湾沿岸地区.