Gulfport Energy updates effect of Hurricane Rita
  by: OilOnline
  Tuesday, October 18, 2005

Gulfport Energy Corporation, has updated the effect of Hurricane Rita.

On September 26, 2005, Hurricane Rita hit the Texas and Louisiana coasts with high winds and a storm surge of various water levels in different coastal areas. The Company had previously reported that the Company had sustained damage to both its Hackberry field located in Cameron Parish, Louisiana and its West Cote Blanche field (WCBB) located in St. Mary Parish, Louisiana. Repair and restoration operations are currently underway to return both fields to full production as soon as possible although an exact date cannot yet be determined. We anticipate that 75% of the Company's production will be back on line in November 2005 with the remaining 25% coming on line in December 2005. Drilling operations in the WCBB field resumed September 29, 2005 and the Company continues with its previously announced drilling program. The Company has an insurance program in place, which it believes will adequately cover damage to its platform and facilities. The Company's fourth quarter 2005 and fiscal 2005 results will be less than originally expected due to the production down time. The Company believes, however, the damage caused by Hurricane Rita will have little impact on its 2006 projections.