99年展览.1

标志

体育平台公布2011年第一季度业绩

俄克拉荷马城 (5月5日, 2011) 格尔夫波特 Energy Corporation (NASDAQ: GPOR) today reported financial and operating results for the first quarter of 2011 and provided an update on its 2011 activities.

2011年第一季度,格尔夫波特报告净利润为21美元.2 几百万 on oil and natural gas revenues of $46.600万美元.47 per diluted share. 2011年第一季度息税前利润(定义见下文)为34美元.1 几百万 and cash flow from operating activities before changes in working 资本 (as defined below) was $34.0 几百万.

Financial Highlights

 

 

Produced oil and natural gas sales volumes of 514,068 barrels of oil equivalent (“BOE”), or 5,712 barrels of oil equivalent per day (“BOEPD”), in the first quarter of 2011, 较2010年第一季度同比增长16%

 

 

Recorded net income of $21.2 几百万 in the first quarter of 2011, 较2010年第四季度环比增长48%,同比增长112% increase from the first quarter of 2010

 

 

生成的34美元.1 几百万 of 息税前利润 in the first quarter of 2011, 较2010年第四季度环比增长26%,同比增长82% increase from the first quarter of 2010

 

 

Reported lease operating expense of $9.05 per BOE in the first quarter of 2011, 与2010年第四季度相比,连续增长10% 与2010年第一季度相比,同比增长了4%

生产

For the first quarter of 2011, net production was 472,101 barrels of oil, 164,859 thousand cubic feet (“MCF”) of natural gas and 608,607 gallons of natural gas liquids (“NGL”), or 514,068 BOE. 2011年第一季度,各地区的净产量为253台,634 BOE at West Cote Blanche Bay (“WCBB”), 180,943 BOE at 朴树, 69,789 BOE in the 二叠纪 Basin and 9,702 BOE in the Bakken and Niobrara.

2011年第一季度包括运输成本在内的实现价格为95美元.每桶73美元 油,4美元.37 per MCF of natural gas and $1.08 per gallon of NGL, for a total equivalent price of $90.60 / BOE. Realized price for oil in the first quarter of 2011 reflects the impact of fixed price contracts for 2,000 barrels of oil per day at a weighted average price of $86.96 before transportation costs and differentials. 格尔夫波特目前的固定价格合约为每天2000桶石油,价格为86美元.96美元,不包括运输费用和2011年剩余时间的差额.

Subsequent to the first quarter of 2011, 4月份的净产量平均约为5,937年BOEPD.

 

1


格尔夫波特 Energy Corporation

生产 Schedule

(未经审计的)

 

      1Q2011      1Q2010  

生产 Volumes:

     

油(MBbls)

     472.1         415.6   

气体(MMcf)

     164.9         84.5   

天然气凝析液(毫伽)

     608.6         608.1   

Oil Equivalents (MBOE)

     514.1         444.2   

Average Realized Price:

     

石油(每桶)

   $ 95.73       $ 63.18   

气体(每立方米)

   $ 4.37       $ 5.18   

NGL(每加仑)

   $ 1.08       $ 1.07   

Oil Equivalents (BOE)

   $ 90.60       $ 61.56   

Bank Redetermination

格尔夫波特 recently completed its spring redetermination under its revolving credit 设施 which resulted in an amended $350 几百万 设施. Among other things, the amendment increased the Company’s borrowing base from $65 几百万 to $90 几百万 and extended the maturity date from September 2013 to May 2015. 在此过程中,格尔夫波特很高兴地宣布 that Key Bank and Societe Generale have joined The Bank of Nova Scotia and Amegy Bank as part of the Company’s expanded lender group.

Recent Operational Highlights

 

 

格尔夫波特 has secured commitments totaling approximately 50,000毛(25),在俄亥俄州东部的尤蒂卡页岩(尤蒂卡 Shale)中,这一地区有可能继续发展 在接下来的几个月里,将有超过8万英亩(4万英亩)的土地投入使用

 

 

Grizzly Oil Sands ULC(“Grizzly”)完成了对约179个油田的收购,000英亩 located principally within the Peace River and lower Athabasca regions of the Canadian Oil Sands

 

 

Grizzly concluded its 2010/2011 winter exploration program having drilled a total of 72 core holes and shot 17 miles of 2-D 地震

 

 

Tatex 泰国 III, LLC(“Tatex III”)正处于TEW-E测试过程的初始阶段

 

 

Participated in the drilling of seven gross (3.2011年第一季度在二叠纪盆地开发了5口净井

 

 

2011年第一季度,在朴树共钻了4口井,在WCBB钻了2口井

 

 

目前有六台钻机在格尔夫波特的三个核心作业区域进行钻井作业, with three rigs active in the 二叠纪, two rigs active at 朴树 and one rig active at WCBB

 

2


Operational Update

尤蒂卡

格尔夫波特继续积极开发东部的尤蒂卡页岩 目前的承诺总数约为50,000毛(25),000 net) leasehold acres in the 尤蒂卡 Shale of Eastern Ohio which could potentially increase to commitments totaling over 80,000毛(40),000 net) leasehold acres in the 未来几个月. 格尔夫波特目前计划在2012年初将一个钻井平台移至该区域,开始钻探该区域.

Canadian Oil Sands

Grizzly Oil Sands, a company in which 格尔夫波特 owns a 24.9999%权益,近期完成收购约17.9万 租赁土地主要位于加拿大油砂的和平河地区. Grizzly acquired this acreage at a cost of approximately $9.2 几百万, equating to approximately $2.3 几百万 net to 格尔夫波特’s interest. 用这个 recent acquisition, 灰熊公司在加拿大油砂的租赁权目前约为712个,000英亩. Grizzly recently completed its 2010/2011 winter exploration program having drilled 72 core holes and shot 17 miles of 2-D 地震. Grizzly currently expects to receive an updated reserve and resource report from GLJ Petroleum Consultants Ltd. 2011年6月,整合了2010/2011年冬季勘探计划的结果.

泰国

Tatex III, a company in which 格尔夫波特 owns a 17.目前正在TEW-E进行流量测试. As previously announced, Tatex III于2011年3月结束了TEW-E的钻井作业, the second of two exploratory wells being drilled on an 位于泰国东北部约100万英亩的特许区块. TEW-E was drilled to a total depth of 15,026 feet and logged over 5,000 feet of apparent possible gas saturated column. TEW experienced gas shows and carried a flare measuring 在中间套管点9695英尺以下钻至25英尺.

二叠纪

In the 二叠纪, seven gross (3.5 net) wells were drilled and six (three net) up-hole recompletions were performed on 格尔夫波特’s acreage during the first quarter of 2011. 目前, three rigs are active on 格尔夫波特’s acreage in the 二叠纪, 2011年第8至第10口总井(第4至第5口净井)继续钻探.

朴树

在朴树, 格尔夫波特钻了4口井,进行了6次再完井 during the first quarter of 2011. 3口井作为生产井完成,1口井目前正在等待完井. 目前, 格尔夫波特 has two rigs active at 朴树 drilling the fifth and sixth wells of 2011 at the field. 目前, 驳船钻井平台正在水深约7英尺处进行钻探,147英尺,陆地钻机正在向前钻探,深度约为6英尺,829英尺.

 

3


WCBB

在WCBB, 格尔夫波特 drilled and completed two productive wells and performed 20 recompletions during the first quarter of 2011. 格尔夫波特目前在WCBB有一个驳船钻井平台,刚刚在 2011年的第四口井,目前正在将钻机转移到该油田2011年的第五口井.

Niobrara

在Niobrara, permitting activity related to 格尔夫波特’s 60 square mile 3-D 地震 survey over its Craig Dome prospect is ongoing. 格尔夫波特 目前预计将于2011年年中开始拍摄这一三维地震调查.

演讲

2011年5月5日上午,公司网站上发布了更新的演示文稿. The presentation can be found at xmt.yshcgyjzq.com under the “Webcasts & 演讲s” section on the “投资者 Relations” page. 本公司网站上的信息不构成本新闻稿的一部分.

电话会议

格尔夫波特 will host a conference call on May 5, 2011年第一季度财务和运营结果. 有兴趣的人可以通过格尔夫波特的网站收听电话 xmt.yshcgyjzq.com or by calling toll-free at 1-800-265-0241 or 617-847-8704 for international callers. The passcode for the call is 35057694. A replay of the call will be available for two weeks at 1-888-286-8010 or 617-801-6888 for international callers. The replay passcode is 92175681. The webcast will be archived on the Company’s website for one year and can be accessed on the Company’s “投资者 Relations” page.

约格尔夫波特

体育平台体育平台是一家总部位于俄克拉荷马城的独立石油和天然气公司 natural gas exploration and production company with its principal producing properties located along the Louisiana Gulf Coast and the 二叠纪 Basin in West Texas. 格尔夫波特最近收购了西部Niobrara页岩的一英亩土地 科罗拉多州. 格尔夫波特 also holds a sizeable acreage position in the Alberta Oil Sands in Canada through its interest in Grizzly Oil Sands ULC.

Forward Looking Statements

这个新闻 release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, 经修订( “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, 经修订( “交易法”). 所有的报表, other than statements of historical facts, included in this press release that address activities, 格尔夫波特预计或预计将来会或可能发生的事件或发展, 包括 未来资本性支出项目(包括资本性支出的金额和性质), business strategy and measures to implement strategy, competitive strength, 目标, expansion and growth of 格尔夫波特’s business and operations, 计划, im体育平台官方网站 条件, references to future success, reference to 意图s as to future matters and other such matters are forward-looking statements. These statements are based on certain assumptions and analyses made by 格尔夫波特 in light of its experience

 

4


and its perception of historical trends, current 条件 and expected future developments as well as other factors it believes are appropriate in the circumstances. However, whether actual results and developments will conform with 格尔夫波特’s expectations and predictions is subject to a number of risks and uncertainties, general economic, im体育平台官方网站, credit or business 条件; the opportunities (or lack thereof) that may be presented to and pursued by 格尔夫波特; competitive actions by other oil and gas companies; changes in laws or regulations; and other factors, many of which are beyond the control of 格尔夫波特. Information concerning these and other factors can be 可在公司提交给证券交易委员会的文件中找到, including its Forms 10-K, 10-Q和8-K. 因此, all of the forward-looking statements made in this news release are qualified by these cautionary statements and there can be no assurances that the actual results or developments anticipated by 格尔夫波特 will be realized, or even if realized, 他们会对格尔夫波特产生预期的后果或影响, its business or operations. 格尔夫波特没有 意图, and disclaims any obligation, to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.

Non-GAAP Financial Measures

息税前利润 is a non-GAAP financial measure equal to net income, the most directly comparable GAAP financial measure, plus interest expense, income tax expense, accretion expense and depreciation, depletion and amortization. 经营性资产和负债变动前的经营活动现金流量为 a non-GAAP financial measure equal to cash provided by operating activity before changes in operating assets and liabilities. The Company has presented 息税前利润 because it uses 息税前利润 as an integral part of its internal reporting to measure its 并对其高级管理人员的业绩进行评价. 息税前利润 is considered an important indicator of the operational strength of the Company’s business. 息税前利润消除了大量非现金的不均衡影响 有形资产的损耗、折旧和某些无形资产的摊销. A limitation of this measure, 然而, is that it does not reflect the periodic costs of certain 资本ized tangible and intangible assets used in generating revenues in the Company’s business. Management evaluates the costs of such tangible and intangible assets and the impact of related impairments through other financial measures, such as 资本 expenditures, investment spending and return on 资本. 因此, the Company believes that 息税前利润 provides useful information to its investors regarding its performance and overall results of operations. 经营资产变动前的息税前利润和经营活动现金流 liabilities are not intended to be performance measures that should be regarded as an alternative to, or more meaningful than, either net income as an indicator of operating performance or to cash flows from operating activities as a measure of 流动性. 除了, 经营资产变动前的息税前利润和经营活动现金流 liabilities are not intended to represent funds available for dividends, reinvestment or other discretionary uses, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The 经营资产变动前的息税前利润和经营活动现金流 liabilities presented in this press release may not be 可与其他公司提出的类似标题措施相比较, 并可能与公司各项协议中使用的相应措施不相同.

 

5


投资者 & 媒体联络:

保罗·K. Heerwagen

Director, 投资者 Relations

pheerwagen@yshcgyjzq.com

(405) 242-4888

 

6


GULFPORT ENERGY CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(未经审计的)

 

     Three Months Ended March 31,  
     2011     2010  

收入:

    

Oil and condensate sales

   $ 45,196,000      $ 26,260,000   

天然气销售

     720,000        438,000   

Natural gas liquids sales

     659,000        648,000   

Other income (expense)

     (253,000     9,000   
                
     46,322,000        27,355,000   
                

Costs and expenses:

    

Lease operating expenses

     4,653,000        4,176,000   

生产税

     5,507,000        3,192,000   

Depreciation, depletion, and amortization

     12,158,000        7,925,000   

General and administrative

     2,056,000        1,382,000   

Accretion expense

     159,000        154,000   
                
     24,533,000        16,829,000   
                

INCOME FROM OPERATIONS:

     21,789,000        10,526,000   
                

OTHER (INCOME) EXPENSE:

    

利息费用

     653,000        718,000   

利息收入

     (38,000     (173,000
                
     615,000        545,000   
                

INCOME BEFORE INCOME TAXES

     21,174,000        9,981,000   

INCOME TAX EXPENSE:

     —          —     
                

净收益

   $ 21,174,000      $ 9,981,000   
                

净收益 PER COMMON SHARE:

    

基本

   $ 0.47      $ 0.23   
                

稀释

   $ 0.47      $ 0.23   
                

基本 weighted average shares outstanding

     44,724,976        42,699,116   

稀释 weighted average shares outstanding

     45,125,019        43,118,210   

 

7


GULFPORT ENERGY CORPORATION

RECONCILIATION OF 息税前利润 AND CASH FLOW

(未经审计的)

 

     Three Months Ended  
     2011年3月31日      2010年3月31日  

净收益

   $ 21,174,000       $ 9,981,000   

利息费用

     653,000         718,000   

Income tax expense

     —           —     

Accretion expense

     159,000         154,000   

Depreciation, depletion, and amortization

     12,158,000         7,925,000   
                 

息税前利润

   $ 34,144,000       $ 18,778,000   
                 
     Three Months Ended  
     2011年3月31日      2010年3月31日  

Cash provided by operating activity

   $ 28,288,000       $ 14,967,000   

调整:

     

Changes in operating assets and liabilities

     5,670,000         3,020,000   
                 

Cash flow from operating activities

   $ 33,958,000       $ 17,987,000   
                 

 

8