Gulfport Energy Corporation Reports No Damage Due to Hurricane Katrina
September 01 2005 - 6:26PM
PR Newswire (US)
OKLAHOMA CITY, Sept. 1 /PRNewswire-FirstCall/ -- Gulfport Energy
Corporation (OTC:GPOR) (BULLETIN BOARD: GPOR) , reported that
Hurricane Katrina had no impact on its ongoing operations and
production. The Company's production in its Hackberry field,
located in Cameron Parish (far southwestern Louisiana), saw no
effect or downtime from the hurricane. As a precaution, Gulfport's
West Cote Blanche Bay field, located in St. Mary and Iberia
Parishes (at the far western edge of the hurricane) was shut-in and
evacuated, but sustained no apparent damage. Production start-up
operations began on August 30, 2005 and the field is expected to be
back at full capacity within the next few days. Drilling,
completion and construction equipment, which had been moved from
the field, is now back working in the field. Gulfport also utilized
the opportunity of this shut-in period at West Cote to implement
tie-in points for future facilities upgrades. Gulfport's production
the day prior to the storm was 3,426 gross (2,732 net) barrels of
oil and 5,793 gross (4,562 net) Mcf of gas. The Company currently
has an insurance program in place, which it believes adequately
covers its platform and facilities and provides for sufficient
amounts of coverage for business interruption. Gulfport is an
independent oil and gas exploration and production company with its
principal properties located in the Louisiana Gulf Coast area. The
Company seeks to achieve reserve growth and increased cash flow
from operations through low risk development activities on its
existing properties and other acquisition opportunities. This news
release includes "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, 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 news 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, including
such things as 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, reference to intentions as to future matters and other
such matters are forward-looking statements. These statements are
based on certain assumptions and analyses made by Gulfport in light
of its experience and its perception of historical trends, current
conditions 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
Gulfport's expectations and predictions is subject to a number of
risks and uncertainties, 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, 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 Gulfport will be realized, or even if realized, that
they will have the expected consequences to or effects on Gulfport,
its business or operations. We have 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. DATASOURCE: Gulfport Energy Corporation CONTACT: Mike
Liddell of Gulfport Energy Corporation, +1-405-848-8807, Ext. 106
Web site: http://www.gulfportenergy.com/
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