Gulfport Energy Corporation Announces Effect of Hurricane Rita
September 26 2005 - 6:51PM
PR Newswire (US)
OKLAHOMA CITY, Sept. 26 /PRNewswire-FirstCall/ -- Gulfport Energy
Corporation, (OTC:GPOR) (BULLETIN BOARD: GPOR) announces effect of
Hurricane Rita. On September 24 2005, Hurricane Rita hit the Texas
and Louisiana coasts with high winds and a storm surge of various
levels of water in different coastal areas. In preparation for the
storm, the Company had shut down operations in both its Hackberry
field located in Cameron Parish, Louisiana and its West Cote
Blanche field (WCBB) located in St. Mary Parish, Louisiana. Other
precautions included moving its oil storage and drilling barges and
evacuating its field personnel. Preliminary indications are that
damage was sustained in both fields although it appears from an
initial flyover that the main WCBB facilities are intact. The
Company is sending field personnel back into the WCBB field today
to perform a more detailed assessment of the storm's damage. The
Company intends to restore production as soon as possible although
an anticipated date cannot be determined until this assessment is
complete. Drilling operations in the WCBB field are expected to
resume on Tuesday of this week as the Company continues with its
previously announced drilling program. The Company currently has an
insurance program in place which it believes adequately covers its
platform and facilities. 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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