Gulfport Energy Corporation Updates Effect of Hurricane Rita
October 17 2005 - 5:55PM
PR Newswire (US)
OKLAHOMA CITY, Oct. 17 /PRNewswire-FirstCall/ -- Gulfport Energy
Corporation, (OTC:GPOR) (BULLETIN BOARD: GPOR) updates 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. 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, 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/
Copyright