Gulfport Announces Expiration of Its Rights Offering OKLAHOMA CITY, Aug. 23 /PRNewswire-FirstCall/ -- Gulfport Energy Corporation (OTC:GPOR) (BULLETIN BOARD: GPOR) , a Delaware corporation ("Gulfport"), announced today that its rights offering for $12.0 million was fully subscribed. Ten million rights were offered at $1.20 per share. The rights offering commenced on July 23, 2004 and expired 5:00 pm, Dallas time, on August 20, 2004. Gulfport's Chief Executive Officer, Mike Liddell, stated, "We are pleased with the wide-based support we received from our investors. The proceeds of this offering will allow us to continue executing our business plan by drilling additional wells at West Cote Blanche Bay and shooting 3-D seismic at East Hackberry." This press 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 press release that address activities, events or developments that Gulfport expects or anticipates will or may occur in the future, including such things as estimated future net revenues from oil and gas reserves and the present value thereof, 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, including those discussed in the "Risk Factors" section in our Annual Report on Form 10-KSB for the year ended December 31, 2003, and 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 press 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: Lisa Holbrook of Gulfport Energy Corporation, +1-405-848-8807 ext. 104 Web site: http://www.gulfportenergy.com/

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