About Gulfport Energy

Gulfport Energy Corporation (Gulfport) operates as an independent natural gas-weighted exploration and production company with assets primarily located in the Appalachia and Anadarko basins. The company's principal properties are located in eastern Ohio targeting the Utica and Marcellus and in central Oklahoma targeting the SCOOP Woodford and Springer formations. Business Strategy The company's strategy is to develop its assets in a safe, environmentally responsible manner. Operating Areas Utica/Marcellus The Utica covers hydrocarbon-bearing rock formations located in the Appalachian Basin of the United States and Canada. The company has approximately 193,000 net reservoir acres located primarily in Belmont, Harrison, Jefferson and Monroe counties in eastern Ohio where the Utica ranges in thickness from 600 to over 750 feet. The Marcellus covers hydrocarbon bearing rock formations that overlay the Utica. The company has identified approximately 17,000 net reservoir acres of the company's existing leasehold for Marcellus development and have 15 PUD Marcellus locations within the company's Utica operating area. The company's Marcellus development area is approximately 3,500 to 4,500 feet shallower than the Utica. SCOOP The SCOOP is a defined area that encompasses many of the top hydrocarbon producing counties in Oklahoma within the Anadarko Basin. The SCOOP play mainly targets the Devonian to Mississippian aged Woodford, Sycamore and Springer formations. The company has approximately 73,000 net reservoir acres (consisted of approximately 41,000 in the Woodford formation and approximately 32,000 in the Springer formation) located primarily in Garvin, Grady and Stephens counties. The Woodford Shale across the company's position ranges in thickness from 200 to over 400 feet and directly overlies the Hunton Limestone and underlies the Sycamore formation, both of which are also locally productive reservoirs. The Sycamore formation consists of hydrocarbon-bearing interbedded shales and siliceous limestones ranging in thickness from 150 to over 450 feet and is overlain by the Caney Shale. The Springer formation across the company's position is consisted of a series of lenticular sand and shale units. The primary targets are a series of porous, low clay and organic-rich packages within the Goddard Shale member ranging in thickness from 50 to over 250 feet. Investments Grizzly Oil Sands The company, through its wholly-owned subsidiary, Grizzly Holdings Inc., owns a 24.5% interest in Grizzly. As of December 31, 2023, Grizzly had approximately 830,000 net acres under lease in the Athabasca, Peace River and Cold Lake oil sands regions of Alberta, Canada. Grizzly's operations have been suspended since 2015. Marketing The principal function of the company's marketing operations is to provide natural gas, oil and NGL marketing services, including securing and negotiating commodity transactions, gathering, hauling, processing and transportation services, contract administration and nomination services for production from Gulfport-marketed wells. Oil production is sold under both spot and term transactions with the majority of the company's sales contracts being shorter term in nature. The company has entered into long-term gathering, processing and transportation contracts with various parties that reserve capacity for fixed, determinable quantities of production over specified periods of time. In addition, the company periodically enters into a variety of oil, natural gas and NGL purchase and sale contracts with third parties for various commercial purposes, including risk mitigation and satisfaction of the company's firm transportation delivery commitments. Major Customers The company's total natural gas, oil and NGL sales, before the effects of hedging, to major customers for the year ended December 31, 2023, were Vitol Inc. Regulation - Environment, Health and Safety Certain of the company's U.S. natural gas and oil leases are granted or approved by the federal government and administered by the Bureau of Land Management (BLM) or Bureau of Indian Affairs (BIA) of the Department of the Interior. History Gulfport Energy Corporation was founded in 1997. The company, a Delaware corporation, was incorporated in 1997.