Multi-year Development Potential with Exploratory UpsideSeptember 2006

2September 2006

Forward-Looking Statements

This presentation 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 presentation that address

activities, events or developments that Gulfport Energy, a Delaware corporation (“Gulfport” or the “Company”),

expects or anticipates will or may occur in the future, including such things as net revenues from oil and natural gas

reserves and the price and value thereof, future capital expenditures (including the amount and nature thereof),

business strategy and measures to implement strategy, competitive strength, goals, expansions 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 natural gas

companies; changes in laws or regulations; hurricanes and other natural disasters and other factors, many of which

are beyond the control of Gulfport. Consequently, all of the forward-looking statements made in this presentation 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.

3September 2006

Gulfport Today

� Asset Portfolio Highlights � Behind Pipe Reserves Provide Production Foundation � Large Inventory of Low-Risk Booked and Unbooked PUD’s� Enhanced Exploration / Exploitation Planned for Hackberry Field� High-impact potential with strategic investment in Oil Sands

� Operational Metrics � 23 MMBOE Proved Reserves (FY2005)

� $457 million PV-10 Value (FY2005)

� Daily Production Average: 4,300 BOE/D, ~ 85% Oil (Aug 2006)

� Corporate Stats � $400 million Market Cap� Living within Cash Flow, Low Debt to Total Cap � Monetizing $100 million historical NOL’s

4September 2006

Multi-Year South Louisiana Inventory Drives Production Growth

3-D seismic driven deep gas targets target 10–40 Bcfe

$8.0-$20.0 million to D&C(potential reserve adds)

12,000 - 15,000’ gas prospects target 4–20 Bcfe

$5.0-$8.0 million to D&C(potential reserve adds)

2,000’ – 13,000’ oil prospects“up-dip” to production

150 MBOE $1.5 million to D&C on average

RiskProfile

ReserveImpact

3.3 MMBOE behind pipe reserves Recompletions

122 PUD locations (in reserve report)

100+ unbooked locations +

Horizontal wells (potential reserve adds)

Multiple offsetwith success

3-D identified locations

Evaluating2009 or later

5September 2006

Increasing Drilling Activity Drives Growth

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WCBB Hackberry Wells Drilled

2004 2005

8wells

17wells

30wells

2006

� Increased drilling pay immediate dividends � 176% production growth from Jan 2004 to Aug 2006

� 1,559 BOE/D to 4,300 BOE/D

6September 2006

Core Assets – South Louisiana

� West Cote Blanche Bay

� Active “attic” oil development program

� Natural gas exploration upside

� East Hackberry Field

� 3-D seismic recently shot and processed

� Oil development drilling to commence in Q406

� Established Gulfport fields with substantial cumulative production and remaining reserves

Gulfport Salt Dome Asset Characteristics

100% owned and operated

100% owned infrastructure

Limited execution risk

Intel gathered from every recompletion

7September 2006

West Cote Blanche Bay

� 5,668 gross acres

� 100% ownership – surface to base of 13900 Sand (-11,320’)

� 40.4% ownership – all zones below 13900 Sand

� Discovered in 1940’s by Texaco

� Historical cumulative production: 232 MMBOE

� Historical field success rate of 90%

� 3-D reprocessed by Gulfport in 1999, 2004 & 2005

WCBB Production Growth of 70% Y-o-Y

� August 2005: 2,323 BOE/D

� August 2006: 3,950 BOE/D

Field Characteristics

Shallow water

Multiple well heads

100% owned infrastructure

8September 2006

West Cote Blanche Bay – Multiple Pay Zones

� 3.3 MMBOE of behind pipe reserves

� Each dot is a productive zone

� 80 Major Pay Zones – 100+ Total Pay Zones to develop for cash flow plus exploration potential in 13900 Sand and deeper

� Historically productive from all intervals

� 18-20 recompletions for 2006

9September 2006

Directional Drilling Drives Field Development

� New wells often prove up new opportunities

� Wells drilled to 10,000‘cost approximately $1.5 million with reserve potential of approximately 150 MBOE

� Complex faulting

� Wells optimized through directional drilling

Salt Dome

10September 2006

East Hackberry - Overview

� 3,147 acre blocks held by production

� 100% ownership of all depths

� Historical asset – East Hackberry discovered in 1926 by Gulf Oil Co.

� Cumulative production of more than 56 MMBOE

� Developed with only 3 lines of 2-D seismic data before recent 3-D proprietary shoot by Gulfport

� 3-D analysis has identified multiple drilling opportunities which should dramatically increase Hackberry production

11September 2006

East Hackberry – Proprietary 3-D Seismic Shoot

� New drilling opportunities on flanks of salt dome and more shallow fault blocks over crest

� 42 square miles have been shot and processed

[Scale: 5 mi x 8.4 mi]

12September 2006

East Hackberry – Multiple Pay Zones

� Each dot is a productive zone

� Over 30 known producing horizons to develop for cash flow

� Producing sands are Lower Miocene and Upper Oligocene in age

� Depths to producing horizons are 5,000’ and 12,200’

� Exploratory gas potential in the Hackberry sand zone at 15,000’

13September 2006

East Hackberry – Initial Drilling Program

� First 8 drilling locations have been identified

� Estimated cost of $2.6 million for 13,000’ well

� Expected reserve potential of 300 + MBOE per well

� 4 wells planned in 2006

14September 2006

Canadian Oil Sands Investment

Deer Creek – Operator: Total

15September 2006

Canadian Oil Sands Investment

Hangingstone – Operator: Jacos

16September 2006

In-situ Recovery Using Steam Assisted Gravity Drainage (SAGD)

SAGD consists of 2 lateral wells 600-1000m long separated by 5m vertically. These well pairs are typically spaced about 100m apart.

Source EnCana Corp.

17September 2006

Alberta Oil Sands – 2nd Largest Oil Resource in World

� 175 billion barrels represents 14% of world’s reserves

� Current oil sands production > 1 MMbopd

� Strategic proximity to the US (world’s largest oil market)

� Substantial unconventional resource with modest geologic risk

� Rapidly developing infrastructure

� Technology improving recovery rates

� Stable political environment with favorable royalty rates and lease terms

� Each 10,000 bopd project has reserve potential of approximately 100 MMboover 30 years

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Source: CAPP.

World Reserves(billions of barrels)

Source US Dept of Energy.

18September 2006

Attractive Investment in Canadian Oil Sands Play

� Strategic investment in Grizzly Oil Sands ULC.

� GPOR acquired 25% for $8.0 million

� Grizzly Oil Sands overview:

� Assembled 237,000 acres in Athabasca oil sands for $32 million

� Potential for multiple 10,000+ bopd projects

� Ownership: 75% Wexford25% Gulfport

� Lease acquisition criteria:

� Acquisition cost < 1¢ per barrel of estimated bitumen in place (based on internal estimates)

� Bitumen in place supports opportunity for 10,000 bopd projects or larger

� Thick/continuous bitumen-bearing zones with good permeability

� Avoid “thief zones” - water, gas, or interbedded shale layers

Gulfport Leases

19September 2006

Silvertip & Ells River Prospect Area

� Chevron’s Ells River Project(1):

� Estimated to hold 7.5 billion barrels of oil

� 80 – 100 well appraisal drilling program to commence in 2006/2007 winter season

� Leases purchased over last 12 months for approximately $75 million

Chevron Ells River07-95N-15W

Gulfport Silvertip23-95N-15W

(1) Source: Financial Post, September 2, 2006.

Gulfport EllsRiver

20September 2006

Grizzly Oil Sands Project Development

� Incremental $16 million investment expected during 2006/2007 winter drilling program� 2 rigs projected to drill approximately 50 wells

� Each test well costs $235,000/well (gross)

� 3-D seismic projected to cost $2.7 million (gross)

� Incremental $4 million investment net to Gulfport

� Initial test wells will provide core holes for 3 prospect areas

� Plan to submit regulatory application by 2008 or earlier

� Initial production anticipated in early 2010

� Projected to cost $200 million

[Insert project timeline]

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Winter Drilling Program

First 10,000 bopd Project

Resource Evaluation

Environmental Planning

Regulatory Process

Engineering/Procurement/Construction

Initial Steam Injection

Production

Preliminary Project Time Table

21September 2006

Selected Publicly Traded Comparables without Oil Sands Production

22September 2006

Recent Oil Sands M&A Transactions

23September 2006

Gulfport Energy – APICO Thailand

� Gulfport has ~2% ownership in APICO Thailand

� APICO Thailand – 35 +% ownership of Phu Horm Gas Field –Flow test 100 + MMcfd rate from 3 wells operated by Amerada Hess

� 3 million acre contiguous concession block

� Gas sales contract in place – expect production rate of 85-100 MMcfd in 2006

� Drill 2 additional wells in 2006

� Phu Horm gas field – 0.48 Tcf proved reserves. Gulfport interest proved reserves equal to 3.36 Bcfe or 560 MBOE and is currently unbooked

� Additional exploratory projects with multi-Tcf potential

Financial Update September 2006

25September 2006

Historical Operating Results

0

5

10

15

20

2003 2004 200580.0%

90.0%

100.0%

Wells Drilled Success Rate

87.5%

100.0%

94.1%

0

5

10

15

20

25

30

2003 2004 2005$0.0

$3.0

$6.0

$9.0

$12.0

$15.0

2003 2004 2005 First Half of 2006

0

200

400

600

800

1000

1200

2003 2004 2005 2006E

(1) Based upon estimated mid-point of 2006 guidance.

Drilling Success Rate Production (Net MBOE)

Reserves (Net MBOE) Net Income ($MM)

Production Range

26September 2006

Positioned to Resume Production Growth

� Production was significantly impacted by the effects of Hurricanes Rita

� Shut-in reserves back on-line

� 2006E production guidance of 1,050-1,200 MBOE represents 100% increase over 2005

2005 – 2006 Quarterly Production (Net Mboe)

0

50

100

150

200

250

300

350

400

450

500

Q105 Q205 Q305 Q405 Q106 Q206 Q306E Q406E

Production shut-in beginning in September for Hurricane

Rita

Production Range

27September 2006

Drilling Capex

WCBB $ 31,835

East Hackberry 12,500

Recompletions and Side Tracks

WCBB 1,400

East Hackberry 750

Facilities Capex

WCBB 5,965

East Hackberry 8,075

Investments in Canadian Oil Sands & Thailand 10,000

2006 Totals $ 70,525

2006 Capital Expenditure Estimates

2006 Capital Expenditures (including Canadian Oil Sands)

Canadian Oil Sands &

Thailand14%

Recompletions3%

Facilities20%

Drilling63%

($ in 000s)

East Hackberry30%

Canadian Oil Sands & Thailand

14%

WCBB56%

By Category

By Location

28September 2006

Capitalization Table & Public Guidance

Strong Financial Flexibility($ in 000s)

Wells to Drill 26 – 30 Recompletions 18 – 20 Capital Expenditures $45 – $60 million (excludes Canadian Oil Sands & Thailand)

Production 1.05 – 1.20 MBOE LOE $8.00 – $9.00 per BOE G&A $2.50 – $3.00 per BOE Hedges for 2006 45,000 bbl/month at $64.05 (approx. 40% of daily production)

2006 Public Guidance

Cash $6,978Total Debt 17,948Shareholder’s Equity 101,277Net Book / Net Book Cap 9.7%

As of June 30, 2006

29September 2006

Investment Summary

� Historical Louisiana focus� two legacy assets – salt domes with historical cumulative production of over 288 MMBOE

� With “resource play” like characteristics

� behind pipe reserves provide production foundation

� 8 year drilling inventory from 122 PUD locations and 100+ unbooked locations

� historic success of 90%

� Provides “line of sight” organic production and reserve growth from expanding drilling program

� from 8 wells in 2004, 17 wells in 2005, and 30 planned wells in 2006

� 2006 production guidance for 2006 is almost twice 2005 actual

� Oil focus with long-lived reserves relative to many Gulf Coast players

� 84% oil and developed R/P of 8.2 years

� Strategic investment in attractive oil sands region

� provides significant reserve potential with minimal near-term capital requirements

� Experienced management and technical team

� ongoing prospect generating efforts will add to current inventory of locations

� Strong financial flexibility

� low debt to total capitalization

� drilling program funded out of cash flow