99年展览.1

2011年3月14日

Mr. 迈克•摩尔

Gulfport Energy Corporation

14313 North May Avenue, Suite 100

俄克拉何马州 City, 俄克拉何马州 73134

亲爱的先生. 摩尔:

In accordance with your request, we have estimated the proved 储备 和 future revenue, 截至12月31日, 2009, to the Gulfport Energy Corporation (Gulfport) interest in certain oil 和 gas properties located in West Cote Blanche Bay Field, St. Mary Parish, Louisiana. The estimates in this 报告 are the same as those presented in our 报告s dated February 9, 2010 和 December 1, 2010. However, portions of this letter have been revised based on comments received by Gulfport from the SEC. We completed our evaluation on February 9, 2010. It is our underst和ing that the proved 储备 estimated in this 报告 constitute approximately 27.5 percent of all proved 储备 owned by Gulfport 截至12月31日, 2009. The estimates in this 报告 have been prepared in accordance with the definitions 和 guidelines of the U.S. Securities 和 Exchange Commission (SEC) 和, with the exception of the exclusion of overhead expenses 和 future income taxes, conform to the FASB Accounting St和ards Codification Topic 932, Extractive Activities—石油 和 气体. Definitions are presented immediately following this letter. This 报告 has been prepared for Gulfport’s use in filing with the SEC; in our opinion the assumptions, data, 方法, 和 procedures used in the preparation of this 报告 are appropriate for such purpose.

We estimate the net 储备 和 future net revenue to the Gulfport interest in these properties, 截至12月31日, 2009, 体育平台是:

The oil 储备 shown include crude 油和凝析油. 石油 volumes are expressed in barrels that are equivalent to 42 United States gallons. 气体 volumes are expressed in thous和s of cubic feet (MCF)。 at st和ard temperature 和 pressure bases.

The estimates shown in this 报告 are for proved 储备. As requested, probable 储备 that exist for these properties have not been included. No study was made to determine whether possible 储备 might be established for these properties. This 报告 does not include any value that could be attributed to interests in undeveloped acreage beyond those tracts for which undeveloped 储备 have been estimated. Reserves categorization conveys the relative degree of certainty; 储备 subcategorization is based on development 和 production status. The estimates of 储备 和 future revenue included herein have not been adjusted for 风险.

Future gross revenue to the Gulfport interest is prior to deducting state production taxes. Future net revenue is after deductions for 这些税, future capital costs, operating expenses, 和 ab和onment costs but before consideration of any income taxes. The future net revenue has been discounted at an annual rate of 10 percent

to determine its present worth, which is shown to indicate the effect of time on the value of money. Future net revenue presented in this 报告, whether discounted or undiscounted, should not be construed as being the fair market value of the properties.

For the purposes of this 报告, we did not perform any field inspection of the properties, nor did we examine the mechanical operation or condition of the wells 和 facilities. We have not investigated possible environmental liability related to the properties; therefore, our estimates do not include any costs due to such 可能的责任. Our estimates of future net revenue do not include any salvage value for the lease 和 well equipment but do include Gulfport’s estimates of the costs to ab和on the wells 和 production facilities.

Prices used in this 报告 are based on the 12-month unweighted arithmetic average of the first-day-of-the-month price for each month in the period January through December 2009. 对于油量, the average Shell Trading (US) Company West Texas/New Mexico Intermediate posted price of $57.90 per barrel is adjusted for quality, transportation fees, 和 a regional price differential. 天然气 volumes, the average Henry Hub spot price of $3.866 per MMBTU is adjusted for energy content, transportation fees, 和 a regional price differential. As requested, an economic projection is included in the proved developed producing category to account for the incremental income received from certain oil price hedge contracts currently in place. The adjusted oil 和 gas prices of $57.37 per barrel of oil 和 $3.808 per MCF of gas are held constant throughout the lives of the properties.

Lease 和 well operating costs used in this 报告 are based on operating expense records of Gulfport, the operator of the properties, 和 include only direct lease- 和 field-level costs. Headquarters general 和 administrative overhead expenses of Gulfport are not included. Lease 和 well operating costs are held constant throughout the lives of the properties. 资本成本体育平台是 included as required for workovers, new development wells, 和 production equipment. The future capital costs are held constant to the date of expenditure.

We have made no investigation of potential gas volume 和 value imbalances resulting from overdelivery or underdelivery to the Gulfport interest. Therefore, our estimates of 储备 和 future revenue do not include adjustments for the settlement of any such imbalances; our projections are based on Gulfport receiving its net revenue interest share of estimated future gross gas production.

The 储备 shown in this 报告 are estimates only 和 should not be construed as exact quantities. Proved 储备 are those quantities of oil 和 gas which, by analysis of engineering 和 geoscience data, can be estimated with reasonable certainty to be economically producible. Estimates of 储备 may increase or decrease as a result of market conditions, 未来的业务, changes in regulations, or actual reservoir performance. 除了 to the primary economic assumptions discussed herein, our estimates are based on certain assumptions including, but not limited to, that the properties will be developed consistent with current development plans, that the properties will be operated in a prudent manner, that no governmental regulations or controls will be put in place that would impact the ability of Gulfport to recover the 储备, 和 that our projections of future production will prove consistent with actual performance. If the 储备 are recovered, the revenues therefrom 和 the costs related thereto could be more or less than the estimated amounts. Because of governmental policies 和 uncertainties of supply 和 dem和, 销售率, prices received for the 储备, 和 costs incurred in recovering such 储备 may vary from assumptions made while preparing this 报告.

For the purposes of this 报告, we used technical 和 economic data including, but not limited to, 测井, 地质地图, 试井体育平台, 生产体育平台, historical price 和 cost information, 和 property ownership interests. The 储备 in this 报告 have been estimated using deterministic 方法; these estimates have been prepared in accordance with the St和ards Pertaining to the Estimating 和 Auditing of 石油 和 气体 Reserves Information promulgated by the Society of Petroleum Engineers (SPE 标准). We used st和ard engineering 和 geoscience 方法, or a combination of 方法, including performance analysis, volumetric analysis, 和类比, that we considered to be appropriate 和 necessary to categorize 和 estimate 储备 in accordance with SEC definitions 和 guidelines. A substantial portion of these 储备 are for behind-pipe zones, non-producing zones, 和 undeveloped locations. Therefore, these 储备 are based on estimates of

reservoir volumes 和 recovery efficiencies along with analogy to properties with similar geologic 和 reservoir characteristics. As in all aspects of oil 和 gas evaluation, there are uncertainties inherent in the interpretation of engineering 和 geoscience data; therefore, our conclusions necessarily represent only informed professional judgment.

The data used in our estimates were obtained from Gulfport, public data sources, 和 the nonconfidential files of Netherl和, 西维尔 & Associates 公司 .). (NSAI) 和 were accepted as accurate. Supporting geoscience, performance, 和 work data are on file in our office. The titles to the properties have not been examined by NSAI, nor has the actual degree or type of interest owned been independently confirmed. The technical persons responsible for preparing the estimates presented herein meet the requirements regarding qualifications, 独立, 客观性, 和 confidentiality set forth in the SPE St和ards. We are independent petroleum engineers, geologists, 地球物理学家, 和 petrophysicists; we do not own an interest in these properties nor are we employed on a contingent basis.

Please be advised that the digital document you are viewing is provided by Netherl和, 西维尔 & 同事, 公司. (NSAI) as a convenience to our clients. The digital document is intended to be substantively the same as the original signed document maintained by NSAI. The digital document is subject to the parameters, limitations, 和 conditions stated in the original document. In the event of any differences between the digital document 和 the original document, the original document shall control 和 supersede the digital document.