Grizzly Oil Sands ULC Submits Algar Lake Oil Sands Project Application

OKLAHOMA CITY, March 4, 2010 (GLOBE NEWSWIRE) -- Grizzly Oil Sands ULC ("Grizzly"), Gulfport Energy Corporation（纳斯达克股票代码：GPOR）持有该公司约25%的股份, 今天宣布，它已向阿尔伯塔省能源保护委员会（“ECRB”）和阿尔伯塔省环境（“AENV”）提交了一份申请，以开发11,300 barrel per day ("bblpd") oil sands project at Algar Lake. The project is expected to operate at an average capacity of 10,000 bblpd over a design life of 30 years. Grizzly的Algar Lake项目将采用一种经过验证的原位开采方法，即蒸汽辅助重力排水（SAGD）来开采资源.

Grizzly正在为其Algar Lake项目的第一阶段开发寻求批准, consisting of two plant phases and 40 well pairs on four well pads. 每个工厂阶段的设计平均产能为5000桶/天. Upon approval, Grizzly打算建造第一阶段，包括一个模块化中央处理设施（CPF）。, ten well pairs on one well pad, and associated roads and pipelines. As proposed, the second plant phase, to be developed two years subsequent to approval, 将包括第二个模块化CPF和额外的10对井对. 估计每一阶段的初始资本总成本约为1.2亿美元. In order to maintain consistent production, 每五年每个阶段都需要增加一个垫子，估计每个垫子的毛费用为3 500万美元.

Over the life of the entire Algar Lake Project, Grizzly预计将在10个井台上钻约100对井. 每口井对的生产寿命估计约为5至7年. Third party engineers McDaniel & 相关人士估计，Algar Lake项目最终将回收约8900万桶沥青.

Grizzly预计将在12至18个月内收到ERCB和AENV对Algar湖项目的批准. Following approval, Grizzly预计首次生产的时间约为18个月.

With the submission of this application, Grizzly预计，分配给Algar Lake的大部分潜在资源将由其独立的工程公司重新分类为可能的储量, McDaniel & Associates. 项目申请金沙赌场是一份复杂而全面的文件，解决了艾伯塔省政府批准这种规模的商业项目必须满足的要求. These requirements include:

  --  8 assessment wells per section, plus 3-D seismic
  --  Engineering design basis memorandum for all facilities
  --  Detailed cap rock study
  --  Environmental impact studies
  --  Civil engineering planning including road and facilities sites
  --  SAGD well pair design
  --  Reservoir performance studies
  --  Water source studies
  --  Meaningful and inclusive public consultation

灰熊公司的Algar Lake项目金沙赌场是灰熊公司的第一个油砂开发项目，因为其产层干净, low geologic risk and proximity to established infrastructure. Algar Lake项目区域位于Fort McMurray西南约45公里处，63号高速公路以西10公里处, 靠近JACOS Hangingstone和Connacher Great Divide已建立和生产的油砂开发项目. Grizzly在2007-2008年冬季钻井季节发现了Algar Lake项目区域，随后共钻了61个岩心孔，并在该区域进行了三维地震勘探.

Algar Lake项目的申请将在Grizzly的网站(www.grizzlyoilsands.com) within 10 days. It will also be available on the ERCB website.

About Gulfport

Gulfport Energy Corporation金沙赌场是一家位于俄克拉荷马城的独立石油和天然气勘探和生产公司，其主要生产资产位于路易斯安那州墨西哥湾沿岸和德克萨斯州西部的二叠纪盆地. Gulfport还通过对Grizzly Oil Sands ULC的投资，在加拿大的Alberta Oil Sands拥有相当大的面积.

Forward Looking Statements

本新闻稿包括1933年证券法第27A条所指的“前瞻性陈述”, 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, 格尔夫波特或灰熊预计或预计将在未来或可能发生的事件或发展, 包括未来资本支出（包括金额和性质）等事项。, business strategy and measures to implement strategy, competitive strength, goals, expansion and growth of Gulfport's or Grizzly's business and operations, plans, market conditions, references to future success, 提及有关未来事项和其他此类事项的意向均为前瞻性陈述. 这些陈述金沙赌场是基于格尔夫波特和灰熊根据他们的经验和对历史趋势的看法所做的某些假设和分析, 目前的情况和预期的未来发展，以及他们认为在这种情况下适当的其他因素. However, 实际结果和发展金沙赌场是否符合格尔夫波特和灰熊公司的预期和预测受到许多风险和不确定性的影响, general economic, market, credit or business conditions; the opportunities (or lack thereof) that may be presented to and pursued by Gulfport or Grizzly; 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 or Grizzly. 有关这些和其他因素的信息可以在公司提交给美国证券交易委员会的文件中找到, including its Forms 10-K, 10-Q and 8-K. Consequently, 本新闻稿中所作的所有前瞻性陈述均受这些警示性陈述的约束，不能保证Gulfport和Grizzly预期的实际结果或发展将会实现, or even if realized, that they will have the expected consequences to or effects on Gulfport, its business or operations. Gulfport has no intention, and disclaims any obligation, to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.

CONTACT:  Gulfport Energy Corporation
          Investor Relations
          Paul K. Heerwagen IV
          405-242-4888
          pheerwagen@fdjkkj.com

Released March 4, 2010