Here is the forth quarter 2015 investor presentation:

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Operational Update and 2016 Outlook 
Utica Shale
In the Utica Shale, Gulfport spud 49 gross (38.4 net) wells and turned-to-sales 55 gross (50.2 net) wells during 2015. During the fourth quarter of 2015, net production from Gulfport’s Utica acreage averaged approximately 623.7 MMcfe per day. At present, Gulfport has three operated horizontal rigs drilling in the play.

During 2016, Gulfport plans to run an approximate average of 2.5 operated horizontal rigs and participate in non-operated activities on its Utica Shale acreage that will equal approximately a third of a rig, bringing Gulfport’s total estimated operated and non-operated average rig count during 2016 to approximately 2.8 horizontal rigs. Gulfport has budgeted to drill approximately 29 to 32 gross (19 to 21 net) horizontal wells and turn-to-sales 44 to 48 gross (28 to 30 net) horizontal wells in the Utica. In addition, Gulfport plans to participate in non-operated activities taking place on its acreage by other operators that plan to drill approximately 2 to 3 horizontal wells and turn-to-sales 8 to 9 horizontal wells, in each case net to Gulfport’s interest.

Q4 2015 Gulfport Energy Corp Earnings Conference Call:

Here is the transcript from the earnings call.

Jason A. Wangler - Wunderlich Securities, Inc.

Sure. Okay. And then just on the leasing side, is that going to be focused really around just getting the book that you already have just kept it in place (30:10)? I assume that it's just maintenance leases picking them back up versus going out and making new leases. I think there's probably not much left out there, but just wanted to comment on that.

Michael G. Moore - President, Chief Executive Officer & Director

Yeah. We call that leasing activity. But really, Jason, honestly, it's mostly almost all renewals. There is just not – there's not much left. There will be a little bit to build out units of new leasing but not much. We continue to be very active on the trade front with other operators as well trying to be efficient with the acreage that we have that we may not get to right away. So all operators, including Gulfport, certainly are continuing to trade acreage back and forth. But you can think about that number really, Jason, as a renewal extension number and not a leasing number.

Jeff S. Grampp - Northland Capital Markets

Sure, will do. And then, on the – I noticed the Utica net acreage was down maybe about 10,000 or so from your last update. So I guess, kind of two-parter, one, just kind of wondering, should we expect some future kind of leakage as you guys maybe let some condensate or kind of non-core stuff expire? And then, on the CapEx side and leasehold dollars, should we expect there that to be a fairly recurring expenditure for the next couple of years as you guys maybe extend or renew some things that you want to retain?

Michael G. Moore - President, Chief Executive Officer & Director

Yeah. I think that's a good (52:34) back in to your questions. That's a good number, I think, to use for the next few years, Jeff, as you think about our renewals and extensions. The 10,000 less acres are oil and condensate expirations quite frankly that we decided not to renew. And then there's a little bit of trading activity where we're maximizing our acreage positions by trading acres back and forth, and there may be cases net-net where you lose a little to gain better acreage. So it's a combination of the two.

All 2016 drilling will be in the dry gas windows.  Lateral spacing will be increased from 750' to 1000' to increase acreage held by production.

$63 million budgeted for leasehold. 


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