It's a hell of a way to start the year.  Maybe they need more debt on their balance sheet and should purchase more leases they can't drill. 

OKLAHOMA CITY, May 04, 2016 (GLOBE NEWSWIRE) -- Gulfport Energy Corporation (NASDAQ:GPOR) (“Gulfport” or the “Company”) today reported financial and operational results for the quarter ended March 31, 2016 and provided an update on its 2016 activities.  Key information for the first quarter of 2016 includes the following:

• Net production averaged 692.2 MMcfe per day, exceeding the high-end of Gulfport’s first quarter of 2016 guidance of 685 MMcfe per day.
• Realized natural gas price, before the impact of derivatives and including transportation costs, averaged $1.39 per Mcf, a $0.70 per Mcf differential to the average trade month NYMEX settled price.
• Realized oil price, before the impact of derivatives and including transportation costs, averaged $26.32 per barrel, a $7.20 per barrel differential to the average WTI oil price.
• Realized natural gas liquids price, before the impact of derivatives and including transportation costs, averaged $9.18 per barrel, or $0.22 per gallon.
• Net loss of $242.3 million, or $2.17 per diluted share.
• Adjusted net income (as defined and reconciled below) of $15.1 million, or $0.14 per diluted share.
• Adjusted EBITDA (as defined and reconciled below) of $96.7 million.
• Reduced unit lease operating expense for the first quarter of 2016 by 41% to $0.26 per Mcfe from to $0.44 per Mcfe in the first quarter of 2015.
• Reduced unit midstream gathering and processing expense for the first quarter of 2016 by 10% to $0.60 per Mcfe from $0.66 per Mcfe in the first quarter of 2015.
• Due to increased efficiencies and further reductions in service costs, Gulfport has decreased its total expected well costs by approximately $300,000 per well, relative to the estimates provided in November 2015.
• Increased hedge position to approximately 518 MMcf per day of natural gas fixed price swaps during 2016 at an average fixed price of $3.20 per Mcf and a base level of 355 MMcf per day of natural gas fixed price swaps during 2017 at an average fixed price of $3.08 per Mcf.