Canadian Oil Sands

Unprecedented Upside. The Canadian Oil Sands rivals Saudi Arabia as the largest oil play in the world with 315 billion barrels of estimated recoverable resources. Grizzly Oil Sands, ULC ("Grizzly") owns approximately 800,221 acres in Alberta oil sands. Gulfport, through its 24.9999% ownership in Grizzly, is a sizeable player in the Canadian Oil Sands with approximately 200,054 acres. Highlighted facts regarding our Canadian Oil Sands assets include:

	The oil sands are deposits of bitumen, a molasses-like viscous oil that will not flow unless heated or diluted with lighter hydrocarbons Since making the strategic decision to invest Grizzly Oil Sands ULC, Gulfport has acquired one of the largest acreage position of any US independent producer. The vast majority of Grizzly's acreage was acquired by the summer of 2007, by which time virtually all prospective acreage had been leased Alberta's highly prospective oil sands land base is now essentially leased-up and Grizzly is positioned to take advantage of the lease supply shortfall Given that many of the leases offset viable projects, Grizzly's non-concentrated land base increases the likelihood of multiple significant farm out and land swap opportunities Various Grizzly leases directly offset: Nexen/OPTI, ConocoPhillips, Imperial Oil / Petro-Canada, Encana, Jacos, Statoil, Chevron / Shell / Marathon, Value Creation, Athabasca Oil Sands and Laricina Grizzly is developing its Algar Lake Project with the intent of employing a method of in-situ extraction called Steam Assisted Gravity Drainage (SAGD) to produce the leasehold

The oil sands are deposits of bitumen, a molasses-like viscous oil that will not flow unless heated or diluted with lighter hydrocarbons

Since making the strategic decision to invest Grizzly Oil Sands ULC, Gulfport has acquired one of the largest acreage position of any US independent producer.

The vast majority of Grizzly's acreage was acquired by the summer of 2007, by which time virtually all prospective acreage had been leased

Alberta's highly prospective oil sands land base is now essentially leased-up and Grizzly is positioned to take advantage of the lease supply shortfall

Given that many of the leases offset viable projects, Grizzly's non-concentrated land base increases the likelihood of multiple significant farm out and land swap opportunities

Various Grizzly leases directly offset: Nexen/OPTI, ConocoPhillips, Imperial Oil / Petro-Canada, Encana, Jacos, Statoil, Chevron / Shell / Marathon, Value Creation, Athabasca Oil Sands and Laricina

Grizzly is developing its Algar Lake Project with the intent of employing a method of in-situ extraction called Steam Assisted Gravity Drainage (SAGD) to produce the leasehold

Source for Some Images: Energy Resources Conservation Board, ST98-2008: Alberta's Reserves 2007 and Supply/Demand Outlook 2008-2017, June 2008

Continued Development. Another active winter drilling season has been completed and Grizzly's application for its pilot SAGD facility at Algar Lake is currently before regulators. The following are Grizzly's recent operational highlights:

In November of 2011, Grizzly received approval of its regulatory application for its development of an 11,300 barrel per day SAGD project at Algar Lake

During the 2010/2011 drilling season, Grizzly drilled:
- 32 locations at Thickwood Hills
- 14 locations at Firebag River
- 17 locations at Algar Lake
- 8 locations at Athabasca Rapids and Horse River

The 2009 winter program results suggest additional developable acreage at the Algar Lake project and results should have a positive impact on future contingent resource estimates

Grizzly has tested 9 locations and conducted a seismic program
- 203 core samples
- 4 water supply tests

15-year leases with a 15-year option on evaluated acreage provides Grizzly a long-term option on oil and financial flexibility

Gulfport expects the long-term disconnect between oil and gas prices to continue and expects the oil sands to provide the opportunity to convert relatively cheap natural gas BTU's to more valuable oil BTU's through the SAGD process

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Gulfport Energy

Candian Oil Sands Overview

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Canadian Oil Sands Recent Activity and Results

Algar Lake Phase 1 Progress